SBI Crypto Closing Bitcoin Mining Pool After Five-Year Run
SBI Crypto will shut down its Bitcoin mining pool on July 31, ending a five-year operation that ranked 12th globally.
SBI Crypto announced it will permanently close its Bitcoin mining pool on July 31, ending a five-year operation that had grown to rank among the top players in the global mining industry. The Japanese financial services subsidiary had carved out a notable position in a fiercely competitive market dominated by large-scale industrial miners.
At the time of the closure announcement, SBI Crypto held approximately 2.2% of the global Bitcoin hashrate, placing it 12th worldwide. While that figure may appear modest, a 2.2% share of Bitcoin's total computational power represents a substantial infrastructure investment, underscoring the scale of the operation being wound down.
Read more Securitize Eyes SPAC IPO to Push Asset Tokenization Mainstream →
The shutdown raises questions about the economics of institutional Bitcoin mining amid fluctuating BTC prices, rising energy costs, and increasing network difficulty. SBI Crypto has not publicly detailed the specific reasons driving the decision, but the move reflects a broader recalibration that some mining operations are undertaking as profitability margins tighten across the sector.
The closure also signals a potential redistribution of hashrate across remaining pools, as miners previously pointed at SBI Crypto's infrastructure will need to redirect their computational resources elsewhere before the July 31 deadline. Larger pools stand to absorb the most benefit from this reallocation.
Continue reading at Cointelegraph.
