Japanese internet giant GMO Internet Group is quitting the Bitcoin mining hardware sector

Japanese internet giant GMO Internet Group is quitting the Bitcoin mining hardware sector, public document reported Dec. 25.

Citing “extraordinary loss” in Q4 this year, GMO, which began its foray into Bitcoin mining in 2017, said that it will “no longer develop, manufacture and sell” miners.

“After taking into consideration changes in the current business environment, 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 decided to record an extraordinary loss,” the document reads.

GMO will further relocate its mining operation “to a region that will allow us to secure cleaner and less expensive power supply.”

The news makes GMO the latest casualty of the 2018 Bitcoin (BTC) bear market, with falling prices taking their toll on mining profitability.

Also read: Blockchain protocol TRON has passed one million user accounts as executives continue their criticism of rival Ethereum

Source: https://cointelegraph.com/news/gmo-internet-exits-bitcoin-miner-production-after-recording-extraordinary-loss-in-q4