In Japan, some of the largest companies in the financial industry are currently dealing with Bitcoin mining.
GMO and DMM.com announced in September that they wanted to participate in the mining. Both companies have already opened their own crypto exchange markets.
An article on Asia Nikkei described the situation like this:
“As Japanese buy Bitcoin and similar currencies, SBI Holdings, GMO Internet and other companies have decided to create a new source of revenue through mining.”
Kevin Helms, an expert from news.Bitcoin.com, described the situation in early September. He said, “Japan’s leading Internet big business and Bitcoin Exchanges operator GMO has announced plans to expand its services to Bitcoin mining and chip manufacturing. The company has announced plans to produce and sell semiconductor chips and open a mining facility in Northern Europe. ”
Why Mining? Why now?
Bitcoin mining is becoming more and more lucrative as a result of rising demand and widespread Bitcoin acceptance. However, to ensure that mining is worthwhile, a company needs to raise a lot of technical resources. In order to achieve a great profit, large mining pools are necessary. Currently Miner around the world earn 7.84 million dollars a day. This value is 10 times the size of two years ago.
These additional revenues have prompted Japan’s financial industry to create some mining pools. In their interest are especially mining pools outside Japan, since the electricity is often cheaper. The report on Asia Nikkei stated: “Naturally, electricity costs must also be kept within bounds. In August SBI has created a new mining pool. This is to be built outside Japan, since the energy costs are lower. Monex, on the other hand, wants to create and mine it’s own crypto currency ”
Japan also hopes to benefit from the strict rules in China. Since China has forbidden ICOs and closed some exchanges, Japan is the first in terms of cryptosciences and bitcoin trade. There are also rumors that China will also leave Bitcoin Mining. This would allow Japan to close the gap that would be created in the market.
Japan will become a major player in the world of Bitcoin mining
If a large part of global mining were to take place in Japan, this would have further consequences. The country would then also have a greater linguistic right with regard to the technical developments of the crypto currencies. On Asia Nikkei this was explained like this:
“Bitcoin is run by a dozen developers, the so-called core developers. These create the rules for the currency. Miners, too, have a say in the matter. “
That is why it is not surprising that Japan’s large financial sector is interested in the mining world. Timing is appropriate and companies can easily become dominant positions and become important players in Bitcoin mining.
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