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 against the increasing energy required to mine cryptocurrency.
It’s not all doom and gloom for the Japanese tech firm – even though its mining division made a substantial loss, its cryptocurrency exchange managed to make an even more substantial profit during Q3. It managed to amass a profit of over $6.5 million, enough to offset the poor performance of the businesses mining arm.
Indeed, GMO aren’t the only ones feeling the pinch of unprofitable mining. Research from October found that cryptocurrency miners managed to turn over $4.7 billion this year, but are struggling to make a profit.
Earlier this year cloud mining firm, Genesis Mining, began to end contracts with its customers as it was no longer a sustainable business model.