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DMM.com to cease crypto mining business

BlockClutch Team

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DMM.com to cease crypto mining business

Japanese amusement and e-commerce giant DMM.com is allegedly stopping the cryptocurrency mining organization, Bitcoin.com reported speaking to local media accounts.

DMM.com started its own crypto mining company back in October 2017. But, it currently plans to depart the company because of decreasing profitability. If reports are to be considered, the firm had made a decision to depart crypto mining company in September 2018.

“Deteriorating profitability is the principal reason,” DMM.com stated (Bitcoin.com quoted from Toyo Keizai).

It also added that,

“The withdrawal procedure like the sale of these machines will proceed around to the first half of 2019.”

The business stated that it had jeopardized safety issues of digital money mining enterprise. It said:

“I’d like customers to experience the outstanding mining website in their own lives. From such notion, DMM opened part of the [mining] farm into the general public, but that was canceled in early June. It’s as it’s judged that ensuring safety is not difficult. Overseas, theft of digital money mining machines was stable, and [there were efforts ] even in the DMM’s Kanazawa farm”

Also Read: New York Assemblyman declares creation of ‘First’ US Crypto Task Force

DMM.com is the operator of DMM Bitcoin — among those 16 controlled cryptocurrency markets in Japan. DMM founder Keishi Kameyama lately said that he intends to concentrate on the exchange company and blockchain moving ahead.

In addition, the company announced that it won’t launch its crypto trading program Cointap as intended, stating it is now hard for it to attract beginner crypto dealers in the aftermath of decreasing cryptocurrency prices along with the hack of Coincheck trade last January.

Last month, another Japanese company GMO Internet declared plans to stop the growth, manufacture, and sales of cryptocurrency mining machines. It stated that”the environment is competitive due to the diminished demand mainly because of the decrease in the cryptocurrency cost, the decrease in the sales cost, etc..”

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