Japan’s GMO Internet Cryptocurrency Business and Mining Profits are Skyrocketing
Japan’s Internet GMO Has Crypto Priorities
Japan’s GMO has a cryptocurrency business and it recently unveiled the business’s new priorities. The platform released its second-quarter results for the fiscal year this week, which shows that the company’s cryptocurrency operations have generated a revenue of $23,481,811 USD in a year since its launch. The report also indicates that the platform’s operating profits have increased as well to about $2,257,744 in a quarter, a figure comparatively higher than the $5,592,612 loss in the previous quarter.
The platform’s overall revenue increased as well for the platform’s GMO coin, which is the crypto exchange operation side. The total increase is about 7.3-fold. The platform has also revealed that the exchange’s “customer accounts are growing steadily” – about 177,000 accounts open in a year.
The platform also has a mining operation, which has generated $10,568,436 in a quarter – this is up 91.8% from the previous quarter. The company further noted that while its hash rate has increased as expected, the company lost about $3.252,429. The platform did not expect the loss and in an effort to mitigate, the platform changed its mining business policy. The company is also aware of “uncontrollable factors” such as the low price of bitcoin and increasing total hash rate.
The new strategy calls for selling the machines first, then mining in-house before offering a cloud mining service. And securing an inexpensive power supply to lower the cost of mining. The platform hopes that the strategy will promote more control over investments and a faster payback as well.