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Japanese E-Commerce Giant To Close Its Mining operations, Citing Crypto Market Price Downfall.

In line with a recent report ‘published‘ by a native magazine ‘Toyo Keizai’, Japanese e-commerce conglomerate Ltd. is expected to close its crypto mining opeartions, citing the crypto market downfall as the main cause.

The decision was reportedly taken earlier in the month of Sept. 2018, and initial steps to dismantle mining operations — as well as selling the company’s mining hardware — would reportedly extend over the primary half of this year in 2019., that has over 27 Mln users for its e-commerce business, first proclaimed its entry into the [crypto mining] business in Sept 2017, with a spotlight on major mining crypto-currencies like Bitcoin [BTC], Ethereum [ETH] along with Litecoin [LTC]. As of February this year, the firm has operated a large-scale mining ‘farm‘ within the city of Kanazawa.

By April, DMM had even planned to open a salesroom for its [mining operations], aspiring to open access for the general public to see 1,000 mining machines on a 500 square meter area, Toyo Keizai reports. Yet the choice was reportedly reversed in early June due to security issues, especially over the potential threat of hardware stealing after foiled attempts at the Kanazawa farm.

As per Toyo Keizai, DMM is additionally reconsidering its launch of a crypto trading application named “Cointap,” that had been slated for launch on 25th Dec. 2018. The firm reportedly considers that both the pessimistic crypto market along with the high-profile hack of Japanese crypto exchange Coincheck in Jan 2018 have created attracting new traders to the sector harder.

There has been no indication that DMM can cease to work on its regulated cryptocurrency exchange, that has been live since Jan 2018.

As reported earlier, Japanese Internet giant ‘GMO Internet Group’ has recently proclaimed it’ll now not develop, manufacture and sell Bitcoin miners, after it recently suffered major losses in the Q4 of 2018.

Meanwhile, ‘reports‘ of massive sell-offs of mining hardware in China surfaced in Nov, and mining stalwarts like Bitmain are ‘reportedly‘ set to fir-off its employees due to the recent crypto market price dump observed last year.

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