The Bitcoin mining ecosystem direly needs more decentralization. Although people from all over the world participate a few pools effectively control the network. Japan’s DMM Group will look to change all of this in the near future. The company announced plans to launch a Bitcoin mining operation. The will also create a new mining pool over the coming weeks. This is another validation of how Bitcoin taking off in the land of the rising sun.
The name DMM is well-known in all of Japan. The group made a name for itself thanks to their e-commerce website. On this platform, over 27 million members make purchases on a regular basis. The company has also kept an eye on the proceedings in the world of Bitcoin and cryptocurrency. As a result, the group will open its own mining pool in the future. Additionally, they aim to become one of the world’s largest mining farms in existence.
DMM has big Plans Related to Bitcoin Mining
Both of those plans are rather ambitious, to say the least. DMM Group has established a Virtual Currency Division tasked with both of these projects. The mining venture is expected to go live in October of this year. That means these plans have been in development for quite some time now. This mass-scale made-in-Japan quality mining farm will be rather spectacular. With a plan on the table to become one of the world’s top 3 mining farms, there is a lot of work to be done.
It appears the company will mine on their DMM Pool during the first few weeks. If the tests are successful, the pool will be opened to the public. A lot of growth is expected during the first half of 2018 and beyond. There is also an option for interested parties to invest in Bitcoin cloud mining. A bit more competition in this particular market wouldn’t be a bad thing. Not too many details are known regarding the mining chips used by the company, though.
All we know is how DMM plans to use 7mm ASIC chips for Bitcoin mining. Up until this point. No company has used any chips on that scale. It will be interesting to see how this venture will play out. Bitcoin has seen a strong growth in Japan these past few months, that much is evident. With companies such as DMM getting on board as well, the future’s looking bright for the world’s leading cryptocurrency.
Header image courtesy of Shutterstock