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Japanese Mining Company GMO Stops Mining Bitcoin Cash

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GMO Internet from Japan halts its venture into BCH.

The leading Japanese Bitcoin mining firm, GMO Internet, has stopped mining Bitcoin Cash (BCH). The company noted that BCH is not profitable at the moment and will continue mining it if its profitability goes up in the future. The Japanese giant has only mined 99 BCH in the last two months. However, in April, it did not mine a single coin. The company has, however, intensified its BTC mining operations which is increasing its revenue in the sector. In July, GMO Internet mined Bitcoin worth $3.8M USD, which is a massive increase compared to previous months.

The Tokyo-based company provides services ranging from e-commerce, smart platforms, internet solutions, and smartphone solutions. The company also started offering GMO miner B2 in May, which was the first mining machine with ready chips. Moreover, the company had planned to raise its operations to 3,000PH/s before December, something which does not look very feasible at the moment.

Bitcoin Cash forked out of Bitcoin because of the continued disagreements about the Bitcoin development. One hard fork later, BCH was developed to be the faster cryptocurrency. The coin became quickly popular and is now among the top digital currencies in the world. Despite this popularity, the coin has faced a mining problem because of its low profitability when compared to Bitcoin.

Increased Competition

With the latest developments, GMO Internet is now giving Bitmain stiff competition. At the moment, Bitmain has a hash power of 14 TH/s, which is about half of the GMO’s B3. GMO started Bitcoin mining in September 2017 after its directors resolved to venture into the business. During the launch, the company noted that it was joining the sector, as it revolved around its internet operations. In its statement, they said “We have resolved to start mining Bitcoin and other digital currencies since they continue to spread as a new internet infrastructure.”

The new operations saw the profitability of the company rise massively. Its mining operations are still profitable despite the fact that Bitcoin has already lost more than half of its price. Bitcoin still remains the most popular digital currency with a market capitalization of $119,429,200,790 USD. The coin is currently trading at $6,929 USD, which is an increase of 2.9% in the last 24 hours.

Despite GMO Internet stopping mining of BCH, the coin still remains the fourth most popular digital currency. Right behind Bitcoin, Ethereum (ETH), and Ripple (XRP). Currently, BCH is trading at $544 USD, which is a massive drop compared to December 2017 and has a market cap of $9,436,514,579 USD.

 

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