Japanese internet giant GMO Global announced on Friday that they will be entering the cryptocurrency mining business by rolling out their mining software called CryptoKnocker. It will help mine Equihash algorithm-based cryptocurrencies like Zcash using graphic processing units (GPUs).
Ichiro Nakajo, President and CEO, GMO said,
“Cryptknocker will take advantage of its technical know-how of the certification authority business such as encryption technology including PKI (public key encryption infrastructure) and will also speed up data processing when encrypting. “
GMO said the mining software which will be available in English, Chinese and Japanese will be free to download for miners but will charge two per cent (2%) of all mining profits to help them recoup the development costs. The company also designed the software to be suitable for NVIDIA graphic cards to mine Zcash claiming to have a 2% efficiency improvement compared with other mining software companies.
Despite the decline in cryptocurrency mining profits, GMO is seeking to expand into this business regardless. In a report by Coindesk, GMO made a profit of $2.3 million in Q2 mostly from its exchange business. Earlier in June, GMO also launched their $1,999 Bitcoin Miner which is expected to start shipping next month. They will face stiff competition from Bitmain who also launched their 7nm ASIC processor earlier this week.
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