GMO Internet to Report on BTC Mining Increase

Additionally GMO completely stopped mining Bitcoin Cash; in November 2017, it mined 400 BCH coins
09 January 2019   5807

Japanese IT giant GMO Internet Group has published a report, which reported an increase in the number of BTC companies.

The company also confirmed information about the termination of the production of its own equipment due to significant financial losses. In addition, GMO confirmed plans to transfer mining capacities to regions with cheap energy prices and the possibility of switching to alternative energy sources.

During last December GMO mined 960 BTC. This is almost a third more than in November 2018. Also, this indicator is 45 times higher than the volume of extracted bitcoins during December 2017, when the company was just starting the mining business.

On the other hand, GMO completely stopped mining Bitcoin Cash (BCH). Note that in November 2017, the company mined 400 coins of this fork of Bitcoin.

Last December, the GMO mining hashrate was 670 PH / s, which is 30 times more than a year ago.

The company also announced that it will now provide reports quarterly.

Argo to Report on Mining Profitability Increase in Q2

It was also reported that by the end of June, company owns about £ 3 million in crypto assets, which is 7.7% higher than expected
03 July 2019   387

The British mining company Argo Blockchain published a financial report for the second quarter of 2019, according to which its revenues increased significantly in the second quarter, exceeding its own expectations.

So, in comparison with the previous report, published in early June, the income from mining Argo Blockchain increased by 24%. The increase in profitability from mining at the same time turned out to be proportional to the increase in the Bitcoin price observed during the recent period.

The Company now expects to generate 161 BTC, or GBP1.38m of cryptoassets, in June based on a BTC price of $10,817.16 USD as of 30 June 2019. This is an increase of approximately 101% from the Company's May mining results and represents a mining margin of roughly 81%. The Company considers that this demonstrates that the Company is one of the most efficient miners in the market.
 

Argo Blockchain Team

Argo Blockchain also said that as of the end of June, the company owns about £ 3 million in cryptocurrency assets, which is 7.7% higher than expected.

Also Argo Blockchain intends to expand its activities. In particular, the company plans to deploy another 2500 miners in Quebec by the end of the third quarter, which is also expected to significantly increase revenues.

Our better-than-expected mining performance reflects both improving industry conditions as well as Argo's business strategy, which has enabled it to rapidly ramp up operations and thereby take full advantage of the upturn. As a result, we enter the third quarter with a strong momentum to deliver further growth and improving mining efficiency.
 

Mike Edwards

Executive chairman, Argo

It should be noted Argo Blockchain was the first cryptocurrency company, the placement of shares of which was approved by the London Stock Exchange last June.