Japanese entertainment giant DMM Group, the operator of e-commerce site DMM.com with 27 million members, has announced that it will operate a large-scale cryptocurrency mining farm. The company plans to become one of the top three mining farm companies in the world.
DMM Group Gets into Mining
DMM Group announced on Friday that it has established a Virtual Currency Division which will operate a mining business beginning in October. DMM’s announcement came one day after Japanese internet conglomerate GMO Internet, Inc. announced its bitcoin mining business plan. The company states that:
“DMM Mining Farm” will operate a mass-scale, made-in-Japan quality, mining farm whose operating size will be unmatched by any of the domestic operators. In the future, DMM plans operation that ranks in top three of the world’s mining farm companies in terms of scale.
“After completion of successful trials in October 2017, ‘DMM Pool’ will be released for world-wide use within the year 2017,” the company declared. “During the year 2018, DMM will be one of the 10 largest mining farms in the world.” The company added:
Virtual currencies such as bitcoin and ethereum are expected to be the currencies of the next generation.
In addition, like GMO, the company will also offer “DMM Cloud Mining” for anyone to join. However, unlike GMO which gave details of its mining operations including the production of 7nm chips, DMM did not reveal any details about their mining chips.
About DMM & Bitcoin Acceptance
DMM Group manages DMM.com, whose core business areas include online shopping, a rental service, and a video on demand service.
Its subsidiary DMM.com Securities is the world’s second largest forex company in terms of trading volume, according to the company. GMO’s forex subsidiary, GMO Click, is the largest forex broker in the world by volume.
DMM has 27 million members as of June this year, according to the company’s latest data.
In March 2016, the e-commerce giant started accepting bitcoin payments through Coincheck, a leading Japanese bitcoin exchange and merchant service provider. Using Coincheck’s service, “DMM Points” can be purchased with bitcoin and then exchanged for “contents and services such as video, e-books, online game, VR theater tickets, English tutoring service etc provided by DMM.com,” the exchange detailed at the time.
What do you think of DMM’s plan to launch a mining farm and become one of the largest mining pools? Let us know in the comments section below.
Images courtesy of Shutterstock and DMM.com
Need to calculate your bitcoin holdings? Check our tools section.