Connect with us

Tech

GMO Internet To Stop Manufacturing And Selling Mining Rigs

Published

on

GMO Internet To Stop Manufacturing And Selling Mining Rigs

Japanese IT giant GMO Internet Inc. is walking away from the cryptocurrency industry, announcing that will no longer develop, manufacture or sell bitcoin mining hardware.

The decision, while directly related to the precipitous drop in the price of bitcoin this year, was specifically attributed to GMO Internet being forced to record a massive loss in its cryptocurrency division.

On a consolidated basis, GMO Internet reported a loss of 35.5 billion yen ($321 million) in the fourth quarter with a 24 billion yen ($217 million) loss coming from its hardware arm and 11.5 billion yen ($103.5 million) loss coming from its in-house mining division.

“After taking lots of insurance and consideration changes which is in the current environment of business, the company expects that it is difficult to recover the carrying amounts of the in-house-mining-related business assets, and therefore, it has been recorded and decided to record some of the more extraordinary loss,” the company revealed in a statutory filing which is also moreover reported Wednesday by the report which has been revealed.

GMO Internet itself is a broad-reaching Japanese tech firm with interests in online advertising and media, internet financial services and mobile entertainment. Its entry into the cryptocurrency market, however, was poorly timed.

It debuted in September 2017 at the height of the cryptocurrency bubble with an in-house designed 7-nanometer bitcoin miner. The cryptocurrency market peaked in late December 2017 and early January 2018, with prices crashing by more than 80 percent and more in some cases since then.

GMO Internet may survive its exit from the cryptocurrency mining business, but market leader Bitmain Technologies Inc., the company GMO was attempting to mimic, is in all sorts of trouble.

On Christmas Day, it was reported that Bitmain was in the process of laying off up to half its staff, amid reports of bitcoin mining companies declaring bankruptcy and bitcoin mining equipment being sold for scrap. Unlike GMO Internet, Bitmain doesn’t have an alternative business it can fall back on if cryptocurrency prices continue to plunge.

Related:

PDF Files
Tech16 hours ago

PDF Files: Here’s What You Need to Know

LightArt by Tom John Light a New Real Estate Market through custom Designs, Handmade Fixtures
Real estate3 days ago

LightArt by Tom John Light a New Real Estate Market through custom Designs, Handmade Fixtures

Kick-Start Your Career With Apprenticeship In Health and Social Care
Health A-Z3 days ago

Health Issues Women Face as They Grow Old

Convert PPTs To PDF files
Tech3 days ago

5 Best Websites: Convert PPTs To PDF files

Exporting Digital Solutions 9 Fascinating Tricks You Can Do With PDFs
Tech3 days ago

Exporting Digital Solutions: 9 Fascinating Tricks You Can Do With PDFs

2020 Beauty Industry Statistics that Prove Personalized Online Shopping is Here to Stay
Beauty3 days ago

2020 Beauty Industry Statistics that Prove Personalized Online Shopping is Here to Stay

Herbs
A - Z Health Guides6 days ago

This Powerful Herb Is Changing the Lives of Millions

question
Tech1 week ago

Five Questions to Ask before selecting an Electronic Signature Software

Home Improvement1 week ago

What Your Windows are Telling You

Glove and Mask Holder
A - Z Health Guides1 week ago

Your ideal partner in fighting Covid-19

Tech1 week ago

The Curious Case of Netflix’s Metaflow Python Framework

Best Internet for Gaming
Americas1 week ago

Top 4 Internet Providers that Deliver the Best Gaming Speeds

car1 week ago

Common Misconceptions About Car Detailing

life1 week ago

6 Ways to Make Back-to-College Better

life1 week ago

16 ‘Hot for Summer’ Solutions

Business1 week ago

Importance of Online Presence For Your Business

How can Internet Service Providers Improve Their Customer Services
How to1 week ago

How can Internet Service Providers Improve Their Customer Services?

