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Home Cryptocurrency News Cryptocurrency mining news and mining hardware news Despite the “harsh external environment”, GMO's crypto business remains profitable

Despite the “harsh external environment”, GMO’s crypto business remains profitable

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The Japanese company GMO Internet published its financial indicators for the third quarter, in which it showed the profitability of its cryptocurrency businesses, despite the “harsh external conditions”. Reported by Cointelegraph.

GMO reports that the production of its own mining equipment and a cryptocurrency exchange for the third quarter brought 2.6 billion yen in profits ($ 22.8 million). GMO Coin, the company’s cryptocurrency platform, in October reached 208,000 users with a trading volume of 89 billion yen ($ 781 million), and quarterly profit rose by 34.4% compared with the previous quarter.

The mining segment of GMO also became profitable, but the numbers in the second and third quarters indicate a decrease in market activity. The company associates this with a “deteriorating external environment” and “an increase in depreciation costs.” According to statistics provided by GMO, in October its hashrate was 674 petahash per second (PH / s). By the end of the year, the company plans to reach 800 PH / s.

As for the new miners, the delivery of GMO Miner B3, announced back in July, was postponed due to the delayed production of some components.

The company also changed the ticker of its stablecoin, backed by the Japanese yen, from GJY to GYEN. The company announced stablecoin in early October; The launch of the coin, which will be focused on international transactions, is scheduled for 2019.

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