The SBI encryption subsidiary, SBI Cripto, will stop working on the Bitcoin mine and end it on 31 July. The company disclosed that the mine would remain operational until the closure, and that the user could continue to dig for the mine and receive the usual distribution of the proceeds.
The mine is over by the end of the month.
SBI Cripto did not specify the reasons for this closure, but indicated that the service would be maintained until the established date. The company also stated that it was communicating with other mine operators to assist existing customers in completing their relocation.
Among the recipients currently mentioned are Brains and Luxor. SBI Cripto indicated that some operators may provide special programmes or more favourable conditions for clients transferred from the platform.
Number 11 of current algorithms
According to Hashrate Index, SBI Cripto is currently the eleventh largest bitcoin mine in the world. In addition to Bitcoin, the platform also supports Bitcoin cash and Letco mining.
The role of the ponds is to bring together small and medium-sized miners to compete and allocate block incentives in proportion to their respective contributions. With the departure of SBI Cripto, this segment of the user needs to continue to operate on other platforms.
- Close: 31 July
- Current ranking: the 11th Big Bitcoin Pool in the world
- Supporting currency: BTC, BCH, LTC
Mining companies continue to adjust their operations
The withdrawal of SBI Cripto has also continued the trend towards contracting or adjusting the operations of Bitcoin Mining. In recent years, some mining companies have started cutting back on mining inputs or redirecting more resources to AI computing-related operations.
The report mentions that the listed mining company Bitfarms announced last year that it would phase out its original mining operation and move to AI infrastructure, and then become Keel Infrastructure. Other large mining companies, while retaining their Bitcoin operations, have signed cooperation agreements for al-calculation.
Although the mine was closed, the parent company did not withdraw from the encryption industry. SBI Holdings announced earlier this week that it had agreed to purchase Japan's encryption exchange Bitbank at $289 million.
Additional information:Information from the SBI Cripto official network indicates that the company has been providing services related to encrypted currency mining since at least 2017.