Japanese internet giant posts $5.5M loss for its cryptocurrency mining division

The latest in a string of companies posting cryptocurrency mining losses has come from Japanese internet giant, GMO. The internet infrastructure business posted a loss of over $5.5 million dollars for its cryptocurrency mining division for the third quarter of this year, according to its recent financial report. There are no signs that the mining industry is improving either, GMO’s third quarter loss is over $2 million greater than the loss the company posted Q2. According to the report, GMO mined a total of 1,590 Bitcoin and 25 Bitcoin Cash during Q3, but that wasn’t enough to draw a profit…

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