Forex and Crypto News

Mining still remains profitable

10:36 09 January /2019

Japanese IT giant GMO Internet Group has published the latest data on the financial results of its cryptocurrency mining activities. The report shows that the revenue from the mining is decreasing, but this activity still remains profitable, as it is possible to increase the quantity of the mined cryptocurrency.

By the end of December 2018, GMO Internet Group managed to mine 960 Bitcoin coins, which is 45.7 times more than a year ago. Over the past year, there was a decrease in the total mining activity, as a result, the hash rate also decreased, and the number of mined coins increased at the same capacities. Moreover, if we are talking about another cryptocurrency, Bitcoin Cash: in December 2017, GMO Internet Group received 213 BCH, in June 2018 - 62, and in October the figure rose to 875, then falling to 400 in November. In December 2018, the company didn’t mine Bitcoin Cash at all.

It is worth to say that the diversification of the GMO Internet Group, which is also engaged in the production of mining equipment, allowed reaching the maximal profit in November- 2.6 billion Japanese yen ($22.8 million).

The example of the GMO Internet Group shows that the mining market is not in decline, but in a state of increasing competition. For example, China's Bitmain Technologies is experiencing certain financial difficulties. At the same time, Canaan intends to make IPO before the end of the second quarter.

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