GMO Internet’s Mining Business
As a publicly listed company, GMO Internet discloses fundamental statistics of its cryptocurrency mining business on a monthly basis. Currently, the business mines both Bitcoin (BTC) and Bitcoin Cash (BCH). After having suspended BCH mining in April, they generated 37 and 62 BCH in mining rewards in May and June, respectively.
June BTC mining rewards of 528 showed the slowest growth rate to date (12% month-on-month), while total hash power has to see major capacity coming online during the second half of the year in order to achieve the year-end goal of 3,000 PH/s.
As for the total market BTC hash rate, it almost tripled over the six months from January to July 2018, from approximately 14,000 PH/s to 38,000 PH/s, implying that GMO Internet has not gained much market share.
Rolf Lumpe, Vice President of Business Development at Blackridge Technology in Japan, commented: “With the recent release of their 7nm ASIC, I can understand how they plan to achieve their ambitious plans. The miner has only about 40–50% of the mining power of Bitfury’s offering, but is much more energy efficient. At USD 2,000, it is a good price, and has forced Bitfury to significantly discount their products.” The GMO Internet machine brings 33 TH/s online.
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