Bitcoin Cash Mining Cancelled in Japan

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Dissolving Bitcoin Cash bill representing Bitcoin cash mining

The big question everybody is asking these days is what is wrong with Bitcoin Cash? One of the biggest Bitcoin (BTC) and Bitcoin Cash (BCH) miner, – Japanese company GMO Internet Group stopped Bitcoin Cash mining. This was discovered from the company’s monthly mining report.

GMO mining operations slowing down

The report stated that GMO mined 568 Bitcoin (BTC) blocks and zero BCH, which is a stark contrast to January when the company reported 21 BTC blocks and 213 BCH blocks. We can observe much from reading the report, but there is no proof that the company is abandoning BCH mining. It is possible that mining has just paused while waiting for the currency to gain value.

Even in the past, GMO mined BCH sporadically, as it also didn’t mine in April. Although the company focus was not really been on Bitcoin Cash, its mining provided steady income – until now. According to the data by Coin Dance, Bitcoin Cash’s profitability against Bitcoin peaked on 11 October 2017 at 288%. Profit parity changed drastically, with Bitcoin Cash’s profitability performing at 92.07% today and 100.78% one week ago.

Although GMO announced scaling the mining up to 3,000PH/s by the end of the year, that expectation now seems unrealistic. With declining profits from crypto-mining, it just seems logical to scale down investments in new mining machines. In July GMO mined with 384PH/s, which was the same month that they didn’t activate new mining devices.

This new decision seems like a big one, as GMO company just unveiled B3 mining rig that was promoted as “the world’s first mining machine equipped with mining chips using a cutting-edge 7 nm process technology”.

GMO Internet Group is one of the biggest Japanese companies that covers business sectors such as Internet solutions, e-commerce, web infrastructure, social media and smartphone platforms. As they recently announced a plan to dominate the cryptocurrency mining, their decision to stop Bitcoin Cash mining has even more weight.

Source: The Daily Hodl

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