SBI Crypto To Close Bitcoin Mining Pool After Five Years

SBI Crypto, the crypto division of Japanese financial group SBI, will shut down its Bitcoin mining pool on July 31, ending a five-year run. The company will stop accepting mining shares on the same date and has not disclosed a reason for the closure. It asked miners to continue directing hashrate to the pool until the cutoff to ensure accurate final payouts.

Pool Ranked 12th Globally

Launched in March 2021, SBI Crypto’s mining pool currently ranks as the 12th largest Bitcoin mining pool worldwide, holding about 21.46 exahashes per second and roughly 2.24% of total network hashrate. That places it well behind leaders Foundry USA, at about 24.49%, and AntPool, at around 19.05%.

Miners Directed To Alternative Pools

SBI Crypto has pointed users toward other operators, including Braiins, Luxor and NeoPool, as it winds down operations. Braiins and Luxor each control roughly 2% to 3% of global Bitcoin hashrate, while NeoPool ranks outside the top pools by hashrate. SBI said some of these operators may offer special terms for miners transitioning away from its service.

Part Of Broader Crypto Strategy Shift

The shutdown comes as SBI Holdings expands its wider cryptocurrency business. The company recently agreed to acquire full control of exchange Bitbank in a $289 million deal aimed at creating Japan’s largest crypto exchange, and has been increasing its focus on stablecoins, including backing the JPYSC yen based stablecoin and supporting Ripple’s RLUSD rollout in Japan.