Japan’s Internet giant GMO ventured in bitcoin mining in December last year and has released its mining report. During the mining exercise, the company used the 7nm rigs. GMO’s spokesperson spoke to news.bitcoin.com and provided more details about the project.
GMO mins both BTC and BCH
GMO has released a report about its mining activity, which it started in December last year. The company has been mining BTC and BCH in different proportions. The report showed that as of June this year, the Internet giant has mined 1906 BTC and 636 BCH since it ventured in Crypto Mining. In June alone, the firm mined 528 BTC and 62 BCH.
The report also showed that BTC mining has increased from 21 units in December 2017 to 472 units in May this year. In the months of January to April, the company mined 93, 124, 295, and 373 BTC respectively. The report showed BCH mining figures where the company mined the highest number of BCE in February (287) and no mining activity was reported in the month of April. In the months of December, January, and March, GMO mined 213,23, and 12 BCH respectively. The company mined 37 BCH in May and 62 units in June.
The figures from the report showed that in most cases, the company decreased BCH mining with an increase in BTC mining. The figures are therefore confusing, especially to those determined to establish the reason behind these varying figures. The company’s spokesperson said that the company will now be considering the market environment when determining the BCH – BTC mining ratio.
Hash Rate Increases
The report also showed that there has been an increase in hash rate. The company’s pool has increased from 22 PH/s in December 2017 to 384 PH/s in June this year. May had a hash rate of 299 PH/s. The company has attributed the increase in the hash rate to the use of more computers in mining by the company. The company is planning to introduce more computers before the end of this year and this will see an increase in the hash rate to around 3000 PH/s.
GMO Internet Uses 7nm Mining Rigs
GMO Internet began its Crypto Mining activities late last year and subdivided its business to three sectors namely in-house mining, cloud mining and the making and selling of Crypto Mining machines. In June this year, the Japan-based firm introduce GMO miner B2, which is the first line of 7nm mining rigs.
In the report, the company revealed that GMO miner B2 was selling at $1999 per unit. Later, the company launched GMO miner B3 by upgrading the previous miner. The new mining machine has a hash rate of about 33 TH/s. The machines are expected to reach the international market soon as shipping of either of the models will begin in November this year.
Internet GMO only began using various 7nm mining rigs last month according to the company’s spokesperson. The firm is planning to begin using more 7nm equipment in its in-house and cloud mining activities in October this year. Although the company is planning to use GMO Miner B3, no mining rigs will be replaced.