SBI Crypto to shutter Bitcoin mining pool
SBI Crypto, a subsidiary of the Japanese financial giant SBI Holdings, will shut down its Bitcoin mining pool operations on July 31. The company currently operates the eleventh-largest mining pool by hash rate, according to Hashrate Index. Users are now being directed to migrate their operations to other service providers.
Operations continue until month-end
While SBI Crypto has not provided a specific reason for the closure, the company confirmed in an official announcement that it will cease all mining services by the end of July. Until that date, operations will continue under normal conditions, allowing users to mine and receive payouts as usual. The firm has operated a cryptocurrency mining service since at least 2017, supporting Bitcoin, Bitcoin Cash, and Litecoin.
Migration support for existing clients
The company is actively assisting clients in transitioning to alternative mining pools. SBI Crypto stated it is facilitating “commercial and technical discussions” to help users migrate to established operators, specifically naming Braiins and Luxor as potential destinations. Some of these alternative operators may offer special programs or preferential conditions for users transitioning from the SBI platform. The goal is to maintain stable and reliable operations for all clients until the final shutdown date.
Market pressures and the shift to AI
The decision by SBI Crypto follows a trend of established mining firms reevaluating their business models in a challenging market. Several large-scale Bitcoin miners have recently pivoted toward artificial intelligence (AI) infrastructure to diversify their revenue streams. For instance, the publicly traded miner Bitfarms announced a strategic shift last year, rebranding as Keel Infrastructure to focus on AI-related computing.
The economics of Bitcoin mining have become increasingly difficult. The primary cryptocurrency is currently trading significantly below its price maximum of $126.080 established in October. As mining difficulty remains high and profit margins compress, companies are increasingly exploring AI-focused data center agreements with major technology firms to leverage their existing power and infrastructure assets.
Parent company deepens crypto ties
Despite the closure of its mining pool, SBI Holdings remains committed to the broader digital asset ecosystem. The parent company announced this week that it has reached an agreement to acquire the Japanese cryptocurrency exchange Bitbank for $289 millones. This acquisition signals that while SBI is consolidating its mining operations, it continues to invest heavily in the infrastructure of the Japanese crypto market.