Millions Of Dollars In Bitcoin Already Mined By GMO

Launched by Japanese IT firm, the cryptocurrency mine GMO Internet has reaped over $3 million in profit since December.

Based on an information for a mining report, it was revealed that the publicly-traded company has 23 BTC, 93 BTC and 124 BTC over the past three months. In actual sense, these coins are worth an estimated $2.67 million according to data from Bitcoin Price Index.

There are further reports of the firm having a total mining income of 525 bitcoin within the same period which is worth $654,000 at the current rate. Within a matter of months, GMO’s mining purchase went slightly over $3.3 million.

However, the report does not give full details with regards to the firm’s financial status, including the amount of coins that were purchased. It remains uncertain if the total amount of cryptocurrencies purchased are more than the operating cost during the course of the three months.

The report discussed about the firm’s development in managing volume.

With an upgraded hashrate of 108 petahashes per second (PH /s) by February ending, GMO is targeting 3,000 PH /s by the end of the year. Presently, the bitcoin network is proud of having 22,125 PH /s according to reports from the Blockchain.

As previously stated, the firm had disclosed its plans to create a mining unit last September which became public in December last year in northern Europe.

Previous reports shows that there is an expected additional revenue source beginning this year. In February, GMO stated it has goals to make an effort by providing cryptocurrency cloud mining services by August this year.