GMO Internet Exits Bitcoin Miner Production After Recording ‘Extraordinary Loss’ in Q4

Citing “extraordinary loss” in Q4 this year, GMO, which began its foray into Bitcoin mining in 2017, said that it will “no longer develop, manufacture and sell” miners. 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,” the document reads.

GMO’s consolidated losses for Q4 totaled 35.5 billion yen ($320 million), while the unconsolidated loss tally will be around 38 billion yen ($334.5 million). Conversely, in November, the company had reported “historical” performance of its cryptocurrency project in Q3, which included mining hardware sales. Profits had totaled 2.6 billion yen ($22.8 million).