Japan’s GMO Internet Crypto Mining Operation Produces 510 BTC And 25 BCH In August
China has quickly established a functional monopoly on the cryptocurrency mining market. The country has been extremely friendly to mining operations, even cooperating with state companies that want to try their hand at mining cryptocurrency. The industry is relatively profitable, climbing now to billions of dollars in worth globally. For China especially, cryptocurrency has been the path to profits for millions of investors, entrepreneurs, and technical professionals.
But according to some researchers in the complex industry, GMO Internet might be one organization closing in on the massive monopoly held by mining corporations and entities within China. GMO is a Japanese corporation with multiple subsidiary companies responsible for the maintenance of cryptocurrency businesses in a variety of different sectors. The operation began back in September of 2017, though the location was simply described as being somewhere in Northern Europe, meaning that those involved often have very little information on the actual realities behind the corporation and its operations.
Boasting very favorable figures and increased profits from the last year, GMO Mining had been successful in furthering their presence on and domination of existing markets in the world of Bitcoin mining. At the moment, the primary emphasis of the company’s mining efforts are on Bitcoin and Bitcoin Cash, two of the most commonly-mined currencies currently on the market.
The most telling statistic on the progress of the mining corporation is likely to be the amount of Bitcoin and Bitcoin Cash the company has managed to mine. In August alone, GMO Mining and its subsidiaries mined over 500 Bitcoin and 25 BCH, amounting to millions of dollars in cryptocurrency. The company’s structure means that they are likely to make a solid profit, even considering the massive expenditure as a result of electricity and computing costs.
But other factors also contribute to the conclusion that the company continues to grow in the competitive field. In particular, the company saw a marked increase to the hash rate of its organization on the technical level, climbing by a factor of three starting at March, and ending at a rate of around 459 PH per second.
Ultimately, the company plans to shoot for an eventual hash rate of 3,000 PH/s. Although it is likely to be a difficult process to climb to these massive levels of hash rate, the organization is convinced that it is likely to eventually hit such rates, especially if they factor in the involvement of additional investors, developers, and other new professionals on the project.
In the competitive market, the biggest and most important thing to analyze has almost always been the comparative growth of the organization’s mining efforts. The startup company from Japan has a significant way still, having still ranked far lower than BTC.com, which mined around 847 blocks last month alone. The total amount of money related to this process totals up to around $77.3 million dollars.