SBI Crypto Closes Bitcoin Mining Pool After Five-Year Operation
Vexoda Newsroom
Japanese financial conglomerate SBI will shut down its Bitcoin mining pool on July 31, marking a significant shift in its cryptocurrency strategy.
In a recent development, Japanese financial giant SBI announced the closure of its Bitcoin (BTC) mining pool after operating for over five years. The shutdown is scheduled to take place on July 31, and it will mark one of Japan’s better-known corporate mining operations coming to an end.
SBI Crypto's BTC mining pool ranked globally at number twelve with approximately 2.24% of the network share, according to data from SimpleMining. This placed SBI Crypto behind major players such as Foundry USA and AntPool but ahead of other mid-tier operators like ViaBTC and MARA Pool.
To facilitate a smooth transition for miners, SBI Crypto directed them towards alternative mining pool operators including Braiins and Luxor, which each control around 2%-3% of the global Bitcoin hashrate. NeoPool was also suggested as an option but is not among the top-ranked pools by hash rate.
The decision to close the mining pool comes amid SBI's broader cryptocurrency strategy expansion beyond just mining. The company recently acquired full control over crypto exchange Bitbank and is increasing its focus on stablecoins, supporting both JPYSC and Ripple USD (RLUSD) in Japan.
This move reflects a strategic pivot by SBI from direct Bitcoin mining to other areas of the blockchain ecosystem where it can exert more influence. The closure could indicate that SBI sees better opportunities elsewhere or aims to streamline its operations for efficiency.
Traders should monitor how this decision impacts the overall hashrate distribution and competition in the global Bitcoin network, as well as any potential changes in SBI's broader cryptocurrency strategy.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.