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Japanese Mining Firm no Longer Mining Bitcoin Cash

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Leading Japanese mining firm, GMO Internet will no longer mine Bitcoin Cash (BCH).

Experts say that the firm is likely making that move because of the downward turn of BCH price.

However, it’s possible GMO will resume mining if its profitability increases going forward.

Earlier Projections

In Q1 2018, the firm said it was looking forward to scaling up its mining operation to 3,000PH/s by Q4 2018. However, that is likely not to be the case now as the firm is facing some challenges. Indeed, the drawbacks stem from fall of cryptocurrency prices and reduction in incentive to invest in new hashpower. In July 2018, it mined 384PH/s, making it the first in the year that no new devices were introduced.

Mining devices

The Japanese company has unveiled its home-made mining device, B2.  When the 7nm chip-device launched, it sold out. With B3 set to launch soon, GMO is already accepting preorders for it. GMO says that with B3 it will be able to achieve a hashrate of 33TH/s. Well, in comparison to the GMO’s flagship mining rig, Antminer, which offers a hashrate of 14TH/s.

Competitor’s Move

While GMO is planning to reduce its operations, Bitmain is planning to launch industry’s biggest initial public offering. Although Bitmian has largely dominated the market, it is facing fierce competition from GMO. Before now, the China-based market leader controlled over 85% of the industry. Well, research firm Stanford C. Bernstein & Co. claims that Bitmain has lost its dominance of the industry. In fact, Masatoshi Kumagi, the CEO of GMO, says that he respects Bitmain, but looks forward to toppling them.

 

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