SBI Crypto to shut down mining pool holding 2% of Bitcoin hashrate

SBI Crypto, a subsidiary of Japan's SBI Holdings, announced it will shut down its Bitcoin mining pool on July 31, giving miners less than a month to redirect their hashrate. The pool accounts for roughly 2% of Bitcoin's total network hashrate, according to data from Hashrateindex.

The mining pool will stop accepting new shares from miners on the cutoff date, and shares submitted after that will not be eligible for final payouts. SBI Crypto urged miners to continue contributing until the shutdown to ensure their shares are included in the final payout calculation. The pool is expected to operate normally until the closure date.

For cryptocurrency traders and miners, this shutdown represents a notable shift in mining pool concentration. A 2% hashrate reduction from a single pool is unlikely to disrupt the network's security, but it could temporarily increase variance for affected miners as they transition to other pools. Live crypto prices and charts on NowPrice show how the market is reacting to the news, with Bitcoin's price remaining relatively stable. The move also highlights the ongoing consolidation in the mining industry, where smaller pools face pressure from larger players.

Miners should monitor the transition period closely. The shutdown may lead to a temporary redistribution of hashrate among remaining pools, potentially affecting block discovery times for those who delay switching. SBI Crypto's decision could also signal broader strategic shifts within the SBI Group's crypto operations. Traders should watch for any ripple effects on Bitcoin's network metrics, such as difficulty adjustments, in the coming weeks.