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Japanese Internet Giant GMO Boosts Own Bitcoin Mining Output With 7nm Rigs

July 9, 2018 |

Japanese Internet Giant GMO Boosts Own Bitcoin Mining Output With 7nm Rigs

Japan’s internet giant GMO has released the latest results of its cryptocurrency mining operation. The company has also started using 7nm rigs for its in-house mining business. News.Bitcoin.com talked to a GMO spokesperson to find out more details.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

1906 BTC and 636 BCH Mined

GMO has released its mining report for June. According to the report, the company has mined 1,906 BTC and 636 BCH since its mining operation began in December last year; 528 BTC and 62 BCH were mined in June.

Japanese Internet Giant GMO Boosts Own Bitcoin Mining Output With 7nm Rigs

From December last year to May this year, GMO’s monthly BTC output was 21, 93, 124, 295, 373, and 472 BTC respectively. Its BCH output was 213, 25, 287, 12, 0, 37, 62 BCH respectively. In April, GMO did not mine any BCH.

A GMO spokesperson told news.Bitcoin.com that in the future:

We will decide the [mining] ratio, BCH or BTC, depending on the market environment.

Rising Hash Rate

Meanwhile, the hash rate of GMO’s pool has grown from 22 PH/s in December last year to 299 PH/s in May and 384 PH/s in June. “Hash rate rose due to the increase in the number of computers we are operating as planned,” the company wrote.

Japanese Internet Giant GMO Boosts Own Bitcoin Mining Output With 7nm Rigs

The company also expects the hash rate of its mining pool to reach 3,000 PH/s by the year’s end.

Using 7nm Mining Rigs

GMO Internet started its mining operations in December last year. The company’s mining business is divided into three areas: in-house mining; cloud mining; and the development, manufacture, and sale of mining machines.

Japanese Internet Giant GMO Boosts Own Bitcoin Mining Output With 7nm RigsLast month, the company launched its first line of 7nm mining rigs, GMO miner B2. The rigs, priced at $ 1,999 per unit, were quickly sold out, according to the company. Some upgrades were subsequently made to the B2 miners, resulting in the launch of GMO miner B3 which the company claims has a maximum hash power of 33 TH/s. Both models will start shipping in November.

According to its first-quarter results presentation, GMO started using an undisclosed number of 7nm mining rigs in its own mining operation last month. The GMO spokesperson confirmed to news.Bitcoin.com:

We do use 7nm rigs in our mining operation…[But] it is an old type that we don’t sell to the market.

In October, the company plans to start using mass-produced 7nm equipment for its own in-house and cloud mining businesses.

While the spokesperson clarified that, in October, “We will use GMO miner B3” for all new mining equipment installations, he noted that existing mining rigs will not be replaced.

What do you think of GMO using 7nm rigs in its own mining operations? Let us know in the comments section below.


Images courtesy of Shutterstock and GMO Group.


Need to calculate your bitcoin holdings? Check our tools section.

The post Japanese Internet Giant GMO Boosts Own Bitcoin Mining Output With 7nm Rigs appeared first on Bitcoin News.

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Japan’s Internet Giant GMO Launches New Upgraded 7nm Bitcoin Miner

July 2, 2018 |

Japan’s Internet Giant GMO Launches New Upgraded 7nm Bitcoin Miner

Japanese internet giant GMO has launched a new, upgraded model of its bitcoin miner equipped with 7nm ASIC mining chips. The previous model was sold out. The new model can achieve a higher hash rate and has a “hash power optimization function.” It is for sale at the same price as the previous model.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

GMO miner B3 Launched

GMO Internet Group announced Monday the launch of its new model of 7nm bitcoin mining rig, GMO miner B3. As with its predecessor, GMO miner B2, the new model uses “the mining ASIC of the 7nm process GMO72b” which supports “cryptocurrency mining of SHA256 and can execute mining of bitcoin and bitcoin cash.”

