GMO Internet, the Japanese technology and online finance conglomerate, presented its results for the third quarter of fiscal 2018 on Nov. 12. The presentation included new details about the performance of the Tokyo-listed group’s cryptocurrency-related businesses.
Also Read:
Record Performance by Quarter
The covers the operations of GMO Internet in cryptocurrency mining, exchange and payments. The company reported total quarterly revenue of 2.61 billion yen ($22.93 million) in the third quarter. It noted that the positive results came “just a year since the launch despite the harsh external environment.”
On the cryptocurrency exchange side of the operation, profit was up 34.4 percent quarter over quarter, from 0.55 billion yen in the second quarter to 0.74 billion yen in the third. It said it posted an increase in profit despite the fact that revenue from the exchange business alone fell slightly from 1.42 billion yen in the second quarter to 1.36 billion yen in the third.
GMO Internet also reported that customer accounts have been growing steadily, reaching 208,000 in the third quarter. However, the trading value has fallen from 220 billion yen to just 89 billion yen ($782.7 million) quarter over quarter.
Aiming For 800PH/s Within 2018
On the cryptocurrency mining side of its business, GMO Internet reported it has increased its human resources during the third quarter of the year. And this helped it increase mining revenue slightly to 1.23 billion yen in the third quarter, from 1.17 billion yen in the preceding three-month period. In contrast, the worsening external environment and increased depreciation costs drove profit down quarter over quarter, from a loss of 0.36 billion yen in the second quarter to a loss of 0.64 billion yen in the third.
The company reported it reached a bitcoin hashing rate of 674 PH/s during the third quarter, for both BCH and BTC. It said it aims to achieve a total of 800 PH/s within the year.
GMO Internet also said that sales of cryptocurrency mining machines have been postponed due to delays in shipments of needed electronic components. In addition, it announced that it is changing the ticker symbol of the yen-pegged stablecoin it during the third quarter from GJY to GYEN.
What do you think about the latest GMO Internet quarterly report? Let us know in the comments section below.
Images courtesy of Shutterstock and GMO Internet.
Verify and track bitcoin cash transactions on our , the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at , another original and free service from bitcoin.com.
The post appeared first on .
“Countries are moving towards knowledge as their main source of income because we can’t rely, as a mining country or an oil country, just on our natural resources. We need to definitely take into account how technology is going to be part of the new Venezuela that we’re going to rebuild once this ends.”
‘”Antonio Ledezma
Welcome to Season Two of Distributed Dialogues. This season was inspired by the Human Rights Foundation’s Oslo Freedom Forum, focusing on the intersection between human rights and decentralized technology. In each episode we’ll tell stories where basic human rights have been jeopardized, then present ways in which decentralized technology might serve as a tool for overcoming these challenges.
This episode is called ‘œThe Devil’s Excrement’; in it, we bring you the reality of Venezuela’s authoritarian government, what life is like under the veil, and what promises crypto may hold to unlocking a brighter future.
Music provided by: David Berges and pond5, available at www.pond5.com.
Distributed Dialogues is a BTC Media-produced podcast.
![Bitcoin [btc] ownership, trading should be legal in china, says bank of china council member](https://ohiobitcoin.com/storage/2019/05/Chinese.png "Bitcoin [btc] ownership, trading should be legal in china, says bank of china council member")
