GMO to Stop Miners Producing Due to Big Losses

It is noted that the company will completely stop developing, producing and selling miners
25 December 2018   695

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.

Mining Ban in China Won't Affect Bitmain & Canaan

This is said by the companies themself; also, Bitmain and Canaan did not indicate whether they intend to move the business abroad
11 April 2019   183

The prospect of a ban on mining in China will not have an impact on the operating activities of mining giants Bitmain and Canaan in the short term. This was stated by representatives of the press services of companies, 8btc reports.

At the same time, Bitmain and Canaan did not indicate whether they intend to move the business abroad, if the mining ban is set at the legislative level.

Note that China currently holds a dominant position in mining Bitcoin and Ethereum.

According to local cryptoexperts, mining equipment manufacturers will exist as long as Bitcoin has value.

Earlier in April, the National Development and Reform Commission of China issued a bill that called mining an “undesirable industry” and proposed banning it.

So far, the initiative has no legal force. Public discussion of the bill will last until May 7.