A lot of people were surprised when Japan’s GMO Internet confirmed they would venture into the world of Bitcoin mining. Even so, the firm has been doing so successfully for five months now. In its most recent monthly report, the firm indicated that its hash rate has increased significantly, even though Bitcoin Cash mining has come to a complete halt.
An Interesting Month for GMO Internet
Considering the position of GMO Internet in Japan, it is quite interesting to see how the company looks at all aspects of Bitcoin. In particular, GMO Internet’s mining operation has been of great interest to cryptocurrency enthusiasts all over the world. The firm has set up a mining venture focused on both Bitcoin and Bitcoin Cash, which is pretty interesting to take note of.
Since last December, the firm has been mining both cryptocurrencies without any major problems. In fact, the overall hash rate has increased from 22 to 241 petahash per second over the course of those five months. This twelve-fold increase should not be underestimated by any means, as it confirms that the firm is quickly expanding its mining operation.
One particularly interesting point is that the company initially mined a lot more Bitcoin Cash compared to Bitcoin. Although that is not necessarily the biggest of surprises, it did set an interesting tone. As such, most people expected GMO Internet to continue down this line, even though the reality turned out to be very different. In January, the firm mined 80% less BCH, while increasing its Bitcoin output by over 400%.
A lot of interesting changes occurred in February, which was a good month for both Bitcoin and Bitcoin Cash mining. With 124 BTC and 287 BCH having been generated during the shortest month of the year, GMO Internet saw healthy revenue from their mining efforts. This trend continued for Bitcoin ever since, whereas Bitcoin Cash mining has tapered off significantly in the past two months, for unknown reasons.
Indeed, GMO Internet mined a total of zero BCH during the month of April. In contrast, they mined 373 Bitcoin, compared to 295 BTC in March. Considering that the company’s overall hash rate nearly doubled from March to April, it is evident that they have had far more success mining Bitcoin than Bitcoin Cash.
For now, it’s unclear how this trend will evolve in the months to come. With GMO Internet improving its cryptocurrency mining venture every single month, they have an abundance of options to explore. A dual focus on Bitcoin and Bitcoin Cash is still worth looking into, as it seems unlikely the firm will look into other altcoins anytime soon. If things go according to plan, GMO Internet will reach a total hash rate of 3,000 petahash by late 2018.