Japanese Crypto Group— DMM.com Announce Plans to Shutdown Crypto Mining Operations

Japanese Crypto Group— DMM.com Announce Plans to Shutdown Crypto Mining Operations

crypto mining

DMM.com has recently made it known that it will be shutting down all crypto mining operations. The Japanese company made it known that as a result of “deteriorating profitability,” it is set to put all crypto mining operations on hold.

DMM Bitcoin Mining

Keishi Kameyama the founder of DMM made the announcement via a local news media on Dec. 31 2018. In his announcement, Keishi stated that: “he will work hard on ‘[the] exchange [business] and blockchains.”

DMM Bitcoin a subsidiary of the DMM group, is a regulated crypto exchange in Japan, making it one of the 16 regulated crypto exchanges in the country. DMM launched another subsidiary in September 2018. The new subsidiary is in charge of mining virtual currency. The subsidiary stationed in Japan’s Kanazawa city began mining about a month after its establishment. There, popular cryptos such as bitcoin, Ethereum, and Litecoin were mined.

The statement issued by the group when the mining division was launched made it clear that the group has its mind set on great things. A statement such as this was made by the group. “We will operate a mass-scale, made-in-Japan quality, mining farm whose operating size will be unmatched by any of the domestic operators.”

The group also made some bold statements making it clear that it has its mind set on dominating the world crypto mining scene. According to DMM, its mining operation is going to be one of the “top three of the world’s mining farm companies in terms of scale.”

DMM Mining Labo

The group also launched a “research and development speciality lab”. The function of the lab is mainly to help with the development of better and cheaper ways to mine cryptos. The lab was called the “DMM Mining Labo”