Japanese IT firm GMO Internet, has officially launched its cryptocurrency mining operation, CoinDesk reported.
GMO has pursued a number of cryptocurrency-related business lines in the past year, including an exchange platform it opened in the spring and a Bitcoin (EXANTE: Bitcoin)-focused payroll service unveiled earlier this month.
According to Wednesday’s announcement, the new facility is based in northern Europe and will draw electricity from geothermal and hydropower sources. The mining facility will be equipped with a computing power at 500 petahashes per second (PH/s).
"The cryptocurrency mining business will use existing technology to mine from facilities (mining centers) in Northern Europe. GMO Internet will increase the size of the operation in phases, expanding the business," GMO said in its statement.
The announcement also confirms previously suggested plans to develop a cloud mining service, through which it would sell excess hashing power and the associated rewards to consumers.
GMO indicated that it would move to begin selling mining hardware.
"After the company has gained a certain level of operational experience, it will work on initiatives including [the] provision of a cloud mining service and selling next-generation mining boards equipped with mining chips," the firm said in the statement.