Japanese Giant GMO’s Bitcoin Exchange and Mining Venture Lost ¥1.3 Billion in Bear 2018

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