SBI Crypto, a subsidiary of Japanese financial giant SBI Holdings, will terminate its Bitcoin mining pool service on July 31.
The firm currently operates the 11th largest Bitcoin mining pool by hash rate. No official reason was provided for the closure. The company stated it is facilitating discussions with other pool operators, including Braiins and Luxor, to assist clients in transitioning their services.
This withdrawal continues an industry trend of miners pivoting resources toward artificial intelligence. Other publicly traded miners have scaled back or fully exited the mining business as Bitcoin's price remains significantly below its peak.
Despite closing the mining operation, parent company SBI Holdings is reinforcing its cryptocurrency presence. Earlier this week, it agreed to acquire Japanese crypto exchange Bitbank for $289 million.