Japanese IT giant GMO Internet has announced it expects a record loss of ¥35.5 billion (~ $325 million) related to crypto mining business in Q4 2018. The company will stop manufacturing it’s crypto mining hardware.
The total loss of ¥35.5 billion includes losses from “in-house mining business” (¥11.5 billion) and from “development, manufacturу, and sales of mining machines” (¥24 billion).
“GMO Internet will review the revenue structure of its in-house mining business, and continue running mining operations,” the company said in an official statement. “We will no longer develop, manufacture, and sell mining machines.”
GMO Internet will further relocate its mining operations to a region that will allow the company to secure cleaner and less expensive power supply.
GMO first launched its miner making business in September 2017 and set up its in-house mining operations in northern Europe at the end of last year. The decision to quit its miner making business comes just months after GMO announced the launch of its B3 miner equipped with a 7nm mining chip.