Japanese Financial Giant SBI to Shut Down Bitcoin Mining Pool
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SBI Crypto, a wholly owned subsidiary of Japanese financial giant SBI Holdings, is winding down its Bitcoin mining pool services, according to an announcement from the firm.
Key facts
- Though a reason was not given, the firm indicated it would cease operations on July 31
- The firm has been operating a cryptocurrency mining service since at least 2017, according to its website, and currently maintains the 11th biggest Bitcoin mining pool by hash rate, according to data
- Some operators may offer special programs or preferential conditions for clients transitioning from SBI Crypto,” it wrote
- SBI Crypto’s departure from mining continues a trend that has seen large Bitcoin miners leave the space in search of better opportunities in artificial intelligence
Summary
SBI Crypto is ending its Bitcoin mining pool service, the 11th largest according to Hashrate Index. The firm joins a growing list of other Bitcoin miners that are ending operations or shifting a larger focus to AI. Earlier this week, SBI's parent company agreed to acquire Japanese exchange Bitbank. Though a reason was not given, the firm indicated it would cease operations on July 31.