The cryptocurrency mining operation of the Japanese conglomerate reveals some interesting numbers.
GMO Internet has released the latest monthly results of its Bitcoin mining operation. They show that the company mined 595 BTC, and 875 Bitcoin Cash in October, equivalent to around $3.8 million and $482,000 respectively.
This is interesting because the Japanese giant has never collected more than 287 Bitcoin Cash in the past, and in September, it mined exactly 0.
Rising Sun
GMO Internet, market capitalisation $1.7 billion, is one of Japan's biggest corporations. As its name implies it is an internet-related business. It has nine listed subsidiaries, one of which is the most heavily-used foreign exchange broker in the world. It runs its cryptocurrency-related business via GMO Coin.
The corporation began mining cryptocurrency - specifically Bitcoin and Bitcoin Cash - in September 2017. Its stated goal is to break the Chinese monopoly on the sector.
As Finance Magnates has reported in the past, and as you can see in the table which has been thoughtfully posted above, the venture's figures have been steadily rising during its year of operation.
Satoshi's Visions
In terms of coins mined, we can see that while Bitcoin mining has risen steadily (apart from one month), the amount of BCH collected is random, registering numbers between nought and hundreds on a monthly basis, with no discernible pattern. GMO has already marked three months where it mined more BCH than BCH, but these were, again, seemingly anomalies.
Last month, GMO did not mine any Bitcoin Cash, which prompted several media outlets to report that GMO had ceased mining it entirely. Last month's takings suggest that this assumption was premature.
875 BCH is almost four times more than the company has ever seen before, so this is worth noting. The most obvious conclusion to draw is that BCH mining was very profitable in October. It is also worth noting that Bitcoin Cash is going through an identity crisis at the moment, with two separate camps threatening to tear the project apart. Forking the currency would create a brand new token, and all holders of BCH would find themselves magically in possession of an equal supply of Bitcoin Satoshi Vision (which is what the new coin is to be called).
Could this explain why the price of BCH has spiked at the beginning of November?
Alternatively, maybe 875 is just another random number.
A Long Way to Go
In terms of Hash Rate, GMO is is nowhere near challenging the biggest Chinese entities.
Its computing power available for mining in October was 674 petahashes per second (just for some perspective - one petahash is one quadrillion (1,000,000,000,000) operations). This was a 50 percent increase from last month. However, compared to the hashrate employed by major mining pools, it doesn't even get near to the top twenty.
The top pool at the moment is btc.com, which handles over 9,000 PH/s. GMO Internet has stated that its ultimate aim is to reach 3,000 PH/s, and 800 by December. At the current rate of growth, it should meet the former target.
In October, GMO Internet announced its intention to launch a cryptocurrency of its very own - a Stablecoin backed by the Japanese yen. In contrast to other stablecoins, it would be regulated by the Japanese authorities
GMO Internet has released the latest monthly results of its Bitcoin mining operation. They show that the company mined 595 BTC, and 875 Bitcoin Cash in October, equivalent to around $3.8 million and $482,000 respectively.
This is interesting because the Japanese giant has never collected more than 287 Bitcoin Cash in the past, and in September, it mined exactly 0.
Rising Sun
GMO Internet, market capitalisation $1.7 billion, is one of Japan's biggest corporations. As its name implies it is an internet-related business. It has nine listed subsidiaries, one of which is the most heavily-used foreign exchange broker in the world. It runs its cryptocurrency-related business via GMO Coin.
The corporation began mining cryptocurrency - specifically Bitcoin and Bitcoin Cash - in September 2017. Its stated goal is to break the Chinese monopoly on the sector.
As Finance Magnates has reported in the past, and as you can see in the table which has been thoughtfully posted above, the venture's figures have been steadily rising during its year of operation.
Satoshi's Visions
In terms of coins mined, we can see that while Bitcoin mining has risen steadily (apart from one month), the amount of BCH collected is random, registering numbers between nought and hundreds on a monthly basis, with no discernible pattern. GMO has already marked three months where it mined more BCH than BCH, but these were, again, seemingly anomalies.
Last month, GMO did not mine any Bitcoin Cash, which prompted several media outlets to report that GMO had ceased mining it entirely. Last month's takings suggest that this assumption was premature.
875 BCH is almost four times more than the company has ever seen before, so this is worth noting. The most obvious conclusion to draw is that BCH mining was very profitable in October. It is also worth noting that Bitcoin Cash is going through an identity crisis at the moment, with two separate camps threatening to tear the project apart. Forking the currency would create a brand new token, and all holders of BCH would find themselves magically in possession of an equal supply of Bitcoin Satoshi Vision (which is what the new coin is to be called).
Could this explain why the price of BCH has spiked at the beginning of November?
Alternatively, maybe 875 is just another random number.
A Long Way to Go
In terms of Hash Rate, GMO is is nowhere near challenging the biggest Chinese entities.
Its computing power available for mining in October was 674 petahashes per second (just for some perspective - one petahash is one quadrillion (1,000,000,000,000) operations). This was a 50 percent increase from last month. However, compared to the hashrate employed by major mining pools, it doesn't even get near to the top twenty.
The top pool at the moment is btc.com, which handles over 9,000 PH/s. GMO Internet has stated that its ultimate aim is to reach 3,000 PH/s, and 800 by December. At the current rate of growth, it should meet the former target.
In October, GMO Internet announced its intention to launch a cryptocurrency of its very own - a Stablecoin backed by the Japanese yen. In contrast to other stablecoins, it would be regulated by the Japanese authorities
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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