GMO Postpones Shipments of 7nm Bitcoin Equipment

Mining

Japan’s GMO Internet has postponed the shipments of its two lines of 7nm bitcoin mining rigs. A representative of the company has clarified the situation to news.Bitcoin.com, noting that some refunds have already been issued. In addition, the company is planning to relocate its mining operations.

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

Shipments Postponed

Japanese Internet Giant GMO Postpones Shipments of 7nm Bitcoin Mining EquipmentGMO Internet announced on Monday that it has postponed the shipments of its 7nm ASIC bitcoin mining equipment. The company has two lines of mining rigs: B2 and B3. The former was scheduled to start shipping at the end of October and the latter in November.

A representative of GMO revealed to news.Bitcoin.com on Tuesday that the shipments of both lines have been postponed, elaborating:

It is because the parts we need for our mining machines are actually very difficult to acquire right now … It is difficult to acquire some of the electronic components, such as resistors, due to the tight global supply-demand balance.

He added that the company has not decided whether to ship any miners this year.

Japanese Internet Giant GMO Postpones Shipments of 7nm Bitcoin Mining Equipment

GMO Internet launched the B2 line in June and the B3 line in July. In August, the company upgraded the B3 case shape design in order to improve its cooling performance and operational stability. Both B2 and B3 are priced at $1,999 and are sold out.

The representative emphasized that refunds will be issued to any customers who ask for them, noting:

We asked our customers whether they wish us to refund at the time of delay announcement. So far, we have already completed issuing refunds to customers who demanded them.

Relocating Mining Operations

Through its Swiss subsidiary, GMO engages in three mining business areas: in-house mining; developing, manufacturing and selling mining machines; and cloud mining.

On Nov. 5, the company released the monthly report of its mining business which shows that 595 BTC and 875 BCH were mined in October. GMO’s total hashrate increased to 674 PH/s during the month from 479 PH/s in the previous month.

Japanese Internet Giant GMO Postpones Shipments of 7nm Bitcoin Mining EquipmentIn its quarterly earnings presentation, the company still says it aims “to become No. 1 in the field of cryptocurrency.”

The internet giant further detailed that its mining business recorded a loss during the third quarter even though the expansion of mining facilities progressed as planned. The company attributed the loss to a small net sales increase of only 1.249 billion yen ($11 million) year-on-year “because of a decline in profitability due to the deteriorated macro environment including stagnant bitcoin price and an increase in hash rate,” reiterating:

Cryptocurrency mining business experienced a decline in profitability due to a downturn in the macro environment.

At Monday’s press conference, GMO Internet’s founder and CEO, Masatoshi Kumagai, unveiled his company’s plan to relocate its mining operations in an effort to boost profitability by lowering electricity and production costs.

The GMO representative confirmed the plan to news.Bitcoin.com. However, he noted that the details of location and timeframe are “under consideration at this moment,” emphasizing that “we have not decided it yet.”

What do you think of GMO postponing the shipments of its 7nm bitcoin mining equipment? 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.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 63,158.00
ethereum
Ethereum (ETH) $ 4,203.69
binance-coin
Binance Coin (BNB) $ 485.98
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 2.16
solana
Solana (SOL) $ 211.40
xrp
XRP (XRP) $ 1.10
polkadot
Polkadot (DOT) $ 44.31
dogecoin
Dogecoin (DOGE) $ 0.263387
usd-coin
USD Coin (USDC) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 63,158.00
ethereumEthereum (ETH)
$ 4,203.69
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 622.45
litecoinLitecoin (LTC)
$ 195.10
bitcoinBitcoin (BTC)
54.227,71
ethereumEthereum (ETH)
3.609,31
tetherTether (USDT)
0,858604
bitcoin-cashBitcoin Cash (BCH)
534,44
litecoinLitecoin (LTC)
167,51
bitcoinBitcoin (BTC)
45,898.06
ethereumEthereum (ETH)
3,054.90
tetherTether (USDT)
0.726718
bitcoin-cashBitcoin Cash (BCH)
452.35
litecoinLitecoin (LTC)
141.78

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021

Blockchain/Cryptocurrency Questions and Answers

ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin63,074 0.36 % 3.79 % 2.42 %
Ethereum4,204.4 0.40 % 3.82 % 9.08 %
Binance Coin486.14 0.21 % 2.51 % 3.30 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Cardano2.160 0.36 % 1.92 % 0.05 %
Solana210.83 1.00 % 10.14 % 31.88 %
XRP1.100 0.05 % 2.62 % 0.60 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2650 0.58 % 0.84 % 11.36 %
USD Coin1.000 0.14 % 0.20 % 0.17 %

bitcoin
Bitcoin (BTC) $ 63,158.00
ethereum
Ethereum (ETH) $ 4,203.69
binance-coin
Binance Coin (BNB) $ 485.98
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 2.16
solana
Solana (SOL) $ 211.40
xrp
XRP (XRP) $ 1.10
polkadot
Polkadot (DOT) $ 44.31
dogecoin
Dogecoin (DOGE) $ 0.263387
usd-coin
USD Coin (USDC) $ 1.00