Japanese conglomerate GMO has mined over 200 Bitcoins in 2018.
GMO Internet has published a monthly report on its mining business for February 2018, which reveals that the company has extracted more than 200 bitcoins during this year. GMO has also extracted more than 300 Bitcoin Cash during 2018.
GMO Internet earned $ 1.8 million in BTC and BCH in February of this year. The main Japanese conglomerate, GMO Internet, has published a report detailing the performance of its mining business. GMO Internet announced for the first time its desire to start operating BTC and BCH in September 2017, before launching operations in December of the same year.
In December 2017, GMO mined 21 BTC and 213 BCH, which were then valued at approximately $ 15,850 and $ 2,715 USD respectively. In January 2018, GMO mined 93 BTC and 25 BCH, which in turn had an approximate value of $ 10,300 and $ 1,500 each. GMO reported a hash rate of 22 penta hashes per second (PH / s) during December, and 27 PH / s in the month of January.
During February, GMO increased the scale of its mining operations, with GMO reporting a hash rate of 108 PH / s after the use of additional hardware. GMO mined 124 BTC and 287 BCH during February 2018, valued by GMO at approximately $ 10,670 and $ 1,240 respectively.
GMO will expand mining business. The report notes that the goal of GMO Internet is to see the hash rate reach 3,000 PH / s this year, which indicates the company's intention to soon become a major player in the bitcoin mining industry.
If successful, a hash rate of 3,000 PH / s would give GMO a power comparable to that of the Viabtc mining group. According to Blockchain.info, Viabtc currently comprises the third largest bitcoin mining group, accounting for 12.9% of the BTC mining network with approximately 3,390 PH / s at the time of writing this report.
Last month, GMO Internet also announced its intention to launch a cloud mining service in August 2018. The company began accepting priority applications from potential customers on March 1. GMO seems to target clients with a lot of money, since it is estimated that a single two-year contract will cost approximately $ 5 million (550 million JPY) each, not including maintenance costs.