Japan-based DMM shuts down crypto mining business

Posted 02 January, 2019

Japanese e-commerce holding – DMM.com – announced its escape from the crypto mining business citing slackening revenue in this segment.

The local media reported that the low financial performance of the segment was considered as the key reason behind the company's decision. Along with the mining business shutdown, DMM is said to start getting rid of its crypto mining facilities. Sales will be carried out in the H1 2019.

For reference, the Japanese company added crypto mining branch in September 2017, which supported different coins, including the major ones (bitcoin, Litecoin and Ethereum). At this stage, the company intended to create a large-scale mining business based on Japanese quality of the capacities and leave all regional operators behind. Moreover, DMM targeted the world's top-3 miners in terms of the size.

Following the announcement of the mining business closure, the company representative added that they would focus on the exchange and blockchain.

It is worth mentioning that the holding runs crypto exchange DMM Bitcoin, which is in the list of 16 regulated trading platforms in the country.

Besides, Japan's GMO Internet also unveiled plans to shut down production of mining facilities, through its own mining division would remain on stream so far. 

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