Japan’s Internet Giant GMO Has Mined 900 Bitcoins and 537 Bitcoin Cash.

[coinpediaJordan]

https://coinpedia.org/wp-content/uploads/2018/05/Japan%E2%80%99s-Internet-Giant-GMO-Has-Mined-900-Bitcoins-and-537-Bitcoin-Cash..jpg

GMO Internet is a multi-billion listed Japanese Internet and Technology Composite. Previously, it reveals its plan to launch its new cloud mining service in August. Currently, the mining activity of Japan’s internet giant GMO is issuing nearly 900 bitcoins and 537 bitcoin cash.


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[freesia_pnp888]

still millions to go! but they're so awesome, right?

[tabas]

Wow that's amazing for just few months they did all of it? I wonder on how much the cost of electricity they paid.

[irenegaming]

GMO Financial Holdings recently released GMO Coin’s earnings report which shows an operating loss of 760 million yen (~US$7 million) in the first quarter of this year. The cost of operating the crypto business rose by about 560 million yen (~$5.1 million) for the group from the previous quarter.

But I guess, once the BTC values rises, it would all be worth.

[qfswoghq]

This will be a good news for the market, and as long as the progress of mining is sure to make bitcoin harder to dig, the price of bitcoin in the market will rise rapidly.

[HabBear]

I love news stories like this!

The subtle endorsement of major companies, business figures, or political powers of Bitcoin and cryptocurrency. It proves that this project is one that is sound, and that people denying it's viability do so only out of fear of the unknown or resistance to change. It's tough to be the first one through the door...until millions more have come through after you.

What I fear is that the companies and major power figures "gobbling up" bitcoin stashes will leave regular folks, again, left outside the system and unable to escape the most hurtful elements of the traditional fiat banking and monetary system.

[MrRiuss]

wow, what a big amount, amazing!. wish could have 1/100 such speed 

[eaLiTy]

Wow that's amazing for just few months they did all of it? I wonder on how much the cost of electricity they paid.

It does not matter how much electricity they paid, they have developed their 12 nm ASIC mining Chip and they are planning to take this to another level and it is not a small company we are talking about, it looks like they are planning to come up with an ICO and this is just a introduction to the bitcoin community on what they were doing and most likely to attract investors they made this annoucement.

[peymanrmi]

it is a great news for bitcoin
japan always go ahead in crypto

[elemosho.crypto]

80% of bitcoin has already mined and rest 20% will be mined by 2140. I think before the time all will be mined, And it will be great then. However, mining 900btc is a great supply that might effect the price downward for the time being.

[coin-investor]

Actually, if they mined or get into the game much earlier they could have mine a lot than these China mining company, as we all know Japan products are much more superior than Japan, but it's not yet Japan will still conquer a lot of territories in the future in the cryptocurrency industry.

[bellamente]

We are glad that the company uses bitcoin cash. This is one of the best hardforks of bitcoin. bitcoin cash can overtake the original bitcoin at a price this year

[Baofeng]

GMO Financial Holdings recently released GMO Coin’s earnings report which shows an operating loss of 760 million yen (~US$7 million) in the first quarter of this year. The cost of operating the crypto business rose by about 560 million yen (~$5.1 million) for the group from the previous quarter.

But I guess, once the BTC values rises, it would all be worth.

If this is true then yeah, I'm sure then once the Mt. Gox trustee stops dumping bitcoin when the price is making a rally, GMO can recover all their overrating cost hehehhe.

This is a welcoming news, and also they are planning to release their bitcoin hardware to rival Bitmain and most probably used it as a test run to mine this 900 Bitcoins and 537 BCH.

[Tankdestroyer]

We are glad that the company uses bitcoin cash. This is one of the best hardforks of bitcoin. bitcoin cash can overtake the original bitcoin at a price this year

Oh really? I think Bitcoin cash wouldn't overtake bitcoin in prices this year, it is merely a copycat after all. I think them mining both is done just for having diversity in their investments, and doesn't mean that they see potential for Bitcoin cash to overtake btc.

Previously, it reveals its plan to launch its new cloud mining service in August.

At first glance I think this was good news for cryptocurrency but am I reading this right? Are they planning to launch their own Ponzi scheme in August?(since I consider all cloud mining services as ponzi scheme). If they are, they'd better stick to mining for themselves, cloud mining will only run their reputation for sure.

[sate_padang]

It's very good news, and if they really want to get out of cloud mining it's so great, and I'll try to invest in their cloud mining, I'll wait.

[Abraham777]

The Japanese leading Internet conglomerate and bito-exchange operator GMO announced that it is expanding the business of bitcoins and chip manufacturing. The company has demonstrated plans to manufacture and sell 7-nm semiconductor chips and manage a mining enterprise in Northern Europe.

[jawaher]

Japan is one of the world's major markets. this news will be a milestone in crypto world.
BTC will gain an awesome value very soon. it is likely they Go for an ICO and get registered as a legal entity to do mining operations.
IF it happens, a revolution will follow.

[Kakmakr]

" GMO is planning to begin a bitcoin salary payment system for employees in the cryptocurrency. The cost of operating crypto business raised 560 million yen for the group from the previous quarter. It is a 16 fully licensed crypto exchange of Japan. The company is releasing a service to acquiesce customers and lend their bitcoins for the company."

This is the part of the article that got me exited, not the coins that they mined. They mining those coins to pay their employees and also to use on their lending platform. This will help to increase adoption and to sustain the network behind it. This company are already looking 3 steps ahead, which is good. 

[bolbau]

based on the article, GMO’s roadmap is in January, GMO declared to succeed in developing a 12 nm ASIC mining Chip.  In October, it outlines plans to release an Initial Coin Offerings (ICO) for the sale of its next-generation mining boards. September last year, the firm announced the launch of its mining business. this is awesome, how they can make a project successfull in short time and now they are mined 900 Bitcoin. good job

[stompix]

Hmm, the bitcoin hashrate was around 20-25 EH/s, they've managed to get 241PH/s, that's close to 1%.
Yet the reward for a month of mining is 54,000 coins but they've got only 373 BTC.
This fits a bit

But, they've reported an operating loss of US$7 million.

Weird, very weird.
That hash rate could only be achieved by almost 1000 S9, at an average costs of 100$/month, even considering their initial costs and buying 3 times as many miners as their hash rate they would not come to those numbers

And even if those numbers look big, they are dealing with a few millions a quarter and they plan an ICO worth billions?
Hmmm...

They've claim on their own website that they are going to launch the first 12nm chips in the middle of 2018, with what are they mining right now?
Sorry but I smell a lot of BS, which is actually the most used word in the mining speculation when people talk about GMO