Japanese cryptocurrency mining company GMO Internet Group released its monthly update for October on Nov. 5. The report shows a huge increase in the amount of bitcoin cash extracted – 875 coins, from zero in September. Altogether, the company earned about $3.85 million from mining BTC and BCH during the period under review.
Also Read: Pan-African Organisation Launches Framework to Encourage Cryptocurrency Trade
New Mining Hardware Drives Output
In its monthly update, the Tokyo-based GMO Internet Group said its hashrate has grown since the end of September after establishing more mining facilities while continuing to operate miners from other manufacturers. “We will continue to introduce the mining machine from other manufacturers to the in-house mining. Our plan is to see our hashrate surpass 800 ph/s by the end of December,” it said.
GMO Internet has tended to focus on BTC as opposed BCH since it began its mining operations late last year. The $1.7 billion-valued company mined a total 4,070 bitcoin core and 1,323 bitcoin cash during the first 10 months of this year, earning about $33 million in rewards. The latest surge of interest in BCH has been viewed in some quarters as position-taking ahead of the impending Nov. 15 fork.
GMO also appears keen on breaking China’s monopoly in the industry, as evidenced by its quest to boost mining capacity. But it’s not been all smooth sailing. The company detailed:
Regarding our mining machines, there has been a delay for part of the electronic components due to the tight global supply-demand balance, which led to the postponement of shipment.
Competition among miners has increased on account of numerous Chinese companies entering the industry. Miners from the Asian country are now thought to control about two-thirds of the computational power working on the BTC blockchain.