Cryptocurrency & Blockchain Business

Japanese IT giant “GMO Internet” generates $3M from Bitcoin mining

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So far we have seen analysts making predictions that Bitcoin mining is a lucrative business and we can only assume that it could be so. But now recent reports about the profits of Japanese IT firm GMO Internet has been made available. The company has generated more than $3 million revenue over the past three months.

The mining report for the firm was released on March 5, and the company revealed that the profit generated in three months December, January, and February, accounted for 23 BTC, 93 BTC, and 124 BTC respectively. If we calculate the value of these coins as of Present time, it accounts for $2.67 million (USD) according to CoinMarketCap conversion rates.

If this is not enough, the publicly traded company reported that it generated about 525 bitcoin cash of total mining income in the same period. This income value as of present conversion rates accounts for $654,000 (USD). If we calculate the entire income generated from the venture, then it amounts to over $3.3 million in revenue within three months of its beginning avenue.  

Nevertheless, these figures do not amount to the entirety of the company’s profiteering since the initiation of the venture. If we talk about the complete financial status of GMO from this project, then it still not apparent if the number of cryptocurrencies purchased exceeded operating expenses at any point in time during the first three months of operation.

Not only this, but GMO also surfaced its growth in processing capacity. The company’s report disclosed that with a most-recent hash rate of 108 petahashes per second (PH/s) was achieved by the end of February. GMO had set a proposed a goal of achieving 3,000 PH/s within this year. At present, the bitcoin network claims a hash rate of 22,125 PH/s, based on data published by Blockchain.

As stated before, the firm initially uncovered the plan to begin its mining unit last September, which precisely went live by the end of last year in northern Europe. Past statements intimate that the mine will hopefully witness additional revenue sources commencing later this year. GMO stated in February that it also intends to step up the industry by offering cryptocurrency cloud mining services. As per the announcements the cloud services will be made available in August this year.

By Applancer

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