Japanese GMO Internet earned by mining for three months, $3.3 million

Japanese IT conglomerate GMO Internet published a report on the first months of its mining areas. According to the document, the company mined BTC and BCH more than $3.3 million.

In the report, you can see that in January the company produced 93 25 BTC and BCH, and in February the numbers increased to 124 287 BTC and BCH. In other words, the level of mining bitcoin has increased by 30%, Bitcoin and Cash more than 10 times.

Interesting also the growth of mining capacity is owned by GMO. During the same period, from January to February, the hashing power has increased from 27 to 108 PH/s. The company plans to the end of the year to reach 3000 PX/c.

To understand this a lot, take, for comparison, the company BitFury. In 2017, its total income from mining amounted to $93.7 million. According to blockchain.info, BitFury mining power to date is 295 PH/s, i.e. 1.22% of the global hash rate yet. Thus, GMO has already reached one third of the BitFury can see in just three months.

Labeled GMO 3000 PH/s will bring the company to the level of AntPool, Bitmain which owns and controls approximately 15% of the global Bitcoin hash rate yet. According to some estimates, a total of Bitmain controls more than half of the world of mining.

From the above we can draw the following conclusions:

  • To break into the mining market is extremely difficult due to the already existing giants.

  • In mining there is real money, and a large company with sufficient resources, can compete with today’s leaders.

  • GMO Internet attempt to break into the big arena of mining looks promising. If the company’s plans will be realized – it will cause significant redistribution of control over the market.

    However, until now it remains a mystery what kind of equipment is used in mining of GMO Internet. In September last year the Corporation announced the development of a revolutionary ASIC chips for mining on the still undeveloped sector of technological processes 7, 5 and 3.5 nm. However, their willingness and especially the beginning of serial production was not reported. In January 2018 GMO has published information about the readiness of 12 nm chips, which will serve as test prototypes for the next generation. Perhaps these ASIC is now working in data centers of Japanese companies. If so, now Japan can challenge the Chinese monopoly, if we expand production.

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