GMO Internet refuses to release bitcoin miners amid …

GMO Internet refuses to issue bitcoin miners amid “colossal losses”

Japanese Internet Corporation GMO Internet Group refuses to manufacture equipment for mining bitcoin, writes Cointelegraph with link on documents in which company reported about “colossal losses” for the fourth quarter of this of the year.

GMO entered the bitcoin mining industry in 2017 year, “no more will be develop, produce or sell »miners.

“Taking in attention current changes in the business space, the company predicted an unfavorable scenario for own assets in the field of mining, in connection with than accepted decision fix a colossal loss, “the document says.

Own mining business bitcoin GMO will move “to a region with access to more clean and less costly electricity “.

GMO Internet refuses to release bitcoin miners amid ...

Earlier it became known that the decline in the profitability of Bitcoin mining along with him at the cost of forcing many miners to abandon of this classes and liquidate his equipment at bargain prices. Chinese mining giant Bitmain recently closed its research unit in Israel and can get rid of a significant part of the remaining staff.

GMO Internet refuses to release bitcoin miners amid ...

GMO Cumulative Q4 Losses 35.5 billion yen ($ 320 million). Company stated, what the last failures do not threaten her “financial integrity”.

IN November GMO reported that in the third quarter of this year her crypto business has reached ‘historical indicators“.