Japan's GMO Has Mined Over 900 Bitcoins - Hashrate Doubled Last Month

The mining operation of Japan’s internet giant GMO has resulted in over 900 bitcoins and 537 bitcoin cash so far, as the company roughly doubled its hashrate last month. Meanwhile, its crypto exchange reported a first-quarter loss after the country’s financial regulator ordered it to improve.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Over 900 BTC Mined So Far

Japan's GMO Has Mined Over 900 Bitcoins - Hashrate Doubled Last MonthJapanese conglomerate GMO Internet released its cryptocurrency mining business report for April this week.

“We are currently mining bitcoin (BTC) and bitcoin cash (BCH),” GMO wrote. The company mined 373 BTC and 0 BCH in April. In March, it mined 295 BTC and 12 BCH and in February 124 BTC and 287 BCH. Overall, GMO has mined 906 BTC and 537 BCH so far since it began operation.

Japan's GMO Has Mined Over 900 Bitcoins - Hashrate Doubled Last Month

The group revealed that its “Hash rate rose due to the increase in the number of computers we are operating as planned.” In April, the hashrate was 241 PH/s, up from 129 PH/s in March, 108 PH/s in February, and 27 PH/s in January. The announcement details:

Hash rate is an important indicator for estimating our mining share. Our goal is to see the hashrate reach 3,000PH/s this year.

The company announced the launch of its mining business in September last year. In October, it outlined plans to launch an initial coin offering (ICO) for the sale of its “next-generation mining boards.” In January, GMO announced that it had succeeded in developing a 12nm ASIC mining chip.

GMO Coin’s Earnings Performance

Japan's GMO Has Mined Over 900 Bitcoins - Hashrate Doubled Last MonthGMO Coin is the cryptocurrency exchange subsidiary of GMO Internet. It is one of the 16 fully licensed crypto exchanges in Japan. The company has launched a service to allow customers to lend their bitcoins to the company as well as set up a bitcoin salary payment system to pay its employees in the digital currency.

However, the Financial Services Agency (FSA) has issued the exchange a business improvement order. The only other government-approved exchange to have received such an order is Tech Bureau which operates Zaif exchange.

GMO Financial Holdings recently released GMO Coin’s earnings report which shows an operating loss of 760 million yen (~US$7 million) in the first quarter of this year. The cost of operating the crypto business rose by about 560 million yen (~$5.1 million) for the group from the previous quarter.

What do you think of GMO’s mining operations and exchange? Let us know in the comments section below.

Images courtesy of Shutterstock and GMO Internet.

Tags in this story
BCH, Bitcoin, bitcoin cash, BTC, Cryptocurrency, Digital Currency, fsa, gmo, gmo coin, GMO internet, Hash rate, Hashrate, ICO, initial coin offering, Japan, japanese, Miners, mining, N-Technology, Tech Bureau, Virtual Currency, Zaif

Need to calculate your bitcoin holdings? Check our tools section.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Show comments