SBI Holdings is shutting down its Bitcoin mining pool business after five years, with SBI Crypto announcing operations will cease on July 31. The mining pool will stop accepting mining shares at 22:00 UTC on July 30 before officially closing the following day. The closure comes as SBI Holdings shifts its crypto strategy toward exchanges, stablecoins and broader digital asset services, including its ¥46.7 billion ($289 million) acquisition of cryptocurrency exchange Bitbank and partnerships supporting Japan's first trust bank-backed yen stablecoin JPYSC.
SBI Crypto Mining Pool Stops Operations July 31
SBI Crypto announced the closure brings an end to a mining pool that launched publicly in March 2021. In its notice to customers, SBI Crypto stated: "We would sincerely appreciate your continued support by mining with us until the final day of operation." The company confirmed that details regarding final payouts will be communicated separately after mining operations conclude. Existing users have been instructed to continue mining until the cutoff so final rewards can be calculated and distributed correctly.
To help customers transition, SBI Crypto pointed miners to three alternative mining pools: Braiins, Luxor Pool, and NeoPool. The company noted it does not officially endorse any of the providers and cannot guarantee their services. The company did not disclose a reason for the closure.
SBI Mining Pool Ranks 12th Globally With 2.24% Network Hashrate
According to mining data cited by Cointelegraph, the pool currently ranks around 12th globally, accounting for approximately 21.46 EH/s of computing power, or about 2.24% of Bitcoin's total network hashrate. That places it well behind market leaders Foundry USA and AntPool, but ahead of many smaller regional operators. Although never among the industry's largest operators, SBI Crypto established itself as one of Japan's most prominent institutional mining pools. The shutdown means miners contributing that hashrate will now migrate to competing pools.
SBI Holdings Acquires Bitbank for $289 Million
In recent months, the SBI Group agreed to acquire cryptocurrency exchange Bitbank in a deal valued at approximately ¥46.7 billion ($289 million), a transaction expected to create one of Japan's largest crypto exchange operators. The company has increased its focus on stablecoins, supporting the rollout of JPYSC, Japan's first trust bank-backed yen stablecoin, while partnering with Ripple to expand adoption of RLUSD in the Japanese market.
Bitcoin mining has become significantly more competitive following the 2024 halving, with higher energy costs, lower block rewards and increasing institutional competition squeezing margins for smaller operators. Stablecoins, digital payments and regulated exchange infrastructure have emerged as faster-growing business segments for large financial institutions.
FAQ
When will SBI Crypto's mining pool stop accepting shares?
SBI Crypto's mining pool will stop accepting mining shares at 22:00 UTC on July 30 and officially cease operations on July 31.
What is SBI Crypto's current market position in Bitcoin mining?
According to mining data cited by Cointelegraph, SBI Crypto currently ranks around 12th globally with approximately 21.46 EH/s of computing power, representing about 2.24% of Bitcoin's total network hashrate.
How much is SBI Holdings paying to acquire Bitbank?
SBI Holdings agreed to acquire cryptocurrency exchange Bitbank in a deal valued at approximately ¥46.7 billion ($289 million).
