Crypto mining will bloom in Mongolia as Japanese investor triples mining power

12 Jan, 2019 | Updated: 12 Jan, 2019
by Fifi Arisandi
Crypto mining will bloom in Mongolia as Japanese investor triples mining power

Mongolia to see crypto mining business blooms as mining company, Ginco plans to almost triples their miner devices. 

Defying the current bearish trend of crypto and the downturn of crypto mining businesses worldwide, Mongolia is expecting the blooming of crypto mining business in the country.

The news came after a Japanese company, Ginco reveals their plan to add their mining capacity from 600 to 1600 miners before the year ends.

Considering that the company just started their mining business in the country last October, the step can be considered pretty bold.

However, in an interview with Nikkei Asian Review, the CEO, Yuma Furubayashi expressed his optimism about his business’ future prospect by saying, “The business environment is increasingly harsh, but we can still produce a profit.”

And that’s not the only plan that the company has to conquer the bear market. Besides the mining unit addition plan, Furubayashi also mentions spin-off project ideas, one of them is providing repair services for mining devices.

For the record, Ginco is not a new player in crypto business as they’re known for their crypto wallet in their home country, Japan, as reported by Bitcoinist.

The biggest irony is, the news came just a day after mining giant, Bitmain announced the halt of the development of their mega mining facility in Rockdale, Texas due to the prolonged bear market.

The once mining domination has been struggling to maintain their business as well as deal with internal issues in the last couple of months, such as the layoff of many of their employees and the replacement of Jihan Wu from the CEO position in the company.

How the crypto mining business will turn out? Stay with Chepicap for updates.

Read more: 

Bitmain halts development of its new mega mining facility being built in Texas

Jihan Wu replaced as Bitmain CEO

China's second largest Bitcoin mining equipment firm might launch IPO in New York

GMO gets out of crypto mining

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