Overview of the Crypto Mining Industry in 2018: Will the Struggles Extend to 2019?

2018 has been a difficult year for Bitcoin and crypto miners. Some of the largest multi-billion dollar businesses in Asia recorded losses in the range of hundreds of millions of dollars.As Japanese internet conglomerate GMO and the industry’s largest mining equipment manufacturer, Bitmain, reportedly struggled throughout the year, the entire sector is said to have ended the year with significant losses, following the trend of the two companies.$320 million loss for GMOGMO, one of the most influential internet companies in Japan, recorded a loss of over $320 million in the fourth quarter of 2018. Following what the company described as an “unexpected loss,” the firm officially pulled out of its mining business.In June, the Japanese company allocated around 10 percent of the firm’s capital and resources to engage in an ambitious mining venture with the vision of competing against Bitmain.At the time, the company established a dedicated cryptocurrency mining equipment…

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