GMO Internet Postpones the Shipment of Bitcoin Mining Equipment

By Chetna Phour

According to a representative of Japan’s GMO Internet, the company has postponed the shipment of its 7nm ASIC bitcoin mining equipment.

GMO Internet is a popular internet company in Japan which is listed on the first section of the Tokyo Stock Exchange. The company is also a holding company of GMO Internet Group. GMO Internet has two lines of Bitcoin mining rigs B2 and B3. The company had plans to start the shipping of Bitcoin mining equipment at the end of October and later in November, but the company has postponed the shipment of both the mining rigs. According to the representative of GMO Internet, currently, it is becoming difficult to acquire the parts of mining machines due to tight global demand and supply balance. He said that

“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.”

The company has not yet decided whether to ship or not any mining equipment this year. The company has even announced to issue the refunds to the clients who are asking for refunds. The representative said that

“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.”

The company launched the B2 line of Bitcoin mining equipment in June and B3 line in July. To improve the operational stability and cooling performance GMO Internet upgraded the case shape design of the B3 equipment. The company is selling both GMO Miner B2 and GMO Miner B3 at $1,999.

Also Read: No More Mining Bitcoin Cash For GMO Internet

In a recent press conference, the founder and Chief Executive Officer (CEO) of GMO Internet said that the company has plans to relocate its mining operations to boost the profitability by reducing production and electricity costs. The Swiss subsidiary of GMO Internet is engaged in three mining business areas:

• In-house Mining
• Developing, manufacturing, and selling mining equipment
• Cloud computing

According to the monthly report of its mining business, in October, the company mined 595 Bitcoin and 875 Bitcoin Cash. Even after the expansion of mining facilities the internet giant recorded a loss during the third quarter of the year. The company stated that the loss is

“Because of a decline in profitability due to the deteriorated macro environment including stagnant bitcoin price and an increase in hash rate.”