SBI Crypto ends five-year Bitcoin mining pool

• SBI Crypto will close its Bitcoin mining pool on July 31 after operating for more than five years.
• The mining pool currently ranks 12th globally with about 21.46 EH/s, representing roughly 2.24% of the Bitcoin network's hashrate.
• The closure comes as SBI expands its cryptocurrency strategy through exchange acquisitions and stablecoin initiatives.

SBI Crypto, a subsidiary of SBI Holdings, will shut down its Bitcoin (CRYPTO:BTC) mining pool on July 31, ending a service that has operated since March 2021 and currently accounts for about 2.24% of the Bitcoin network's hashrate.

The company said it will stop accepting mining shares on July 31 and asked miners to continue directing hashrate to the pool until the shutdown so final reward calculations can be completed accurately.

“We would sincerely appreciate your continued support by mining with us until the final day of operation,” said SBI Crypto.

According to SimpleMining, SBI Crypto ranks as the world's 12th-largest Bitcoin mining pool with approximately 21.46 exahashes per second of hashrate, and the company recommended miners consider alternative pools including Braiins, Luxor and NeoPool after the closure.

SBI Crypto did not provide a reason for ending the mining pool, and following the announcement there was no direct market reaction.

The closure comes as SBI Holdings broadens its cryptocurrency business through a planned ¥46.7 billion acquisition of crypto exchange Bitbank and continued support for stablecoin projects, including the Japanese yen-backed JPYSC and Ripple USD (CRYPTO:RLUSD).

The move reflects SBI's broader shift towards cryptocurrency trading and digital asset infrastructure as competition within the global Bitcoin mining industry continues to evolve.

At the time of reporting, Bitcoin price was $61,482.25.