Japanese financial giant SBI's crypto company will shut down Bitcoin mining pool services

According to Decrypt, SBI Crypto, a wholly-owned subsidiary of Japanese financial giant SBI Holdings, announced that it will officially shut down its Bitcoin mining pool service on July 31. Until then, the pool will maintain normal operation, and customers can continue to mine and earn profits normally.

According to reports, SBI Crypto's crypto mining service has been in operation since 2017 and currently ranks 11th in the world in Hashrate Index's computing power ranking. To help customers make a smooth transition, the platform is negotiating with other pool operators such as Braiins and Luxor. The analysis points out that this move reflects the trend that large mining companies are gradually adjusting their business focus under Bitcoin price fluctuations and changes in the industry environment. Despite divesting its mining pool business, its parent company SBI is increasing the crypto market and just announced the $289 million acquisition of Japanese cryptocurrency exchange Bitbank earlier this week.