SBI Crypto has announced that it will close its mining pool on July 31, ending a service tied to one of Japan’s largest financial groups and giving miners less than a month to redirect their hash rate.
The pool will stop accepting mining shares, which represent a miner’s contribution into the pool, on the cutoff date, according to SBI Crypto. Shares submitted after this cut-off will not be accepted and the firm said the pool is expected to operate normally until the shutdown date.
The company encouraged customers to continue mining with the pool until the cutoff so that eligible shares are included in the final payout calculation.
According to data from Hashrateindex, SBI Crypto’s mining pool accounts for around 2% of the Bitcoin network’s total hashrate. The firm did not disclose a reason for the closure in its closure announcement, and it did not provide current hashrate figures for the pool.
SBI Crypto operates under SBI Group, the Japanese financial conglomerate. The mining pool opened to the public in 2021, and SBI said at the time that it would support the pool with about 1.1 EH/s of its own mining.
