- The company not only mines Bitcoin, but it also mines Bitcoin Cash and Bitcoin SV.
- The exact date when the SBI will end cryptocurrency mining in Russia is still unknown.
Japanese financial services giant SBI . CollectiblesAccording to a Bloomberg report, it is working to end crypto-mining activities in Russia. One of the reasons for the decision, according to a company spokesperson, is the general unpredictability of the Siberian mining industry as a result of the sanctions imposed on Russia as a result of the invasion of Ukraine.
Russia may be able to circumvent economic sanctions imposed by the United States and other Western countries by engaging in cryptocurrency mining, the International Monetary Fund (IMF)International Monetary Fund) warned earlier this year.
Impact of US sanctions
An SBI spokeswoman said that since the bitcoin mining industry has become less profitable this year due to the general drop in cryptocurrency prices, the company has taken this into account. SBI Crypto, the company’s crypto-mining arm, has been operating offshore mining farms outside Japan since August 2017, and opened its mining pool to the public in March 2021.
The company not only mines Bitcoin, but it also mines Bitcoin Cash and Bitcoin SV. According to BTC.com, the SBI Bitcoin mining pool ranks 11th in the world with a hash rate of 2.46 EH/s, contributing 1.2% to the network as a whole. The exact date when the SBI will end cryptocurrency mining in Russia is still unknown.
A spokeswoman for the SBI said the company would have to sell all of its mining equipment in Siberia before finalizing the withdrawal. This changed in April, when the US Treasury imposed sanctions on BitRiver, a Swiss mining company with several subsidiaries in Russia, in response to the Russian invasion of Ukraine.
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