Japanese e-commerce conglomerate DMM.com will shut down its crypto mining business due to “deteriorating profitability”, according to local media.
The company created its virtual currency segment in September 2017 and introduced mining operations in October. Many cryptocurrencies were mined, with a focus on Bitcoin (Bitcoin: BITCOIN), Ethereum and Litecoin.
Now, measures regarding the withdrawal process — including the sale of all the machines — will go over the first half of 2019.
Simultaneously there are no reports indicating that DMM will stop operating its regulated cryptocurrency exchange, active since January 2018.
Why it is important
- DMM news follow similar headlines around other Japanese giant, GMO Internet, which will also no longer develop, manufacture and sell mining machines for the same reasons.
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