Japan’s Internet Giant GMO Launches New Upgraded 7nm Bitcoin Miner

While the B2 model has a hash power of 24TH/s, the B3 model has a maximum hash power of 33TH/s, “which is much better than our existing products,” the company described, elaborating:

The major characteristics of GMO miner B3 are that it has the maximum hash power of 33 TH/s as well as can adjust the hash power optimally up to 33TH/s depending on the mining environment and global hash rate.

The B2 model consumes 1,950w per unit or 81W per TH/s. While the B3 model can also operate at this level, its maximum output of 33TH/s will consume 3,417w per unit or 103W per TH/s, GMO noted.

Price for July – Still $ 1,999

As GMO previously explained, the price of its miners is set each month. The price tag for each GMO miner B2 unit, launched on June 6, was $ 1,999.

Japan’s Internet Giant GMO Launches New Upgraded 7nm Bitcoin Miner
GMO’s 7nm chip.

The B3 model will be sold at the same price as the B2 model. “The sales price in July is 1,999 dollars and it is to be shipped in November,” GMO detailed, adding that “we shall upgrade it [B2 model] to GMO miner B3 for free if requested.”

Currencies accepted are BTC, BCH, and US dollars. Moreover, all GMO miners carry a 180-day warranty. The price includes 2 power supply units but does not include the shipping cost.

Function to Optimize Mining Efficiency

In Monday’s announcement, GMO also revealed that the B3 model contains a newly implemented “function to set the optimal hash power and power consumption depending on the environment,” elaborating:

While we were selling GMO miner B2, several customers have requested a function to adjust the hash power. Therefore, we accelerated the planned development of ‘hash power optimization function,’ which can set the optimal hash power and power consumption, and implemented it in GMO miner B3.

Japan’s Internet Giant GMO Launches New Upgraded 7nm Bitcoin MinerThere are two modes to this new function: the automatic mode and the manual mode. The former will automatically adjust “the hash power optimally up to 33TH/s in accordance with the electricity cost, which varies depending on the mining environment, and changes in the indicators such as the global hash rate,” the company detailed. “This enables [mining operators] to improve the efficiency of mining.”

Furthermore, GMO reiterated that the B3 model “adheres to all of the additional services implemented in GMO miner B2.” They include a “daisy chain connection of up to 32 units, an online update of software, and online monitoring of the operation status.”

What do you think of GMO miner B3? Do you want one? Let us know in the comments section below.


Images courtesy of Shutterstock and GMO Group.


Need to calculate your bitcoin holdings? Check our tools section.

The post Japan’s Internet Giant GMO Launches New Upgraded 7nm Bitcoin Miner appeared first on Bitcoin News.

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Internet Company Asks Israeli Authorities Permission to Pay Salaries in Bitcoin

June 13, 2018 |

Internet Company Asks Israeli Authorities Permission to Pay Salaries in Bitcoin

The Israeli high-tech sector is currently undergoing a severe talent squeeze, with companies having to compete over employees with higher salaries, stock options and better perks. One such company might have found a new way to attract and retain tech-savvy staff in this environment: offer to pay salaries in bitcoin. Now it only remains to be seen if the country’s authorities will permit the plan.

Also Read: Founder of Tron Altcoin Justin Sun Takes Over Bittorrent Inc

Spot.IM Wants to Pay Bitcoin Salaries

Internet Company Asks Israeli Authorities Permission to Pay Salaries in BitcoinAn Internet company with offices in Tel Aviv, Spot.IM, is in negotiations with the Israel Securities Authority (ISA). The talks are said to be primarily about the appropriate exchange rate, a critical issue for making this work, and it is expected that the sides will reach some agreements over the next month or so, which will allow the plan to go forward. The company has also brought the matter to the attention of the Labor Ministry, which says its officials are looking into the subject. The plan is that any employee that wishes it can accept the total or a portion of his paycheck in bitcoin, with the company absorbing the costs of the high shekel conversion fees.

