Japanese IT Firm Has Mined Millions Of Dollars In Bitcoin

Over the past three months, the IT firm from Japan called GMO has mined more than $3 million in cryptocurrencies.

The publicly-traded company disclosed that it had generated 23 BTC, 93 BTC and 124 BTC over 3 following months, according to a mining report given yesterday. Those coins are worth approximately $2.67 million as of press time.

During the same period, the firm reported a total mining income of 525 Bitcoin Cash tokens, with a common value of $654,000. Since its start GMO’s mining venture brought in a little over $3.3 million in revenue within months.

The GMO’s provided data doesn’t offer a complete scene of the financial status of mining, including the cost of purchasing coins. It’s uncertain whether the number of cryptocurrencies brought in exceeded operating expenses at any point during the three-month period.

GMO’s report also detailed its growth in processing capacity.

GMO has set a goal of achieving 3,000 PH/s within this year, with a most-recent hashrate of 108 petahashes per second (PH/s). The bitcoin network boasts a hashrate of 22,125 PH/s at the current moment, based on Blockchain data.

As reported before, the firm initially unveiled the plan to launch its mining unit last September, which officially went live by the end of last year in northern Europe.

Starting later this year, the past statements indicate that the mine will likely see additional revenue sources. GMO said in February that it also aims to step up the effort by offering cryptocurrency cloud mining services in August this year.