SBI Crypto is calling it quits on its Bitcoin mining pool. Operations end July 31. No explanation given.
The Japanese firm, a subsidiary of financial giant SBI, launched its pool back in March 2021. It’s been running for over five years. At its peak, it ranked 12th globally with about 21.46 EH/s — roughly 2.24% of the network’s total hashrate.
For context, Foundry USA controls about 24.49% of the network. AntPool sits at 19.05%. SBI Crypto was never a dominant player, but it was one of Japan’s better-known corporate mining operations.
The company is directing miners to alternatives: Braiins, Luxor, and NeoPool. Some of those operators might offer special transition deals. SBI said customers should reach out directly for details.
Why shut it down? SBI didn’t say. But the company has been moving in a different direction. It recently agreed to buy full control of crypto exchange Bitbank for $289 million — aiming to build Japan’s largest exchange. It’s also getting into stablecoins, backing JPYSC and supporting Ripple’s RLUSD rollout in Japan.
In other words, SBI is shifting focus away from mining toward exchange and stablecoin infrastructure. This shutdown is just one piece of that puzzle.
