GMO Generates Millions of Dollars just 3 Months after Starting its Bitcoin Mining Business
Even the average joe on the streets has heard that bitcoin (BTC) mining is quite a bankable venture. But what most people may not know is the exact earnings possible from this sort of business even within a relatively short time. To put things in perspective, GMO, a Japan-based conglomerate that started mining bitcoin in December 2017, has already made over $3 million so far.
Blockchain’s first son, bitcoin, made the world go gaga in 2017 when it almost hit the $20,000 price area. The exponential rise also attracted quite a number of startups and large corporations to join the blockchain bandwagon to the moon.
One such interested company, Tokyo-based GMO Internet Group, announced its imminent entry into the cryptocurrency mining industry back in September 2017.
GMO, being a conglomerate that keeps its word, unlike some other established firms who only made clear their crypto ambitions under the influence of FOMO, commenced bitcoin mining in December 2017.
In GMO’s mining report released on March 5, 2018, the blue-chip firm revealed it had generated 23 BTC(~$227,616.74), 93 BTC (~920,363.34) and 124 BTC (~$1,227,151.2) in December, January and February respectively.
Also, GMO stated it successfully mined 525 Bitcoin Cash from December to February (~$565,561.5). In essence, when the total revenues are combined, the publicly-listed firm has generated over $3 million since it started mining three months ago.
GMO’s mining report was somewhat incomplete; however, in that, the firm failed to state the cost it incurred during its bitcoin mining operations in those months. This pitfall makes it almost impossible to ascertain whether the total number of bitcoin and bitcoin cash that GMO mined exceeded its operating costs during those months.
In addition to declaring its revenues, the report also stated the growth in the processing capacity of the firm.
Presently, the entire bitcoin network has a hash rate of 22,125 Petahashes per second. The Japanese firm has said it’s looking to increase its hash rate from 108 petahashes per second (PH/s) to at least 3,000 petahashes before the end of 2018.
The company also has other crypto-related plans and may start executing them once it first succeeds in upping its hash rate. Back in December, GMO hinted it would begin offering cloud mining services and manufacturing next-generation mining boards. The conglomerate stated the following on the subject:
“After the company has gained a certain level of operational experience, it will work on its initiatives including the provision of a cloud mining service and selling next-generation mining boards equipped with mining chips.”
GMO demonstrated it’s a firm that keeps its word when it lived up to its promise of powering its mining rig with green energy. It won’t be a surprise if the conglomerate achieves all its blockchain-related goals before September 2018.