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