SBI Crypto to discontinue its Bitcoin mining pool, representing around 2% of total hashrate
SBI Crypto has revealed plans to shut down its Bitcoin mining pool by July 31, 2026, which currently contributes approximately 2% of the overall Bitcoin network hashrate. This decision leaves miners with less than a month to redirect their hashrate to other pools, as the mining facility will cease accepting contributions after that date.
According to SBI Crypto, contributions made to the pool will no longer be accepted after the cutoff, although operations will continue as normal until that point. The firm has urged users to keep mining to ensure their eligible shares are factored into the final payout calculations.
Background of SBI Crypto's Mining Operations
Since its public launch in 2021, SBI Crypto has been part of the larger SBI Group, one of Japan's major financial entities. At its inception, it offered significant mining power, about 1.1 EH/s, in support of the pool.
Challenges Facing Bitcoin Miners
The closure of SBI Crypto's mining pool is occurring during a tumultuous time for Bitcoin miners, who are grappling with diminished profit margins, fluctuating hashrate, and increasing operational costs. Bitcoin’s hashrate has been on a downward trend since peaking in October, coinciding with a reduction in cryptocurrency prices, further compounded by some miners shifting their focus towards AI infrastructure.
- Bitcoin's price has dropped by 50% over the past year from its all-time high.
- The mining pool's closure is not officially linked to last year's reported $21 million hack, attributed to possibly state-sponsored attacks.
As the mining landscape evolves, it remains critical for miners to adapt promptly to these changes.
