SBI Crypto shuts Bitcoin mining pool after 5-year run

SBI Crypto, a cryptocurrency-focused division of Japanese financial conglomerate SBI, is shutting down its Bitcoin mining pool after a five-year run.

The company announced Wednesday that it will end mining pool operations on July 31 and will stop accepting mining shares at the same time. It did not provide its rationale for closing the pool.

SBI Crypto said miners should keep directing hashrate to the pool until the cutoff so final payouts can be calculated correctly before operations end. “We would sincerely appreciate your continued support by mining with us until the final day of operation,” it said.

The shutdown marks the end of one of Japan‘s better-known corporate mining pool operations and is the latest sign of SBI’s intentions to expand its broader cryptocurrency strategy beyond mining.

SBI Crypto's BTC mining pool ranks No. 12 globally

SBI Crypto launched its Bitcoin mining pool in March 2021, entering a market that at the time was dominated by operators such as Poolin, F2Pool and Binance Pool.

Data from SimpleMining shows SBI Crypto currently ranks as the 12th largest Bitcoin mining pool globally, with about 21.46 exahashes per second (EH/s) of hashrate and roughly 2.24% of total Bitcoin network share.

Source: SimpleMining

That places it far behind leaders like Foundry USA, which controls about 24.49% of the network, and AntPool at around 19.05%. Mid- and lower-tier mining pools such as ViaBTC and MARA Pool account for about 8.55% and 5.15% of the global Bitcoin mining hashrate, respectively.

Miner migration to alternative pools

SBI Crypto directed miners toward several alternative Bitcoin mining pool operators as it prepares to shut down its service, including Braiins, Luxor and NeoPool.

Among them, Braiins and Luxor are established mid-tier mining infrastructure providers, each controlling around 2%-3% of global Bitcoin hashrate, according to SimpleMining data. NeoPool is not included in the top-ranked pools by hashrate.

Source: Braiins

“Some operators may offer special programs or preferential conditions for clients transitioning from SBI Crypto,” the company said, adding that customers are encouraged to contact each operator directly for details.

Related: Bitcoin mining difficulty drops 10% in 11th largest downward adjustment

The shutdown comes as SBI Holdings continues to expand its broader cryptocurrency strategy beyond mining.

The company recently agreed to acquire full control of crypto exchange Bitbank in a 46.7 billion Japanese yen ($289 million) deal, aiming to create Japans largest cryptocurrency exchange.

SBI has also been increasing its focus on stablecoins, backing JPYSC, a new trust bank-backed Japanese yen stablecoin, and supporting Ripples rollout of the Ripple USD (RLUSD) stablecoin in Japan.