GMO Expands Beyond Bitcoin Mining With Free Zcash (ZEC) Software

Dick Thomas Johnson / Flickr

GMO Internet, Inc., a Japanese tech giant focused on finance, media and now cryptocurrency, announced this week that it has expanded its crypto mining business beyond ASIC miners for Bitcoin to include free-to-use software for mining privacy coin Zcash (ZEC) with Nvidia-based rigs.

According to the announcement, the software is specifically designed for Nvidia GPUs that are GeForce 8 or higher. GMO will charge a two percent fee for using the algorithm, but notes this is offset by a 2% increase in efficiency as compared to other similar mining clients.

The news comes as GMO competitor Bitmain, which recently filed for an IPO on the Hong Kong Stock Exchange, revealed a Zcash ASIC miner¬†that ultimately cuts into the profitability of the GPU mining operations. To combat this, Zcash must fork to a new ASIC-resistant¬†algorithm but the project’s governance recently decided to deprioritize¬†this issue.

Zcash is a privacy coin that leverages zero-knowledge proofs to enable anonymous transactions.¬†Zcash’s private transactions hide the sender, recipient and value of transactions on the blockchain.

ZEC currently has a $641 million market cap, making it the 20th largest coin in the AltDex 100 Index (ALT100) and the 2nd in the AltDex Privacy Coin Index (ALTPRV).

More: GMO Press Release
Photo: Dick Thomas Johnson / Flickr

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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