Key facts
- SBI Crypto will close its Bitcoin mining pool on July 31.
- The pool has operated for over five years.
- It is currently the 11th largest Bitcoin mining pool globally.
- SBI Crypto accounts for approximately 2.24% of the Bitcoin network hashrate.
- SBI Holdings is acquiring crypto exchange Bitbank for $289 million.
SBI Crypto, a subsidiary of Japanese financial conglomerate SBI Holdings, announced it will cease its Bitcoin mining pool services on July 31, concluding over five years of operation. The firm indicated that operations will continue normally until the closure date, with customers able to mine and receive payouts as usual. SBI Crypto is assisting users in transitioning to alternative mining pools, such as Braiins and Luxor, with some potentially offering preferential conditions.
According to Hashrate Index data, SBI Crypto's pool ranks as the 11th largest 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. The parent company recently agreed to acquire Japanese crypto exchange Bitbank for $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.