Japanese entertainment conglomerate DMM Group has announced plans to launch a Virtual Currency Division. As announced last Friday, DMM will operate a mining business beginning in October.
DMM Group runs e-commerce website DMM.com, which has 27 million members across the island nation. The cryptocurrency news was announced on Friday, September 8, just one day after Japanese internet conglomerate GMO Internet, Inc. announced a similar bitcoin mining operation.
DMM Group plans to make its large-scale cryptocurrency mining farm “one of the top three mining farm companies in the world”:
“’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.”
DMM Mining Farm will launch trials in October 2017. If those trials are successful, the company will open the DMM Pool for worldwide use before the end of 2017.
Throughout 2018, DMM plans to grow to become one of the top 10 largest farms in the world. However, as mentioned above, the long-term goal is to achieve top three status.
DMM’s Virtual Currency Division will also offer DMM Cloud Mining, which is similar to the service announced by GMO. Anyone can join the company’s mining operation through DMM Cloud Mining.
Although GMO provided details of its mining operations – including the production of 7nm chips – DMM has not revealed any details about their mining chips.
What Is DMM Mining Farm
DMM Group is a massive Japanese company. They’re best-known for running DMM.com, a retail website focusing on online shopping, rentals, and video-on-demand. However, they also operate DMM.com Securities, which is one of the world’s largest forex platforms in terms of trading volume.
GMO, the company mentioned above that also just launched cryptocurrency farming services, operates GMO Click as a subsidiary, which is officially the world’s largest forex broker by trading volume.
The fact that DMM is embracing cryptocurrencies should be no surprise. In March 2016, the e-commerce giant started accepting bitcoin payments through Coincheck, a popular Japanese bitcoin exchange and merchant service provider. DMM users can purchase DMM Points using bitcoin, then exchange those points for products and services like video, eBooks, online games, virtual reality theater tickets, and even English tutoring services.
In other words, it’s fair to say that DMM has played a role in pushing bitcoin mainstream in Japan in the past.
Stay tuned for more information about DMM’s cryptocurrency mining farm as it prepares to launch in October. We know the farm will have “made in Japan quality”, although it’s unclear what type of technical details the farm will have, or where that farm will be located.