SBI Crypto to Close Mining Pool Representing About 2% of Bitcoin's Hashrate

SBI Crypto to End Mining Operations, Affecting 2% of Bitcoin's Hashrate

SBI Crypto has revealed plans to shut down its Bitcoin mining pool on July 31, 2026, which currently contributes around 2% to the Bitcoin network's total hashrate. Miners are urged to redirect their hashrate before the deadline, as the pool will not accept any contributions after this date.

The announcement marks the conclusion of a service that began in 2021 under the SBI Group, a leading financial conglomerate in Japan. Despite the impending closure, SBI Crypto has not provided specific reasons for the decision, although it comes amid challenges such as declining mining margins and rising operational costs.

Miners utilizing the pool are encouraged to continue their activities until the cutoff to ensure their contributions are included in the final payouts. The pool is expected to operate as usual until the closure date, but shares submitted after July 31 will be rejected.

This shutdown occurs in a context where Bitcoin mining faces increasing pressure, with the hashrate declining since its peak in October 2025, coinciding with a significant drop in Bitcoin's price. Over the past year, Bitcoin's value has halved from its all-time high, reflecting broader market challenges.

Additionally, SBI Crypto was previously linked to a $21 million hack, which some analysts attributed to North Korean cyber activities, but this incident was not mentioned as a reason for the mining pool's closure.