SBI Crypto to shut down mining pool after five years of operation

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SBI Crypto to shut down mining pool

How large was the SBI Crypto pool?

SBI Crypto launched its Bitcoin mining pool in March 2021. At the time, the market was already controlled by major players, including Poolin, F2Pool and Binance Pool.

According to SimpleMining, SBI Crypto currently ranks 12th among the largest Bitcoin mining pools in the world. Its hashrate is around 21.46 EH/s, while its network share is approximately 2.24%.

This is significantly smaller than the market leaders. Foundry USA controls about 24.49% of the network, while AntPool accounts for around 19.05%. Other large and mid-sized pools, including ViaBTC and MARA Pool, represent roughly 8.55% and 5.15% of global Bitcoin hashrate, respectively.

Where miners may move

Ahead of the shutdown, SBI Crypto suggested that miners move to other mining pool operators. The company named Braiins, Luxor and NeoPool as possible alternatives.

Braiins and Luxor are well-known mid-sized infrastructure providers. According to SimpleMining, each controls around 2-3% of global Bitcoin hashrate. NeoPool is not listed among the largest pools by hashrate.

“Some operators may offer special programs or preferential conditions for clients transitioning from SBI Crypto,” the company said. Users were advised to contact their chosen operators directly for details.

SBI is betting on more than mining

The pool closure comes as SBI Holdings continues to expand its cryptocurrency strategy beyond mining.

The company recently agreed to acquire Bitbank for 46.7 billion yen, or about $289 million. The deal should help SBI create the largest cryptocurrency exchange in Japan.

In addition, SBI is strengthening its stablecoin business. The company supports JPYSC, a new Japanese yen stablecoin backed by a trust bank, and is also helping Ripple launch the Ripple USD (RLUSD) stablecoin in Japan.

A popular trend among miners

Another important trend in the market is that mining is no longer seen by many companies as the only path for growth. After the halving, rising mining difficulty and pressure on margins, some players have started reassessing their capacity. Instead of expanding mining operations, they are increasingly using their energy resources, land, equipment and infrastructure to build data centers focused on artificial intelligence and high-performance computing.

This shift looks logical: AI companies need enormous computing power and access to cheap energy, while large miners already have sites, grid connections and experience managing energy-intensive infrastructure. As a result, part of the industry is gradually turning from pure Bitcoin miners into data center operators. For them, this is a way to reduce dependence on the price of bitcoin and create a new source of revenue amid rapidly growing demand for AI infrastructure.

As a reminder, earlier this year SBI Holdings denied rumors about its dependence on XRP and discussed its investments in Ripple Labs.

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