GMO Internet Sees Huge Leap in BCH Mining for October

Japanese cryptocurrency mining company GMO Internet Group released its monthly update for October on Nov. 5. The report shows a huge increase in the amount of bitcoin cash extracted – 875 coins, from zero in September. Altogether, the company earned about $3.85 million from mining BTC and BCH during the period under review.

Also Read: Pan-African Organisation Launches Framework to Encourage Cryptocurrency Trade

New Mining Hardware Drives Output

In its monthly update, the Tokyo-based GMO Internet Group said its hashrate has grown since the end of September after establishing more mining facilities while continuing to operate miners from other manufacturers. “We will continue to introduce the mining machine from other manufacturers to the in-house mining. Our plan is to see our hashrate surpass 800 ph/s by the end of December,” it said.

GMO Internet has tended to focus on BTC as opposed BCH since it began its mining operations late last year. The $1.7 billion-valued company mined a total 4,070 bitcoin core and 1,323 bitcoin cash during the first 10 months of this year, earning about $33 million in rewards. The latest surge of interest in BCH has been viewed in some quarters as position-taking ahead of the impending Nov. 15 fork.

GMO also appears keen on breaking China’s monopoly in the industry, as evidenced by its quest to boost mining capacity. But it’s not been all smooth sailing. The company detailed:

Regarding our mining machines, there has been a delay for part of the electronic components due to the tight global supply-demand balance, which led to the postponement of shipment.

Competition among miners has increased on account of numerous Chinese companies entering the industry. Miners from the Asian country are now thought to control about two-thirds of the computational power working on the BTC blockchain.

GMO Sees Improved Hashrate

In terms of mining power, GMO Internet recorded hashrates of 674 petahash per second in October – a 50 percent increase from the previous month. While the company has seen a significant increase in its computing power, its hashrate is still significantly below that employed by major mining pools. At the top of pile at the moment is BTC.com, which handles over 9,000 ph/s. GMO Internet stated that it aims to eventually reach 3,000 ph/s, with a short-term goal of 800 ph/s by December.

In October, the Japanese cryptocurrency company indicated that it would launch a stablecoin pegged to the yen in 2019. Masatoshi Kumagaii, founder and president of GMO Internet, said the stablecoin, which will be known as GMO Japanese Yen (GJY), will be issued in Asia. It is expected that the assets backing the stablecoin will be stored in Japan where the tech firm already has banking licenses.

Founded in 1991, GMO Internet is involved in internet advertising and media, internet securities and mobile entertainment businesses. The Tokyo Stock Exchange-listed firm also operates GMO Coin, its cryptocurrency mining and exchange unit.

What do you think about GMO’s latest mining update? Let us know in the comments section below.

Images courtesy of Shutterstock.

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