🗻 Japan’s GMO quits manufacturing and selling mining machines
Japan's GMO group is closing shop on the development, manufacture, and sales of cryptocurrency mining machines as of Dec. 25. GMO posted a consolidated loss of $218 million in Q4 of 2018, about half of which is the result of in-house mining. GMO blamed the drop in price and increased competition within the market for the losses. The board-of-directors announced plans to relocate in-house operations to a location with cheaper electricity.
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