Kumamoto Electric Company and OZ Mining Corporation Start Mining in Southern Japan – Bitcoin News

Kumamoto Electric Power Company and OZ Mining Corporation have announced that they will operate a crypto mining farm from August that will install 14,000 mining machines and generate a profit of 90 million yen by March 2020.

Also Read: Japan’s Giant Internet GMO Launches New, Improved 7nm Bitcoin Miner

Kumamoto Electric Power Company offers affordable prices

The city of Kumamoto in Kumamoto Prefecture is located on Kyushu Island in southern Japan. The Kumamoto Electric Power Company also wants to expand crypto mining factories across Japan, according to a statement, using the country’s cheapest electricity price, which is limited to KEPCO (Kansai Electric Power Company) and TEPCO (Tokyo Electric Power Company). “Since the liberalization of the electricity market at the beginning of 2016, more and more electricity companies have been offering lower electricity charges. In Kyushu [Southern] I believe the Kumamoto Electric Company has one of the cheapest tariffs, ”a Kumamoto Electric Company salesman told news.Bitcoin.com.

Japanese ex-financiers have started mining operations in the northern rural industrial zone

A cryptocurrency-related startup run by a group of Japanese men who used to be in the banking industry set up a crypto mining factory with 500 miners in the countryside of Fukui, a Japanese coastal town on the Chinese side of the Sea in the north. Alt Design was founded in Tokyo in September 2017 and offers various types of services such as crypto and ICO advisory. However, founder and CEO Yuta Funayama decided in November 2017 to mine crypto in Japan. “We wanted to give our customers and investors, who are mostly Japanese, the opportunity to see the miners with their own eyes.”

Kumamoto Electric Company and OZ Mining Corporation begin mining in southern Japan

Yuya Yamamoto, a spokesman for Alt Design, told news.Bitcoin.com in an interview, “The Japanese are investing in miners overseas, but have raised some concerns that it is more difficult to verify what is going on on the miners’ farms. especially if it is located outside of Japan. What we also offer is Japanese quality service where we believe our miners’ management is solid. “Alt Design has been mining Litecoin and Ethereum since mid-March 2018. “Our employees all have an IT background. The miners are on duty around the clock and our employees take turns every day to check that everything is running smoothly. And the facility can withstand natural disasters, he added. The equipment generates a total of around 200 ETH and LTC per month, he said.

While looking for a place to install the system, Alt Design found an area in Japan where the local government offers subsidies for IT companies, such as: B. half the rent if they set up their business in unused local factories. Fukui Township offers low business transaction fees in support of new business ventures, including IT companies. “We offer companies that want to set up in our city the opportunity to pay up to half their rent for three years,” said Hiroyasu Yoshida, who represents the Fukui community. Electricity isn’t cheap everywhere in Japan, but tariffs are lower in the Hokuriku area, including Fukui, which is north of Japan’s main island and faces China.

What do you think of Japanese startups that are mining in the north? Do share your expectations in the comments section below.

Images courtesy of Shutterstock and Nikkei Asian Review.

Live now, Satoshi Pulse. A comprehensive real-time listing of the cryptocurrency market. View prices, charts, transaction volumes and more for the top 500 cryptocurrencies traded today.

Comments are closed.