Despite Reporting Revenue Losses, GMO Internet's Crypto Mining Rewards Soar
Japanese IT giant GMO Internet Group has published the latest monthly disclosure on its in-house crypto mining operations, confirming that it took a steep hit in overall mining revenue. GMO released the disclosure in a publicly available document on Jan. 8, also revealing a steady increase in its monthly Bitcoin (BTC) mining rewards.
As previously reported, GMO’s consolidated losses for Q4 2018 totalled 35.5 billion yen ($320 million), with its unconsolidated loss tallying at around 38 billion yen ($334.5 million).
As a result, the firm announced it would be shutting down its hardware manufacturing business, but would nonetheless continue its in-house mining operations. These latter will be reportedly subject to restructuring, with plans to relocate GMO’s mining center to a region with lower-cost electricity supplies.
As revealed in GMO’s latest monthly report, even as overall revenue from mining has tanked, the firm’s Bitcoin mining reward has consistently increased over time — from just 21 BTC in December 2017 to 528 BTC in June 2018, and then 960 BTC in December 2018. In its disclosure, the company explains that as “the market’s total hash rate decreased, so our mining share rose and our mining reward expanded.”
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