GMO Internet’s October Update Shows Spike in Bitcoin Cash Mining Numbers Prior to BCH Fork
GMO’s Update For October Shows Increasingly High Numbers For Bitcoin Mining
The GMO Internet Group, a crypto mining company, released a report on November 5th that showed the monthly update for the performance in October. Most notable, the group saw 875 Bitcoin Cash extracted within October, which is fairly significant against the zero coins extracted in September. The resulting profit, based on the mining of BTC and BCH in that period, was $3.85 million.
This report also indicates a growth in the hashrate for October, which could be credited to the establishment of additional mining locations, as well as the actions of miners from other companies. GMO noted their ongoing intentions in the report, saying,
“We will continue to introduce the mining machine from other manufacturers to the in-house mining. Our plan is to see our hashrate surpass 800 ph/s by the end of December.”
Primarily, GMO Internet has sided with mining BTC, rather than BCH, since they became a miner. With 4,070 Bitcoin Core and 1,323 Bitcoin Cash mined in the first 10 months of 2018, the company reaped $33 million in benefits. With this new surge, some experts believe that BCH is pushing through as a result of the upcoming fork on November 15th.
GMO has another mission on their mind too – surpassing China in the crypto world, considering that they have been dominant in both investments and mining. However, GMO commented,
“Regarding our mining machines, there has been a delay for part of the electronic components due to the tight global supply-demand balance, which led to the postponement of shipment.”
With all of the Chinese companies coming in, there is a clear need to compete with other miners to have any success or profit. Unfortunately, the world seems to be trailing behind still, since the Chinese miners are allegedly handing around 60% of the computational power found on BTC.
GMO has increased by 50% with their mining power, bringing it up to 674 petahash per second in October. Even though they have been successful in their power increase, they still have not met the same performance as other companies in the industry. Right now, the leader is BTC.com, which has a rate of 9,000 ph/s. Though GMO Internet plans to reach about a third of that rate, their short-term efforts include increasing to 800 ph/s before the year’s end.
In an effort to seemingly spread around the revenue that they bring in, GMO Internet has implied that they are planning to launch of a stablecoin by 2019, which will be tied in with the yen. This new token will be called the GMO Japanese Yen (GJY), according to founder and president Masatoshi Kumagaii. Kumagaii also said that it will be launched in Asia, and that the liquidity supporting the stablecoin will be stored somewhere in Japan that they have already established a banking license. However, it is worth noting that GMO Internet is already the creator of the GMO Coin for crypto mining and exchanges.