DMM From Japan Abandons Crypto Mining
DMM.com, a large e-commerce company from Japan, reported about its withdrawal from the crypto mining business, Bitcoin.com informs with reference to local media.
The main reason for the decision was the low profitability of crypto mining. Keishi Kameyama, DMM founder, stressed that the company will focus on blockchain technology and crypto trading since its branch DMM Bitcoin is one of the country's 16 regulated crypto exchanges. The process of withdrawal from the business associated with mining will take the first two quarters of 2019.
The opening of a DMM unit for the crypto mining activities was announced in September 2018, and a month later, the mining of bitcoin, ether, and Litecoin was launched in Kanazawa.
The goals of the company were quite ambitious. It was planned that the country's largest mining farm would be built, and later the task was to enter the list of three main crypto mining companies in the world. Moreover, DMM Mining Labo, a special research and development laboratory focused on mining, has been opened.
DMM management intended to open an exhibition hall for visitors and conduct excursion tours but could not foresee all the issues associated with the crypto market fall. Besides, DMM refused to create Cointap, a cryptocurrency app.
As previously reported, GMO Internet (Japan) will stop mining activities following serious losses.