The GMO Internet of Japan reports the "historical performance of the third quarter" for its activities related to cryptography


The Japanese giant of the IT GM Internet published its third-quarter report on Monday 12 November, revealing a "historical performance" of its encrypted sectors, despite "the harsh external environment".

GMO claims that its cryptographic activities, including the production of mining equipment and its encryption, gained 2.6 billion yen ($ 22.8 million) in revenue in the third quarter "in just one year from the launch ".

GMO Coin, an exchange platform launched by the company, has seen up to 208,000 users exchange about 89 billion yen ($ 781 million) in October. GMOs also report that earnings are up 34.4% on a quarterly basis (QoQ).

Meanwhile, revenues from the mining segment of GMOs also increased QoQ, but profit decreased in the second and third quarter. The company once again links the decrease to the "deterioration of the external environment" and "increase in the cost of depreciation". According to the statistics provided by the GMOs, in October their mining hashrate was equivalent to 674 petahash per second (PH / s), but the company is planning to reach 800 PH / S within the year.

As for the new mining plants, the delivery of the GMO Miner B3 announced in July and scheduled for October was postponed due to the delay of some electronic components.

The company has also changed a ticker for its currency with the yen, GMY Japanese Yen, from GJY to GYEN. The company announced the creation of the cryptographic stablecoin linked to the Japanese fiat at the beginning of October, which targets international transactions and will be launched in 2019.

In March, the Japanese financial services agency (FSA) – which regulates cryptocurrency trading in the country – sent a business improvement order to the GMO currency after the January issue of Coincheck. The company was forced to improve its services and provide reports on its risk management systems. GMO Coin has therefore established a "Group Audit Security Audit Office" in order to develop more stringent security measures to protect customer information.

As reported previously by Cointelegraph, major mining companies have recently released their Q3 reports. While AMD, a California-based semiconductor manufacturer, said its revenue for the period was negligible, the mining company Bitcoin (BTC), based in Canada, Hut 8, recorded a record of 13.5 million dollars for the third quarter.

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