SBI Crypto to Shut Down Bitcoin Mining Pool
SBI Crypto has announced the closure of its Bitcoin mining pool service, which accounts for approximately 2% of the Bitcoin network's hashrate, effective July 31, 2026. Miners are urged to redirect their hashrate before this cutoff date, as the pool will no longer accept contributions after that time. The company did not provide a specific reason for the shutdown, but it comes amid pressures from declining Bitcoin mining margins and rising operational costs.
"The closure of the mining pool means an unexpected migration for miners," said Mark Artymko, co-founder of OCEAN, who thanked the SBI Crypto team for their years of stable support for the Bitcoin network.
According to Hashrateindex data, SBI Crypto's mining pool has been operational since 2021 and was initially supported by approximately 1.1 EH/s of its own mining power. The announcement has left miners with less than a month to transition their operations, as the pool will continue to operate normally until the shutdown date.
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In light of the closure, miners are encouraged to consider alternative options, such as the OCEAN mining pool, which reportedly offers a faster onboarding process and non-custodial yield distribution. OCEAN's mining returns are projected to be about 3.6% higher than those of the top-performing FPPS mining pools in 2025.
Key Takeaways
- SBI Crypto's mining pool accounts for about 2% of Bitcoin's hashrate.
- The shutdown is set for July 31, 2026, with no specific reason provided.
- Miners are advised to migrate their operations before the cutoff date.
- Alternative options like the OCEAN mining pool are available for miners.
This closure reflects ongoing challenges in the Bitcoin mining sector, including reduced margins and increased costs, as well as a shift in focus for some miners towards AI infrastructure operations.
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