[ad_1]
The Japanese electronic commerce giant DMM.com is about to withdraw its mining cryptocurrency activity in the country, a few months after starting the operation at the start of 2018.
A press release from the Nikkei dated December 30 stated that DMM made its decision to withdraw in September 2018, as the overall collapse of the cryptocurrency market led to a deterioration in profitability for its mining operations.
The report added that the withdrawal process, including the sale of its mining machinery, could continue until the first half of 2019. Founded in 1999, DMM is one of the largest e-commerce sites in Japan that has launched an exchange business of cryptocurrency called DMM Bitcoin in January 2018, which is one of the 16 trading platforms authorized in Japan.
In September 2017, DMM announced its plan to create a mine with the goal of becoming one of the 10 largest mining mines in the world by 2018 and finally reaching the top three positions.
He then began to extract cryptocurrencies such as bitcoin, ethereum and litecoin from February 2018 in Kanazawa, the capital of Ishikawa Prefecture.
The news came a few days after the Japanese internet giant GMO announced that it would stop production of its next-generation bitcoin mining machines, after recording an "extraordinary loss" of 35.5 billion yen (or 321.6 million dollars).
On December 25, DMM also announced that it would abandon the launching plan of another cryptocurrency trading platform called Cointap to focus on improving DMC Bitcoin trading services.
Image of the traffic light through Shutterstock
[ad_2]Source link
