Posted November 13, 2018 09:00:31In a blog post, mining pool DMC announced that it had decided to shut down its operations in Australia, citing “significant losses in the mining pool and a general reduction in mining activity due to a general decline in cryptocurrency adoption.”
The post states that the company has been receiving threats, and the company was forced to cancel its Australian operations.
The company is now focused on developing a new mining pool in the United States, with plans to open a full-time office there.
It remains unclear if any of the mining pools members are actually involved in cryptocurrency mining, as DMC did not specify who was mining for the company in the post.
According to Crypto Coins, the company said that it is not the first mining pool to make the decision to shut its operations.
In April, a mining pool operated by Hashcash announced that they were shutting down their operations due to the threat of cyber attacks.DMC said in the blog post that it was forced into a shutdown due to “significant financial losses,” adding that the loss of revenue was due to loss of business.
“The mining pool had experienced a large reduction in the amount of revenue and it was becoming increasingly difficult to pay the rent and utilities,” the post reads.
“This was exacerbated by the increasing volatility of the market.”
It has become clear to us that we will not be able to continue to support the mining operations for a long time.
“The company’s Australian operations are also in the process of shutting down, and it said that all of its Australian employees will be leaving the country within the next month.”DMC is proud of its many years of service and of the dedicated and loyal community of customers who have supported it,” the company wrote.”
We wish to thank our Australian employees for their loyalty and their hard work over the years.
“In the near future, we will be looking for a new and different location to continue the service.”
The mining pools company said it would continue to offer free mining services in the US, but it does not know when those services will resume.