As Bitcoin and crypto prices continue to fall profitability from mining using certain types of hardware inevitably follows suit. Japan has a number of high profile corporations heavily invested in mining operations and it looks like they are about to pull the plug.
According to reports in local media, Japan’s online retail giant GMO is pulling out of the Bitcoin mining hardware industry. As hash rates increased while prices fell, mining competition also intensified putting the pressure on profitability. In response to this GMO has decided to withdraw from sales and development of mining equipment which is now no longer profitable despite hash rate falling a little recently.