Spot.IM is not part of the cryptocurrency ecosystem but of the established Internet industry. It helps media website manage their social engagement and comments section, and among its clients it lists Time Magazine, NBC, Huffington Post, Engadget, Fox News and other big names. The company has raised a total of about $ 38 million since it was founded in 2012, and its latest round in November 2017 brought in $ 25 million in Series C funding from Russian billionaire Roman Abramovich and other venture capitalists.

Can They Make Banks Trust Bitcoin?

Internet Company Asks Israeli Authorities Permission to Pay Salaries in BitcoinWhile Israeli law doesn’t officially recognize bitcoin as a currency, nor a security, the tax system does accommodate for including anything of value in calculating salaries. As such, it’s not as if the company would violate the law by not approaching the regulators for permission beforehand. Therefore it seems that, besides an abundance of caution by its legal support, the goal is mainly to prevent future complications with the hostile banking system by getting a seal of approval from the state bureaucrats.

Ido Goldberg, Head of Spot.IM’s operations in the country, told Israeli newspaper Calcalist that: “As ones who deal with some of the most advanced technologies every day, we are great believers in the future of cryptographic currencies. Still, currencies are built on trust, and to create such trust companies, organizations and institutions will have to recognize cryptographic currencies as legitimate.”

Would you want to accept part of your salary in bitcoin? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Internet Company Asks Israeli Authorities Permission to Pay Salaries in Bitcoin appeared first on Bitcoin News.

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Internet Goes Nuts for Lady Gaga in A Star Is Born Trailer

June 6, 2018 |

The first trailer for the latest remake of Hollywood classic A Star Is Born , starring Lady Gaga as the singer discovered by Bradley Cooper’s fading country music star, was released Wednesday and the internet approves. Twitter was going nuts for the trailer—Katy Perry, for example, simply tweeted , “IM SCREAMINGOSBEJRMF$ &2@!…
Newser

FBI Says Reboot Your Internet Router ASAP

May 28, 2018 |

Reboot your internet router now. That’s what the FBI is telling the users of some 500,000 devices believed to be infected with powerful Russian malware capable of intelligence-collecting, software monitoring, and disabling routers, according to the New York Times . Network technology company Cisco Systems and antivirus company Symantec first…
Newser

Date Set: Japan’s Internet Giant GMO Will Launch 7nm Bitcoin Miner on June 6

May 25, 2018 |

Date Set: Japan's Internet Giant GMO Will Launch 7nm Bitcoin Miner on June 6

Japan’s GMO Internet announced that it will unveil its flagship bitcoin mining machine, called GMO miner B2, equipped with the 7nm chips on June 6. Interested customers can register now for the upcoming information session.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Launching on June 6

The wait for 7nm bitcoin mining products from Japanese internet giant GMO may be nearing to a close, as the company announced Thursday:

GMO Internet Group will launch GMO miner B2, which is our own high-performance computer for mining (mining machine), on Wednesday, June 6, 2018. We will mass-produce the world’s first mining machine equipped with a cutting-edge 7 nm process based semiconductor chip (7nm mining chip; ‘GMO 72b’), which will be shipped at the end of October 2018.

Date Set: Japan's Internet Giant GMO Will Launch 7nm Bitcoin Miner on June 6
Illustration of GMO miner B2 provided by GMO.

The company has been working on research and development of the 7nm mining chip since September last year.

GMO has been using “store-bought mining computers” for its mining operation launched in December, as news.Bitcoin.com previously reported. Now it is ready to start producing its own mining equipment made with this 7nm chip, which GMO will use for its in-house mining operation as well as offer “the others to potential customers who are planning to mine,” the company confirmed.

While GMO has not released images of the real mining hardware, the company has provided some illustrative images of the GMO miner B2 currently in development.

Date Set: Japan's Internet Giant GMO Will Launch 7nm Bitcoin Miner on June 6
Illustration provided by GMO.

Interested Customers Can Register Now

“An information session for potential customers considering the purchase of GMO miner B2 will be held on Wednesday, June 6 in Shibuya, Tokyo, and we will explain the details of GMO miner B2, such as price and performance,” GMO’s announcement reads.

