Japanese Giant GMO's Bitcoin Exchange and Mining Venture Lost ¥1.3 billion in Bear 2018

GMO, bitcoin, cryptocurrency

Japan-based GMO Internet Inc. (TYO: 9449) incurred an operating loss of ¥1.3 billion (~$11.75 million) in the fiscal year 2018. The IT company published its financial performance on Tuesday, saying that its cryptocurrency verticals, including a bitcoin exchange and mining business, posted circa $74.44 million worth of net sales. The report clarified that while its exchange business was able to build a revenue base, the mining side fared poorly. In total, the firm’s mining business structure recorded a standalone loss of circa $18.3 million in 2018. $319.2 million in Extraordinary Losses Excluded GMO financial report also clarified that its mining output

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