Japanese IT giant GMO Internet has decided to stop the production of mining equipment because of the huge financial losses in the fourth quarter, according to official statement.
GMO Internet, Inc. resolved at the meeting of the Board of Directors held today to post an extraordinary loss in the cryptocurrency mining business for the fourth quarter (October 1, 2018, to December 31, 2018) of the fiscal year ending December 2018. These numbers are approximate values and may fluctuate, affected by the exchange rate.
GMO Team Official Statement
It is noted that the company will completely stop developing, producing and selling miners.
At the same time, GMO will try to transfer its mining capacities to regions with cheaper energy tariffs and the possibility of switching to alternative energy sources.
Recall earlier it became known that the Japanese IT giant GMO Internet will postpone indefinitely the delivery of two lines of bitcoin miners based on a 7-nm chip.