The genre of tech horror
Entertainment1 week ago

The genre of tech horror; How dark and true is the “Black Mirror”

Fitness1 week ago

Revolutionary Performance-Enhancing, Psychology-Driven Activewear Line Redefining Wearable Technology

technology1 week ago

Q-Reel to Revolutionize Electric Vehicle Charging with World’s First At-Home Semi-Automatic Station

Travel1 week ago

Nation’s Largest Ghost Tour ‘Nightly Spirits’ Helping Resurrect Local Restaurant Scenes

General news1 week ago

Tổng quan ngắn gọn về cá cược nhà cái

marriage
Finance1 week ago

All you want to know about necessary requirements for Marriage Loans

Americas2 weeks ago

All you need to know about Last Will and Testament in Alaska

seositecheckup
Business2 weeks ago

Your Business Needs to Work With The Top Agencies in Chicago

photography college 
News2 weeks ago

How to Choose a Holiday Photo Card

finance
Finance2 weeks ago

Questions to Ask Before You Take Out a Loan

home equipment
Fitness2 weeks ago

How to Train at Home during the Quarantine: Tips & Trick

What Is Vocational Adjustment & How Does It Affect My SSD Claim?
News2 weeks ago

What Is Vocational Adjustment & How Does It Affect My SSD Claim?

Fake News Regarding COVID-19
News2 weeks ago

Stop Kids from Getting Exposed To Fake News Regarding COVID-19

The genre of tech horror
Entertainment1 week ago

The genre of tech horror; How dark and true is the “Black Mirror”

Breaking Down Business Software
Business4 weeks ago

Breaking Down Business Software: What Is Microsoft 365?

Depression
A - Z Health Guides4 weeks ago

Coronavirus Lockdown may lead to increase in Depression and other Mental Health Problems

computer security
Tech3 weeks ago

The Updated Computer Security Guide for 2020

New Orleans Educators Share How Teach to One Helps Save Students From the Iceberg Problem
News3 weeks ago

New Orleans Educators Share How Teach to One Helps Save Students From the Iceberg Problem

nps
Insurance4 weeks ago

What is NPS Scheme and benefits?

baby
Parenting4 weeks ago

Add Style To Your Kid’s Wardrobe With The Best-selling Baby Boy Clothes

Scoping Your Options
Facts4 weeks ago

Scoping Your Options: How To Choose The Right Scope For Your Gun

Things To Consider While Choosing A Kitchen Backsplash
Home Improvement4 weeks ago

Things To Consider While Choosing A Kitchen Backsplash

AYUSH Health Insurance
Insurance3 weeks ago

All You Should Know About AYUSH Health Insurance

Baking Pandoro Cake With Utmost Perfection in Italian Style
Food4 weeks ago

Baking Pandoro Cake With Utmost Perfection in Italian Style

rehab
A - Z Health Guides3 weeks ago

Drug Addiction Treatment for married Couples find hope in Couples Rehabs

tarot
Education3 weeks ago

An Expert Explains how to do a Tarot Reading

online gaming
Sports3 weeks ago

Gaming Online in the US: How and Where

How to Protect Your SD Card and Decrypt SD Card
Tech3 weeks ago

How to Protect Your SD Card and Decrypt SD Card

What Is Vocational Adjustment & How Does It Affect My SSD Claim?
News2 weeks ago

What Is Vocational Adjustment & How Does It Affect My SSD Claim?

Fake News Regarding COVID-19
News2 weeks ago

Stop Kids from Getting Exposed To Fake News Regarding COVID-19

Online Learning
Education3 weeks ago

E-Learning Not the Same as Learning

las vegas
Celebrities3 weeks ago

The Long History of Celebrity Car Wrecks in Las Vegas

streaming
Entertainment2 weeks ago

How to Enjoy Online Streaming For Free While Quarantine?

How to Replace an Evaporator Coil
Home Improvement2 weeks ago

How to Replace an Evaporator Coil

children
children3 weeks ago

Why Your Kids Need Special Hair Products

home equipment
Fitness2 weeks ago

How to Train at Home during the Quarantine: Tips & Trick

Water Damage Restoration Steps
Home Improvement2 weeks ago

Water Damage Restoration Steps

How to Dig a Trench for a Sewer Line Replacement
Home Improvement2 weeks ago

How to Dig a Trench for a Sewer Line Replacement

How to Choose Watches for Women
Fashion2 weeks ago

How to Choose Watches for Women

finance
Finance2 weeks ago

Questions to Ask Before You Take Out a Loan

photography college 
News2 weeks ago

How to Choose a Holiday Photo Card

seositecheckup
Business2 weeks ago

Your Business Needs to Work With The Top Agencies in Chicago

life1 week ago

6 Ways to Make Back-to-College Better

Trending