Tuesday, April 13, 2021

SBI Crypto opens its mining pool to the general public.

The Takeaway:

SBI Crypto, the mining subsidiary of Japanese financial conglomerate SBI Holdings, has opened its bitcoin mining pool to the general public.

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As one of the fruits of a strategic partnership between SBI and the German tech firm Northern Data AG, the pool reportedly now ranks 11th globally, according to SBI’s announcement today. It mines three assets, Bitcoin, Bitcoin Cash, and Bitcoin SV, with a revenue measured in dollars per terahash per day of $0.3897, $0.3805, and $0.3519, respectively. SBI Crypto has been self-mining digital assets in overseas mining farms since August 2017, according to the announcement. 

 

The pool was first opened on a limited release earlier this year.

Prior to its partnership with Northern Data AG and the Texas-based data center operator Whinstone US back in February 2020, SBI’s announcement summarized the mining activity saying, “SBI Crypto has been self-mining digital assets in overseas mining farms since August 2017 and continues to expand its scale. The company will use its current mining power of approximately 1.1 EH/s to support and provide stability to the pool.” The pool was first opened on a limited release earlier this year, and as of March 19, new users are able to request an account. 

 

SBI notes that many of the pool’s features are specifically designed for an institutional clientele.

By the next month, open signups without requesting an account will be available, with English, Mandarin, and Japanese services. While SBI notes that many of the pool’s features are specifically designed for an institutional clientele, individual customers can use the service. SBI Holdings’ multiple cryptocurrency ventures via various subsidiaries to date have included the introduction of a Bitcoin lending service through its crypto investment subsidiary SBI VC Trade and acquisition of crypto exchange TaoTao via its foreign exchange and derivatives arm. 

Later last year, SBI announced a joint crypto-related project with Switzerland’s principal stock exchange, SIX Swiss Exchange, and has recently hinted at further crypto-related ventures in collaboration with foreign financial firms soon.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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