Key Highlights
- SBI Crypto terminates Bitcoin mining pool services following half a decade of activity.
- Connected miners have until July 31 to transition hashrate to alternative platforms.
- The company held position as 12th largest mining pool globally before exit announcement.
- Strategic pivot aligns with SBI’s growing emphasis on trading platforms and digital currencies.
- Corporate expansion includes Bitbank acquisition, JPYSC development, and RLUSD integration plans.
Japanese financial conglomerate SBI has announced it will discontinue its Bitcoin mining pool services effective July 31, marking the conclusion of operations that began in 2021. This strategic withdrawal signals the company’s evolving priorities within the digital asset sector, with increased emphasis on cryptocurrency exchange infrastructure and stablecoin initiatives. The decision removes a prominent Asian corporate entity from the competitive global mining landscape.
Final Operations Timeline Confirmed for July
SBI Crypto announced that mining share submissions will cease at 22:00 UTC on July 30. Complete termination of pool services follows 24 hours later on July 31. The company provided no detailed public explanation for discontinuing the service.
Management requested that participating miners maintain their hashrate contributions through the final deadline. This approach enables accurate reward distribution calculations and ensures complete settlement of outstanding payments. Consequently, miners utilizing the platform must arrange alternative pool connections before the service termination.
The mining pool commenced operations in March 2021, entering the market during a period of intense competition among mining service providers. Major operators including F2Pool, Poolin, and Binance Pool dominated market dynamics at launch. The platform subsequently established itself as one of Japan’s most recognizable corporate-backed mining ventures.
Global Market Position and Competitive Standing
According to SimpleMining analytics, SBI Crypto maintained its position as the world’s 12th largest Bitcoin mining pool by network capacity. The operation commanded approximately 21.46 exahashes per second, representing roughly 2.24% of total Bitcoin network hashpower. This positioned the service substantially below industry-leading operations.
Foundry USA dominated the sector with approximately 24.49% of aggregate network capacity. AntPool secured second position with nearly 19.05% market share, while ViaBTC and MARA Pool maintained smaller but significant positions. Within this concentrated market structure, SBI Crypto functioned as a moderate-scale operator.
The platform had implemented operational modifications prior to the closure announcement. Management adjusted reward distribution timelines and temporarily halted Litecoin and Dogecoin mining capabilities. The pool had previously integrated merged mining functionality for LTC and DOGE in July 2023.
Strategic Reorientation Toward Trading and Digital Currency
SBI recommended that affected miners consider transitioning to Braiins, Luxor Pool, or NeoPool as replacement services. Braiins and Luxor operate as recognized mid-tier mining infrastructure solutions. NeoPool, conversely, maintains a smaller presence within global hashrate rankings.
The mining withdrawal coincides with SBI’s accelerated expansion across other cryptocurrency business segments. SBI Holdings recently agreed to purchase complete ownership of Bitbank through a 46.7 billion yen transaction. This acquisition positions the conglomerate to operate one of Japan’s premier cryptocurrency trading platforms.
SBI has simultaneously intensified stablecoin development through multiple strategic alliances and product initiatives. The organization supports JPYSC, a yen-denominated stablecoin linked to regulated trust banking infrastructure. Additionally, the company has endorsed Ripple’s initiative to launch RLUSD across Japanese markets.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
