The Japanese Information Gigant, GMO Internet Group, has released the latest monthly publication of its internal cryptographic mining activities, confirming that it has suffered a sharp fall in total mining revenue. The GMO has released this information in a publicly available document on January 8th, revealing a steady increase in monthly Bitcoin (BTC) awards.
As noted above, consolidated GMO losses for the fourth quarter of 2018 amount to 35.5 billion yen ($ 320 million), with unincorporated losses of about 38 billion yen ($ 334.5 million). ).
As a result, the company has announced that it will close its production operations but will continue to pursue its mining operations. The latter should be restructured, with the intention of moving the GMO mining centre to a region where electricity supply is cheaper.
According to the latest GMO report, although the total revenue from mining fell, the Bitcoin mining company's reward is constantly increasing: from 21 BTC in December 2017 to 528 BTCs in June 2018 to 960 BTC in December 2018. Years In its announcement, the company explains that "As the total market hash rate decreased, our share in mining increased and our mining awards increased."
Detection of the GMO also provides data on its spraying rate, measured in PH / s - where PH / s indicates that the amount of one hectare (1,000 billion times) was calculated per second.
In December 2017, its dispersion was 22 PH / s, increasing to 384 PH / s in June 2018 and 670 PH / s in BTC in December. However, this increase in hawk rate has stagnated in recent months, ranging from 674 PH / s in October to 668 PH / s in November to 670 PH / s in December.
As the GMO explains, raising the hash rate does not necessarily lead to an increase in mining awards because "for each currency pair, profitability fluctuates and hash rate allocation is based on the algorithm".
The company also provides comprehensive information on mining rewards and hefty rates of the other cryptocurrencies that operate, Bitcoin Cash (BCH) - which was not mine in December 2018. BCH, mining awards significantly fluctuated, from 213 BCH in December 2017 to 62 BCH in June 2018, rising to 875 BCH in October before falling to 400 BCH in November. The dispersion velocity of BCH also increased and decreased and increased again over time.
GMO today announced that it will no longer report on its mining jobs in 2019, but will release the results as part of quarterly earnings announcements.
It is remarkable that in November last year, GMO announced historic performance for its combined cryptographic projects in the third quarter of 2018, including the sale of mining equipment. Profit was then 2.6 billion yen ($ 22.8 million).
Other major miners in the mining industry are similar to the pressure of the growing bear market in 2018: Bitmain ceased operations in Israel in December, and information has since emerged, pointing to the inevitable layoffs in the country. Within the company.