GMO quits selling mining machines citing bear market

posted 6 months ago
Japanese IT giant GMO Internet has said it will quit making and selling crypto miners following a year of bear market losses, saying that given the current “increasingly competitive” business environment and weak crypto market, it will “no longer develop, manufacture, and sell mining machines.”

GMO is set to record an “extraordinary loss” of $322M. The firm said “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.”
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