Bitcoin

In just Three months GMO already mines millions in Bitcoin

Over the span of the last three months Japanese IT company GMO internet has managed to generate over $3 million in revenue through their cryptocurrency mine.

As per a mining report published on the 5th of March the firm which trades publicly revealed that In total for the month of December, January and February then have managed to generate 23 BTC, 93 BTC, and 124 BTC respectively and a total coming up to 240BTC’s which in today’s date as of when this article was published amounts nearly up-to $2.64 million as per Coinmarketcap’s Bitcoin price index.

Also, the company revealed that GMO’s mining venture has managed to rake in a value of well over $3.3 million in revenue just months after its initial launch. Along with this, the company was quick to add that they also managed to raise a total 525 bitcoin cash for the same period, which amounts to $654,000 at the market price while publishing this article.

However, it is safe to say that the data presented by GMO does not exactly reveal an absolute picture regarding the mine’s financial status, which also includes the price at which those coins were brought. Also, it cannot be said by a complete assurance that the number of cryptocurrencies raked in were in surplus compared to the operating expenses at any given time in this brief three-month time.

GMO’s development in processing capacity was also explained in details in the report GMO published.

By the end of February GMO had a hash rate of 108 petahashes per second (PH/s), and by the end of this year, GMO intends on achieving 3,000 PH/s.

As per the recent data published by Blockchain, the bitcoin network currently boasts a hash rate of 22,125 PH/s.

It was also revealed earlier, the firm’s initial plan of launching its mining unit last September, which officially went live by the end of last year in northern Europe.

Based on previous statements, there have been a lot of speculations hinting at additional revenue sources starting from five to six months prior to now. GMO also revealed in the previous month that they would be shifting gears by stepping up efforts and providing cryptocurrency cloud mining services by August 2018.

 

About the author

Safdarali Rizvi

Safdarali Rizvi the management graduate. Has been an avid book reader all his life so naturally loves playing with his words. His curiosity for discovering futuristic opportunities lead him to explore the world of cryptocurrencies. He has a real passion for calisthenics and sports. His management abilities and hunger for learning brings tremendous value to our team.

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