The Japanese corporation GMO Internet Group has announced plans to develop powerful mining equipment and create large farms in regions with cheap electricity. Investments are estimated at $320 million.

According to GMO Internet, they intend to develop and start producing 7-nm mining chips, which will be four times more energy efficient than the current 16-nm chips. These chips of the new generation will be placed in the mining farms that GMO Internet plans to open in northern Europe in those countries that have cheap electricity.

"We will operate a next-generation mining center utilizing renewable energy and cutting-edge semiconductor chips in Northern Europe. We will use cutting-edge 7 nm process technology for chips to be used in the mining process, and jointly work on its research and development and manufacturing with our alliance partner having semiconductor design technology," GMO Internet said in a statement.

The corporation also plans to provide services for cloud mining and to sell mining equipment with chips of a new generation. Cryptocurrency mined on the new farm will be sold on the GMO Coin exchange.

It is expected that for its own mining farm, the corporation will supply about 50,000 chips of the new generation. The total capacity of such a farm will be 500 PH/s. The farm will be engaged in the mining of bitcoins and will open in the first half of 2018, Quartz writes.

The entrance into the mining market of such a large player can greatly shake up the industry, says Diego Guiterrez, executive director of RSK Labs, who develops software for miners. According to him, once a 7-nm chip of a new generation is released, those miners who purchased the equipment of the previous generation will be in a loss, and most large players will also have to develop their own 7-nm chips.