GMO reveals it wants to scale its bitcoin mining venture

GMO Reveals Bitcoin Mining Venture Raked in Millions, Plans to Become Major Industry Player

GMO Reveals Bitcoin Mining Venture Raked in Millions, Plans to Become Major Industry Player

Japanese IT firm GMO Internet has recently published a report detailing the initial results of the Bitcoin (BTC) and Bitcoin Cash (BCH) mining operation the company launched in December 2017. According to the report, the organization already raked in millions from mining Bitcoin, and plans on becoming a major industry player by scaling its Bitcoin mining venture.

GMO’s report details that the company has mined 93 BTC, 124 BTC, and 287 BCH in December, January, and February respectively. This means it mined 217 BTC, at press time worth over $2.26 million.

The mining venture’s revenues were seemingly not enough for GMO, as the company announced its goal is to scale from its current 108 PH/s to 3,000 PH/s this year.

The company’s report reads:

“Hash rate is an important indicator for estimating our mining share. Our goal is to see the hash rate reach 3,000PH/s this year. Our mining share depends on the market’s total hash rate, so increased hash rate does not necessarily lead to increased mining reward.”

According to blockchain data, the Bitcoin network currently boasts a hashrate of 25,000 PH/s. If GMO succeeds in getting to 3,000 PH/s, this means it would own one of the biggest cryptocurrency mining operations, rivaling ViaBTC’s mining pool, which currently accounts for roughly 13.4 percent of the network’s hashrate.

Bitcoin mining venture to offer cloud mining service

Last month, the company has also announced it plans on launching a cloud mining service, which allows users to purchase a specific amount of hashrate that the company will then manage.

GMO is reportedly targeting clients with deep pockets, as a two-year Bitcoin mining contract is said to cost about $5 million, plus maintenance expenses. The cloud mining service will presumably help the Japanese IT firm reach its 3,000 PH/s goal.

Bitcoin mining is notably becoming a popular venture. As covered by Core Media, two Australian Bureau of Meteorology employees are being investigated for using government computers to mine. This, after Russian scientists were found using one of the country’s most powerful computers to make a profit.