Key facts
- SBI Crypto's Bitcoin mining pool will close on July 31.
- The pool has been operational for over five years.
- It currently ranks as the 12th largest global Bitcoin mining pool.
- SBI Crypto accounts for approximately 2.24% of the total Bitcoin network hashrate.
- SBI Holdings is pursuing broader cryptocurrency expansion, including a significant acquisition of crypto exchange Bitbank.
SBI Crypto, a division of Japanese financial conglomerate SBI, announced it will shut down its Bitcoin mining pool on July 31, concluding over five years of operation. The company stated that miners should continue using the pool until its closure to ensure accurate final payouts. SBI Crypto is directing its users to alternative mining pools, including Braiins, Luxor, and NeoPool, with some operators potentially offering preferential conditions for transitioning clients.
Data indicates that SBI Crypto's mining pool currently ranks 12th globally, contributing approximately 2.24% of the total Bitcoin network hashrate with 21.46 exahashes per second. This move aligns with SBI Holdings' broader strategy to expand its cryptocurrency ventures beyond mining. The conglomerate recently agreed to acquire full control of crypto exchange Bitbank for 46.7 billion Japanese yen ($289 million), aiming to establish Japan's largest cryptocurrency exchange. SBI has also been increasing its focus on stablecoins, supporting initiatives like JPYSC and Ripple's USD stablecoin rollout in Japan.