SBI Crypto to shut down mining pool that holds roughly 2% of Bitcoin's hashrate
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SBI Crypto has announced it will shut down its mining pool on July 31, ending a service tied to one of Japan’s largest financial groups and giving miners less than a month to redirect their hashrate.
Key facts
- Bitcoin BTC $ 60,449.94 's price has fallen 50% over the past year from an all-time-high reached in the fall
- SBI Crypto was also linked to a reported $21 million hack last year, with blockchain investigator ZachXBT pointing to signs similar to North Korean state-backed attacks
- SBI Crypto's mining pool, according to data from Hashrateindex, accounts for roughly 2% of the Bitcoin network's total hashrate
- SBI Crypto has announced it will shut down its mining pool on July 31, ending a service tied to one of Japan’s largest financial groups and giving miners less than a month to redirect their hashrate
Summary
SBI Crypto will shut down its Bitcoin mining pool on July 31, 2026, ending a service that accounts for approximately 2% of the network's hashrate. Miners must redirect their hashrate before the July 31 cutoff, as the pool will stop accepting contributions after that date. SBI Crypto did not disclose a specific reason for the closure, which occurs amid pressure from falling bitcoin mining margins and rising operational costs. The pool will stop accepting mining shares, which represent a miner’s contributions in the pool, on the cutoff date, according to SBI Crypto.