Summary
- SBI Crypto is discontinuing its Bitcoin mining pool services, which ranks as the 11th largest according to Hashrate Index.
- This move aligns with a growing trend among Bitcoin miners who are either shutting down operations or pivoting towards AI technologies.
- Earlier this week, SBI's parent company finalized a deal to acquire the Japanese exchange Bitbank.
SBI Crypto, a subsidiary of SBI Holdings, has announced the termination of its Bitcoin mining pool services. The closure is scheduled for July 31, although no specific reason was provided for this decision.
In their statement, the company assured customers that the pool would function normally until the closure date, allowing users to continue mining and receiving payouts: “Our goal is to continue providing stable and reliable mining pool operations through the planned closure date.”
Since at least 2017, SBI Crypto has been involved in cryptocurrency mining and currently manages the 11th largest Bitcoin mining pool by hash rate, as reported by Hashrate Index. This pool also supports mining for Bitcoin Cash and Litecoin.
Mining pools enable smaller miners to combine their resources and hash power to compete for Bitcoin blocks and associated rewards. Once a block is mined, the rewards are allocated based on each participant's contribution.
With SBI’s mining pool shutting down, its users will need to find alternative options. The company has committed to aiding this transition by engaging in “business and technical discussions” with other mining pool operators, such as Braiins and Luxor, to facilitate the process. “Some operators may offer special programs or preferential conditions for clients transitioning from SBI Crypto,” the company added.
SBI Crypto's exit from mining reflects a broader trend where major Bitcoin miners are exploring more promising opportunities in artificial intelligence. For instance, last year, the publicly traded miner Bitfarms announced it would wind down its operations in favor of AI and rebranded as Keel Infrastructure.
Several leading miners have struck multi-billion-dollar AI computing agreements with significant tech companies while still maintaining some Bitcoin operations. The Bitcoin mining landscape has become increasingly difficult as the price of Bitcoin has dropped over 50% from its peak of $126,080 last October.
Despite exiting the mining sector, SBI Holdings is still actively pursuing opportunities within the cryptocurrency space. This week, they announced their agreement to acquire the Japanese crypto exchange Bitbank for $289 million.