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GMO Internet plans fund-style bitcoin mining business

Japanese company to spend $90m on mining center, proprietary chips

Specialized computers at a bitcoin mining farm in Iceland run by China's Bitmain.   © Reuters

TOKYO -- Japanese internet service company GMO Internet said Wednesday it will invest 10 billion yen ($90.4 million) in a new bitcoin mining business that will operate in part like a fund, soliciting capital from investors and paying them in the cryptocurrency.

Bitcoins are mined, or created, via the process of recording new transactions on the distributed ledger known as the blockchain. The first miner to solve a complex math problem is rewarded with new bitcoin.

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