Japanese Internet company GMO Internet which is listed on the 1st section of the Tokyo Stock Exchange has announced the closure of its bitcoin mining facilities due to "extraordinary loss."
"GMO Internet, Inc. resolved at the meeting of the Board of Directors held today to post an extraordinary loss inthe cryptocurrency mining business for the fourth quarter (October 1, 2018, to December 31, 2018) of the fiscalyear ending December 2018," states the official announcement.
GMO Internet launched its cryptocurrency mining operation in December, 2017.
The mining facility was equipped with a computing power at 500 petahashes per second (PH/s).
Earlier, in October, GMO Internet announced that it had plans to release a yen-backed stablecoin GJY for Asian markets in 2019. New cryptocurrency can be purchased through a subsidiary cryptocurrency exchange Z.com.
In addition, the Chinese cryptocurrency mining company Bitmain previously joined the echelon of massive layoffs with another cleanup, according to Blockstream CSO, Samson Mow.
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