Date Set: Japan's Internet Giant GMO Will Launch 7nm Bitcoin Miner on June 6

There will also be an information session for the company’s cloud mining service on the same day. The sessions will be in Japanese. Registration is open to both interested customers and institutional investors. “Customers who have not registered in advance will be refused admission,” GMO emphasized.

Furthermore, GMO Internet no longer plans to use an initial coin offering (ICO) for the sale of its 7nm mining boards as announced in October last year. A representative of the company told news.Bitcoin.com, “for this mining machine sales and cloud mining, we don’t plan to utilize ICO.”

How powerful do you think GMO’s 7nm miners will be? Do you want to buy one?Let us know in the comments section below.


Images courtesy of Shutterstock and GMO Internet.


Need to calculate your bitcoin holdings? Check our tools section.

The post Date Set: Japan’s Internet Giant GMO Will Launch 7nm Bitcoin Miner on June 6 appeared first on Bitcoin News.

Bitcoin News

‘Yanny or Laurel’ Question Is Dividing the Internet

May 16, 2018 |

It’s the audio equivalent of the white or blue dress that perplexed the internet in 2015: Is the voice in this clip saying “Yanny” or “Laurel”? Many people—including the musician Yanni —insist it says Yanny, while others, including this writer, clearly hear Laurel. Others claim to have heard one,…
Newser

Japan’s Internet Giant GMO Wants to Borrow BCH, ETH, LTC, XRP From Customers

May 13, 2018 |

Japan's Internet Giant GMO Wants to Borrow BCH, ETH, LTC, XRP From Customers

GMO Internet’s cryptocurrency exchange has added four more cryptocurrencies to its loan program which allows customers to lend their cryptocurrencies to the company. The program was originally launched last month for just bitcoin (BTC) but GMO has now added bitcoin cash (BCH), ether (ETH), litecoin (LTC) and ripple (XRP) to the program.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

GMO Wants to Borrow from Customers

GMO Coin, the cryptocurrency exchange subsidiary of Japanese conglomerate GMO Internet, announced this week the addition of four cryptocurrencies to its loan service which allows customers to lend their coins to the company.

Japan's Internet Giant GMO Wants to Borrow BCH, ETH, LTC, XRP From CustomersThe service “allows you to rent out the virtual currency held by the customer to the company so that you can receive the rental fee according to the quantity of the lent virtual currency,” the exchange detailed. GMO first introduced this service last month for just BTC.

Interested customers need to apply between May 9 and May 23. If there are more applicants than needed, the company will use a drawing to select whom to borrow from. The target currencies this time are BCH, ETH, LTC, and XRP.

About the Program

Japan's Internet Giant GMO Wants to Borrow BCH, ETH, LTC, XRP From CustomersCustomers can lend between 100 and 1,000 ETH; 50 and 500 BCH; 300 and 3,000 LTC; and 100,000 and 1,000,000 XRP.

The time to maturity is 150 days. Borrowed cryptocurrencies will be returned to customers in the same amounts and types at maturity.

The exchange will pay customers 2.04109589 ETH for each 100 ETH borrowed. For 50 BCH, the company will pay 1.02054794 BCH. For 300 LTC, customers will receive 6.12328767 LTC. Lastly, for 100,000 XRP, the fee payable to customers will be 2,041.0958 XRP. GMO explained that the fee “corresponds to 5% / year (tax included),” adding that taxes will also be levied on the loan fees.

Fully Licensed Exchange

Japan's Internet Giant GMO Wants to Borrow BCH, ETH, LTC, XRP From CustomersGMO Coin is a fully licensed cryptocurrency exchange in Japan. However, it is one of the two licensed exchanges to receive a business improvement order from the Japanese Financial Services Agency (FSA) after the agency tightened its inspection of crypto exchanges following the hack of Coincheck in January. The other is Tech Bureau which operates Zaif exchange.

