SBI Crypto Announces Shutdown of Bitcoin Mining Pool Covering 2% of Hashrate
SBI Crypto plans to cease operations of its Bitcoin mining pool on July 31, 2026, which currently accounts for around 2% of the network's hashrate, according to CoinDesk. Miners are required to redirect their hashrate before this date as the pool will no longer accept contributions after that point.
SBI Crypto, part of one of Japan's largest financial groups, has announced it will shut down its Bitcoin mining pool effective July 31, 2026. This pool currently represents approximately 2% of the total Bitcoin network hashrate. Miners need to redirect their hashrate before this deadline, as the pool will stop accepting contributions after that date.
The decision to close the mining pool comes amid challenging market conditions for Bitcoin miners, including falling margins and rising operational costs. Although SBI Crypto has not provided a specific reason for the shutdown, these economic pressures seem to play a significant role in the decision.
Since its launch in 2021, the mining pool was initially backed by around 1.1 exahashes per second (EH/s) from SBI's own operations. It allowed miners to collaborate and share the rewards of Bitcoin mining, a vital process that involves verifying transactions on the Bitcoin network. Miners must ensure they submit their shares, which represent their contributions, before the pool's closure to be eligible for final payouts.
Moreover, the shutdown occurs against a backdrop of a decrease in Bitcoin's hashrate from its peak in October 2025. The Bitcoin price has dropped significantly, reducing mining profitability. Additionally, some miners are reportedly transitioning their resources toward artificial intelligence infrastructures instead of traditional cryptocurrency mining. For context, Bitcoin's price has recently fallen nearly 50% from its all-time high.
Notably, SBI Crypto was linked to a reported $21 million hack last year, with allegations of connections to North Korean cyberattacks surfacing. However, SBI’s shutdown notice does not indicate that this incident has influenced the decision to close the mining pool.
As the July 31 cutoff approaches, it remains critical for miners affected by this closure to find alternative pools to maintain their operations. This shutdown could indicate broader trends within the industry, especially regarding miners' adaptability to fluctuating market conditions.
Summary based on original reporting by Francisco Rodrigues at CoinDesk, originally published Jul 2, 2026. SolanaWire does not republish source content.
FBI Director Kash Patel Discloses Stock Purchase in Bitcoin Firm Amid Market Decline
FBI Director Kash Patel disclosed a stock purchase in Bitcoin firm Strategy, which has dropped 44% since his investment. The transaction was revealed months after its completion, leading to significant losses for Patel. This report is based on information from Decrypt.
1 hour ago·Decrypt·Reported by Sander Lutz
Ondo Finance Launches SEC-Compliant Tokenized Stock Model
Ondo Finance introduces its first implementation of the SEC's third-party custodial tokenization model, featuring BlackRock's IVV ETF and Micron shares. This marks a significant move towards aligning tokenized securities with U.S. market regulations, as reported by CoinDesk.
2 hours ago·CoinDesk·Reported by Krisztian Sandor
Standard Chartered Launches Direct USDC Access for Institutions
Standard Chartered has launched a service allowing institutional clients to mint and redeem USDC directly through the bank, marking it as the first Global Systemically Important Bank to do so, according to Decrypt. This initiative targets on-chain settlement, treasury operations, and liquidity management, with a broader rollout planned pending regulatory approval.
2 hours ago·Decrypt·Reported by Decrypt Agent
Metaplanet Acquires 2,823 Bitcoin in Q2, Slows Purchasing Pace
Metaplanet disclosed it bought 2,823 Bitcoin for approximately $222 million in the second quarter, marking its smallest quarterly purchase in a year, according to Decrypt. The firm’s total Bitcoin holdings now amount to 43,000, significantly below its cost basis, leading them to rely more on debt for funding acquisitions.
3 hours ago·Decrypt·Reported by Decrypt Agent
Trending this week
JPMorgan Critiques Strategy's Bitcoin Sales Policy for Adding Market Risks
JPMorgan states that Strategy's bitcoin sales policy introduces avoidable risks to the crypto markets, according to CoinDesk. The bank suggests that Strategy should increase cash reserves to stabilize potential volatility from its bitcoin sales, especially as it plans to use bitcoin to fund preferred stock dividends.
3 hours ago·CoinDesk·Reported by Will Canny
K Wave Media Exits Bitcoin Investment to Focus on AI
K Wave Media, a Nasdaq-listed Korean media firm, has liquidated its entire bitcoin holdings and pivoted to AI infrastructure, as reported by CoinDesk. The company's comeback strategy includes plans to raise $250 million to fund AI projects after facing challenges to maintain its Nasdaq listing due to falling share prices and compliance issues.
3 hours ago·CoinDesk·Reported by Shaurya Malwa
U.S. Payroll Growth Slows in June, Bitcoin Market Reacts
U.S. payroll growth significantly declined in June, with only 57,000 jobs added, falling short of the 110,000 expected and down from May's revised 129,000 gain, as reported by CoinDesk. This disappointing data may affect market expectations for Federal Reserve interest rate hikes later in 2026.
4 hours ago·CoinDesk·Reported by Stephen Alpher
Europe's MiCA Framework Faces Review and Potential Revisions
Europe's Markets in Crypto Assets (MiCA) regime is under review, colloquially termed 'MiCA 2.0', as it prepares for updates in light of stablecoin adoption and recent regulatory changes, according to CoinDesk. As the consultation period approaches its September deadline, discussions focus on supervisory control and the implications for stablecoins and their role in the Eurozone monetary landscape.
4 hours ago·CoinDesk·Reported by Ian Allison
