GMO Had a Plan to Take Down Bitmain

More than a year after launching an in-house mining business, Japanese internet conglomerate GMO Internet has announced that it will no longer, develop, manufacture, or sell cryptocurrency mining equipment.

In a statement, the Japanese tech firm disclosed that the decision was prompted by challenging business conditions which resulted in an “extraordinary” consolidated quarterly loss totaling 35.5 billion JPY (approximately US$320 million).

According to GMO Internet, the firm’s mining business has been made untenable by the fall in cryptocurrency prices which consequently led to a drop in demand for the mining rigs. In an increasingly competitive environment, the Japanese tech firm was forced to cut the selling prices of the mining machines, a move that resulted in reduced profitability.


Share this: