- Japanese IT giant GMO has just reported making an operating profit of 255 million yen (about $2.3 million) for its cryptocurrency business in the second quarter of this year.
- The figure looks more respectable when placed in the context of GMO's net loss of $6.6 million in the first quarter – mainly due to negative revenue suffered by its exchange business in the first two months of this year.
- Mining profitability declined due to deterioration of the macro environment such as stagnation of bitcoin price as well as the increase of hash rate," the report said.
- For instance, the company mined 512 bitcoins in the first quarter – less than the 528 bitcoins GMO mined in June 2018 alone.
- The only previous profitable quarter for GMO's fledgling crypto business was Q4 2017, a time when bitcoin prices soared to a record high of nearly $20,000.
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