Japanese IT giant GMO has reported a loss of 640 million yen (about $5.6 million) for its cryptocurrency mining business in the third quarter of 2018.
Revealed in the firm's latest financial report, published Monday, that figure is markedly worse than its Q2 loss of 360 million yen (around $3.2 million). GMO put the drop down to a “worsening” external environment and increasing depreciation costs.
Overall, however, the firm saw a slight increase in revenue from mining, with Q3 revenue coming in at 1.23 billion yen ($10.78 million) as compared to 1.17 billion yen ($10.26 million) in Q2.