Mining

04/01/19 04:00 UTC-4

The Japanese company DMM announced the closure of its mining business

DMM.com, the Japanese e-commerce giant, is in the process of winding down its cryptocurrency miningMining
– is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details
business, less than a year after starting operations, as reported by CoinDesk.

The Nikkei news release on December 30 states that the DMM decided to exit the mining business in September 2018, since the general decline in the cryptocurrency market led to a decrease in business profitability.

The report added that the withdrawal process, including the sale of mining equipment, may continue until the first half of 2019.

 

DMM and mining in the Japanese cryptocurrency market

Recall that founded in 1999, DMM is one of the largest e-commerce sites in Japan. In January 2018, it launched a cryptocurrency exchange business called DMM Bitcoin, which is one of 16 licensed cryptocurrency tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
platforms in Japan.

In September 2017, DMM announced its plan to create a mining farm with the goal of becoming one of the 10 largest mining companies in the world by the end of 2018 and ultimately to become one of the top three.

"There are a number of Japanese companies that go out of business related to mining of virtual currency. After GMO Internet abandoned its own mining equipment development, DMM.com abandoned its mining business in Kanazawa." – as reported by nikkei.com

Recall that in February 2018, DMM launched a cryptocurrency mining business, including Bitcoin, Ethereum and Litecoin. The farms of the corporation were located in Kanazawa, the capital of Ishikawa Prefecture.

Also, on December 25, DMM announced it was abandoning the launch of another cryptocurrency exchange trading platform called Cointap to focus on improving trading services on DMM Bitcoin.

Editor: Pereyidenko Ihor

See also: "GMO Company announced the termination of the production and sale of equipment for mining"

#DMM #mining #Japan #business closure

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