SBI Crypto Shutters Bitcoin Mining Operations by End of July

Key Highlights

• SBI Crypto announces complete shutdown of Bitcoin mining pool operations.
• Connected miners have until July 31 deadline to relocate their hashrate.
• Pool previously held position among top dozen global mining operations.
• Closure aligns with corporate pivot toward trading platforms and stablecoins.
• Company advancing initiatives including Bitbank acquisition and JPYSC support.

Japanese financial services firm SBI Crypto has announced the termination of its Bitcoin mining pool, effective July 31, concluding half a decade of operations. This strategic withdrawal signals a fundamental realignment toward cryptocurrency trading platforms and stablecoin infrastructure. The decision also eliminates a prominent Japanese institutional presence from the competitive global mining pool landscape.

Mining Operations Wind Down at Month’s End

SBI Crypto confirmed it will cease accepting mining contributions at 22:00 UTC on July 30. Complete operational shutdown follows one day later on July 31, providing miners a compressed timeframe for transitioning their computational power. The firm has not publicly disclosed specific motivations behind the closure decision.

The organization urged participating miners to maintain their hashrate contributions through the final operational hours. This approach enables accurate calculation of concluding reward distributions and ensures all outstanding payments are processed. Consequently, miners maintaining active connections must execute migration plans before the service discontinuation.

SBI Crypto initially launched its mining pool service in March 2021, entering during an intensely competitive period for Bitcoin mining. Major industry players including F2Pool, Poolin, and Binance Pool commanded dominant market positions at launch. The pool subsequently emerged as one of Japan’s most recognizable corporate-backed mining ventures.

Pool Maintained Mid-Tier Global Standing

According to SimpleMining analytics, SBI Crypto maintained its position as the 12th largest Bitcoin mining pool worldwide. The operation commanded approximately 21.46 exahashes per second, representing roughly 2.24% of the entire Bitcoin network’s computational power. This positioned the pool significantly behind industry-leading operations.

Foundry USA dominated the sector with approximately 24.49% of aggregate network hashrate. AntPool secured second position with nearly 19.05%, while ViaBTC and MARA Pool occupied smaller market segments. Consequently, SBI Crypto operated as a moderate-sized participant within a highly concentrated mining ecosystem.

The pool had implemented operational modifications prior to announcing its closure. It revised payment distribution schedules and temporarily halted Litecoin and Dogecoin mining capabilities. Previously, SBI Crypto had introduced merged mining functionality for LTC and DOGE in July 2023.

Strategic Reorientation Toward Trading and Stablecoins

SBI recommended that miners consider migrating to Braiins, Luxor Pool, and NeoPool as potential replacement services. Braiins and Luxor function as established intermediate-tier mining infrastructure providers. NeoPool, conversely, does not currently feature among top-ranked pools measured by worldwide hashrate.

The mining sector exit coincides with SBI’s expansion across other cryptocurrency business segments. SBI Holdings recently agreed to obtain complete ownership of Bitbank through a 46.7 billion yen acquisition. This transaction positions the conglomerate to potentially operate Japan’s largest cryptocurrency trading platform.

SBI has simultaneously accelerated its stablecoin initiatives through multiple collaborative ventures and product development efforts. The corporation backs JPYSC, a Japanese yen-denominated stablecoin anchored to trust banking infrastructure. Additionally, the firm supports Ripple’s strategic initiative to introduce RLUSD within the Japanese market.

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