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DMM.com has closed down its cryptocurrency mining operations and will shift its focus to exchange ad blockchain focused ventures instead
DMM.com announced that it will be exiting the mining industry following "Deteriorating profitability" Finance Magnates reported.
The move comes following major withdrawals from the crypto mining sector from GMO Internet last week following similar circumstances.
Recap: GMO gets out of crypto mining
The e-commerce giant has also followed in the footsteps of GMO by deciding to move out of the mining space. The company said it would be focusing on it's exchange business, DMM Bitcoin, which is currently one of the 16 crypto regulated exchanges in Japan. DMM will be looking to complete their exit from the mining sector by mid 2019, as the process involves an elaborate process followed by the resale of the mining machines.
DMM originally started mining cryptocurrencies in October 2017. However, following the bear market of 2018, mining crypto has seen its popularity dwindle as the return on investment became tighter. DMM also halted the launch of their crypto trading app Cointap.
2018 appears to have been a tough year for everyone, including the giants of the space.