Automotive plastic parts maker Ikuyo announced on August 3 that it will suspend operations of all 1,400 Bitcoin mining machines it owns in Canada for approximately six months. The decision comes as the company reassessed profitability in light of the recent decline in Bitcoin prices, mining difficulty, and electricity costs. During the suspension, it will curb running costs such as power and facility management expenses. When Ikuyo entered the mining business in September 2025, Bitcoin was trading in the range of 16 million to 17 million yen, but by August 3, 2026, it had fallen to around 10 million yen, a drop of roughly 40 percent. The company views this measure not as a withdrawal from the business but as a decision to restart operations based on market conditions, and it has not disclosed specific profit and loss figures or the break-even level.
Ikuyo Co., Ltd.Company suspends all mining operations due to unprofitability from falling Bitcoin prices