Forex and Crypto News

Japanese DMM closes mining business

09:09 02 January /2019

Bitcoin.com, referring to the Japanese Toyo Keizai, reports that the Japanese company DMM allegedly closes the mining.

The main reason for the decision is a sharp decline in the profitability of this business area. The company plans to start selling equipment in the first half of 2019.

Initially, the plans of the DMM Group were extremely ambitious - the company's management was optimistic about the future development of the crypto industry and planned to build one of the largest mining farms in the world. In addition, in early 2018, DMM opened a laboratory specializing in the study of mining technology.

Now, according to DMM founder Casey Cameyam, the company intends to "focus on the development of exchange business and on various blockchain solutions." In particular, the conglomerate has a DMM Bitcoin division, which is a licensed crypto exchange.

Among other things, it became known that the launch of the Cointap trading application previously announced by DMM won’t take place. The company is confident that in the conditions of a bear market and on the background of frequent hacking of exchanges it will be difficult to attract a large number of crypto traders.

Recall that just a week ago it became known that the Japanese IT giant GMO Internet would stop producing mining equipment due to huge financial losses.

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