One of the world’s largest IT companies, Japan-based GMO has published its monthly report regarding its mining activities and the profits coming from them.
We remind you:
Based on the December’s document, the revenue from mining cryptocurrency has dropped down significantly which implies that immediate measures must be taken.
One of the biggest pitfalls of mining is the amount of electricity consumed and its high price. Thus, GMO made a decision to relocate its main mining center into a different area, where electricity will cost way less.
“We will relocate the mining center to a region that will allow us to secure less expensive power supply,” reads the report.
Moreover, the company refuted all the rumors regarding its alleged plans of giving up mining completely. Since 2017, when GMO first engaged into mining, it has earned massive profits and still sees potential in crypto.
As we may see in the statistical data, the mining reward for Bitcoin increased a lot in the last month of December, whereas Bitcoin Cash suffered a hard fall. But the crash of the crypto market and Bitcoin in particular could not be controlled by GMO and affected its business quite badly, making it “move houses”.
Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/