Trustee of Mt. Gox officially announces how many Bitcoins were sold

Mt. Gox’s trustees have been selling Bitcoin in abundance capacities.

This abundant selling has had quite the impact on the digital currency taking the BTC/USD well towards $10,569.10 (price mentioned is as per Coinmarketcap) while the time of publishing this article.

As per a report produced in the Tokyo district court Mt. Gox’s trustee revealed that over the span of six months they have managed to sell Bitcoin $360M and Bitcoin Cash amounting up-to $360 million and $44 million respectively. The report also further stated that If deemed necessary by the court the trustee will not hesitate to sell the remaining BTC’s too, which apparently are a huge 166K BTC’s in today’s date that would be worth a massive $2billion.


“As a result of the consultation with the court, I considered it mandatory and reasonable to sell a certain amount of BTC and BCC at this point and secure some specific amount of money for distribution resources, and hence, I sold the amount of BTC and BCC above.”

“I made attempts to sell BTC and BCC at an optimal and highest price possible in light of the market price of BTC and BCC at the timing of a sale. I plan to discuss with the court and determine further sale of BTC and BCC.”

Investors and traders have been left dazzled by this decision taken by the trustee, they are quite confused by the decision of the trustee to sell the Bitcoins which are in MtGox’s possession.

Given the fact that the prices of both BTC and BCC (Bitcoin cash) are predicted to surge even higher, It is but obvious that most of the MtGox creditors who are due compensation, expect to receive it in Bitcoin and Bitcoin Cash what to get it in BTC or BCC.

Whenever there is a sale of such a huge amount of Bitcoin, If there is no proper planning for the sale, it undeniably affects the entire cryptocurrency market further-more leading to volatility.…

In just Three months GMO already mines millions in Bitcoin

Over the span of the last three months Japanese IT company GMO internet has managed to generate over $3 million in revenue through their cryptocurrency mine.

As per a mining report published on the 5th of March the firm which trades publicly revealed that In total for the month of December, January and February then have managed to generate 23 BTC, 93 BTC, and 124 BTC respectively and a total coming up to 240BTC’s which in today’s date as of when this article was published amounts nearly up-to $2.64 million as per Coinmarketcap’s Bitcoin price index.

Also, the company revealed that GMO’s mining venture has managed to rake in a value of well over $3.3 million in revenue just months after its initial launch. Along with this, the company was quick to add that they also managed to raise a total 525 bitcoin cash for the same period, which amounts to $654,000 at the market price while publishing this article.

 

However, it is safe to say that the data presented by GMO does not exactly reveal an absolute picture regarding the mine’s financial status, which also includes the price at which those coins were brought. Also, it cannot be said by a complete assurance that the number of cryptocurrencies raked in were in surplus compared to the operating expenses at any given time in this brief three-month time.

GMO’s development in processing capacity was also explained in details in the report GMO published.

By the end of February GMO had a hash rate of 108 petahashes per second (PH/s), and by the end of this year, GMO intends on achieving 3,000 PH/s.

As per the recent data published by Blockchain, the bitcoin network currently boasts a hash rate of 22,125 PH/s.

It was also revealed earlier, the firm’s initial plan of launching its mining unit last September, which officially went live by the end of last year in northern Europe.

Based on previous statements, there have been a lot of speculations hinting at additional revenue sources starting from five to six months prior to now. GMO also revealed in the previous month that they would be shifting gears by stepping up efforts and providing cryptocurrency cloud mining services by August 2018.…