Will the mining industry face fierce competition? Another large Japanese company announced the opening of a Bitcoin mine

Japanese entertainment giant DMM Group, operator of e-commerce site DMM.com with 27 million users, has announced it will launch a large-scale cryptocurrency mining farm, with plans to become one of the world’s top three mining companies.

DMM Group enters mining business

DMM Group announced last Friday that it has established a virtual currency division and plans to start mining operations in October. Just one day before DMM announced this news, Japanese Internet giant GMO Internet, Inc. also announced its Bitcoin mining business plan. DMM said:

'DMM Mining Farm' will operate a large-scale mine with Japanese-made quality, and its operation scale is unmatched by any domestic operator. In the future, DMM plans to become one of the three largest mines in the world.

The company claims:

After a successful trial in October 2017, the 'DMM Mining Pool' will be released globally before the end of this year. By 2018, DMM will become one of the top 10 mining farms in the world.

Virtual currencies such as Bitcoin and Ethereum will become the new generation of currency.

In addition, like GMO, the company will also offer the option of "DMM cloud mining". However, unlike GMO, which announced its entry into the mining field and detailed information about its mining equipment, including the development of 7nm chips, DMM did not disclose any details about mining chips.

DMM and Bitcoin Acceptance

The core business of DMM.com, a website owned by DMM, includes online shopping, rental services and video customization services.

Its subsidiary DMM.com Securities is the world's second largest foreign exchange company in terms of trading volume, while GMO's foreign exchange company GMO Click is the world's largest foreign exchange broker.

According to the company's recent data, as of June this year, DMM already has 27 million users.

The e-commerce giant has been accepting bitcoin payments through Japanese bitcoin exchange and merchant service provider Coincheck since March 2016. Through Coincheck's service, users can use bitcoin to purchase "DMM points" that can be redeemed for content and services provided by DMM.com, such as videos, e-books, online games, VR tickets, English tutoring services, and more.