The company recently revealed GMO Coin’s financials, showing an operating loss of 760 million yen (~US$ 7 million) in the first quarter of this year. The cost of operating the crypto business rose by about 560 million yen (~$ 5.1 million) for the group from the previous quarter. As for the company’s mining operations, GMO revealed that it has mined a total of 906 bitcoins and 537 bitcoin cash.

Would you lend GMO your coins? Let us know in the comments section below.


Images courtesy of Shutterstock, Nikkei, and GMO.


Need to calculate your bitcoin holdings? Check our tools section.

The post Japan’s Internet Giant GMO Wants to Borrow BCH, ETH, LTC, XRP From Customers appeared first on Bitcoin News.

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Researchers Find Bitcoin Network 3X More ‘Evil’ Than the Public Internet

May 9, 2018 |

Researchers Find Bitcoin Network 3X More 'Evil' Than the Public Internet

Just recently a research group called Rapid7 published a report that reveals over a year’s worth of research regarding malicious activity tethered to Bitcoin Core (BTC) full nodes. By utilizing data collected from a network called ‘Project Heisenberg,’ and its internet scanner ‘Project Sonar,’ alongside intelligence from Bitnodes, the team had found quite a lot of exploits being shared between full blockchain nodes. 

Also read: The Hitchhikers Guide To The Invisible Internet

Study Finds Bad Actors Throughout Bitcoin Network’s Public Nodes

Bitcoin full node operators connect usually connect by default to a TCP service on port 8,333, but there are also over 600 alternative ports available. Rapid7’s recent research used data from the team’s Project Sonar which revealed the top three countries with the most port 8,333 nodes stem from the U.S., China, and Germany. The researchers began the blockchain surveillance back in August of 2017 and found more than 11,000 nodes per day. Moreover, the researchers collected data from more than 144,000 unique full nodes during the course of the study.

Researchers Find Bitcoin Network 3X More Evil Than the Public Internet

In addition to the Project Sonar intelligence over 900 nodes connected to Rapid7’s honeypot technology Project Heisenberg that revealed interesting and some malicious activities like the distribution of MS17-010 a critical Microsoft operating system vulnerability.

“Investigations into these interactions showed familiar patterns. Port scans and active reconnaissance with tools like Nmap were rampant, as was repeated attempted exploitation of MS17-010, largely from China,” explains Jon Hart a Rapid7 researcher.

17 hosts, mostly from the China IPv4 space, were actively slinging exploits for MS17-010.    

Researchers Find Bitcoin Network 3X More Evil Than the Public Internet

The Bitcoin Network Three Times More Evil Than the Public Internet

As mentioned above most of the shady activities derived from confirmed malicious nodes with the most amount of connections the U.S. (178), China (154), and Germany (132). While the researchers note that not all of the findings found in full nodes can be deemed harmful the group observed the nodes used “curious scanning and probing behavior in the Bitcoin peer-to-peer network.”

Researchers Find Bitcoin Network 3X More Evil Than the Public Internet

The report concludes that the absolute number of bad actors found within the cryptocurrency’s network is fairly low on ‘bad days’ these nodes can account for up to 2 percent of the BTC network. Now the researchers say that the data collected may be considered low but compared to the “background noise” of malicious activity found on the entire IPv4 internet the figure is pretty alarming.

“Therefore, on a typical day, the Bitcoin network is approximately three times more ‘evil’ than the rest of the internet. On particularly active days, we see ten times as many malicious nodes in the Bitcoin network as we see on the regular internet, by volume,” explains the Rapid7 report.

If you are actively participating as a bitcoin miner, one takeaway is to recognize that there are a small number of participants in the bitcoin network actively taking hostile action against otherwise innocent nodes on the public internet.

What do you think about the research that states the BTC network of nodes is three times more “evil” than the entire IPv4 internet? Let us know what you think about this subject in the comments below.  


Images via Shutterstock, Bitnodes, and Rapid7’s research report


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