Japanese IT giant GMO Internet has said it will quit making and selling crypto miners following a year of bear market losses

The firm announced Tuesday that given the current “increasingly competitive” business environment and weak crypto market, it will “no longer develop, manufacture, and sell mining machines.”

On a consolidated basis, GMO is to record an “extraordinary loss” of 35.5 billion yen (or $321.6 million), consisting of impairment loss and losses from transfers of receivables, which are worth approximately $104.2 million and $217.4 million, respectively, due to the sales of relevant assets.

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