GMO Internet has released a monthly report on its mining business for February 2018, revealing that the company has mined over 200 bitcoins during this year so far. GMO has also mined over 300 Bitcoin Cash during 2018.
GMO Internet Mined $1.8 Million Worth of BTC and BCH in February
Major Japanese conglomerate, GMO Internet, has released a report detailing the performance of its mining business. GMO Internet first announced its desire to start mining BTC and BCH during September 2017, before launching operations in December of the same year.
In December 2017, GMO mined 21 BTC and 213 BCH – then valued at approximately $15,850 and $2,715 USD respectively. In January 2018, GMO mined 93 BTC and 25 BCH – then valued at roughly $10,300 and $1,500 each. GMO reported a hash rate of 22 penta hashes per second (PH/s) during December, and 27 PH/s during January.
During February, GMO increased the scale of its mining operations, with GMO reporting a hash rate of 108 PH/s following the employment of additional hardware. GMO mined 124 BTC and 287 BCH during February 2018 – valued by GMO at approximately $10,670 and $1,240 respectively.
GMO to Expand Mining Business
The report states that GMO Internet’s “goal is to see the hash rate reach 3,000 PH/s this year,” indicating the company’s intention to soon comprise a major player within the bitcoin mining industry.
If successful, a hash rate of 3,000 PH/s would give GMO comparable power to that of Viabtc’s mining pool. According to Blockchain.info, Viabtc currently comprises the third largest bitcoin mining pool, accounting for 12.9% of the BTC mining network with approximately 3,390 PH/s as of this writing.
Last month, GMO Internet also announced its intention to launch a cloud mining service in August 2018. The company started accepting priority applications from prospective customers on March 1st. GMO appears to be targeting customers with deep pockets – as a single two-year contract is estimated to cost roughly $5 million (550 million JPY) each, excluding maintenance expenses.
Do you think that GMO will be able to produce 3,000 PH/s this year? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, gmo.jp
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Author: Samuel Haig