SBI Crypto, the mining business of Japan's SBI Group, announced it will shut down its Bitcoin mining pool on July 31, 2026, ending a service that launched publicly in 2021. The closure marks a notable shift in the competitive Bitcoin mining landscape, though the company has not disclosed its reasons for exiting the business.

What Is Happening to SBI's Bitcoin Mining Pool?

According to SBI Crypto's announcement on its Chinese-language website, the mining pool will stop accepting new mining power at 7:00 a.m. Japan time on Friday, July 31. After that cutoff date, miners connected to the pool will no longer earn rewards and must migrate their equipment to another mining pool. SBI Crypto stated that the pool will continue operating normally until the shutdown date, allowing existing miners to receive regular payouts.

SBI launched the mining pool publicly in April 2021, initially backing it with approximately 1.1 exahashes per second (EH/s) of its own mining power. The company had been self-mining Bitcoin, Bitcoin Cash, and Bitcoin SV since 2017. The pool was co-developed with Northern Data AG, another major Bitcoin mining company.

How Significant Is SBI's Share of Bitcoin Mining?

While SBI Crypto became a real player in the Bitcoin mining space, it remained relatively small compared to industry giants. Data from Hashrate Index shows that SBI Crypto controls approximately 20.9 EH/s, representing roughly 2.2% of Bitcoin's total mining pool hashrate. In contrast, the largest mining pools each control more than 20% of the network's hashrate.

The major players in Bitcoin mining include Foundry USA, AntPool, and F2Pool, which dwarf SBI's operation. Despite its modest market share, SBI's exit still represents a meaningful consolidation in an industry where hashrate concentration continues to shift.

Why Should Bitcoin Users Care About Mining Pool Consolidation?

Mining pools are critical infrastructure for Bitcoin's network security. When a major player exits, it affects how mining power is distributed across the network. Miners who were using SBI's pool will need to find alternative pools, which could temporarily disrupt their operations or force them to accept different fee structures and payout terms. The closure also raises questions about the economic viability of mid-sized mining operations in an increasingly competitive market.

For Bitcoin network participants, mining pool consolidation matters because it influences decentralization. If mining power concentrates among fewer pools, the network becomes more vulnerable to coordination risks, even though individual miners retain the ability to switch pools relatively easily.

Steps Miners Can Take When Switching Pools

• Identify Alternative Pools: Miners should research other mining pools that support their hardware and offer competitive fee structures before the July 31 deadline.
• Verify Pool Reputation: Check the pool's uptime history, payout reliability, and community feedback to ensure it meets their operational needs.
• Update Mining Configuration: Miners will need to update their mining software with new pool connection details and wallet addresses to direct rewards to their accounts.
• Test Before Full Migration: Running a small portion of mining power on a new pool first allows miners to verify payouts and stability before committing all equipment.

SBI Crypto did not explain why it decided to shut down the Bitcoin mining pool after roughly five years of operation. The closure comes amid broader shifts in the cryptocurrency industry, where companies are reassessing their business priorities and resource allocation. Without an official statement from SBI, speculation about the decision ranges from profitability concerns to strategic refocusing on other business lines.

The timing of the announcement, with a July 31 deadline, gives miners about four weeks to transition their equipment. This relatively short window underscores the urgency for affected miners to act quickly to minimize downtime and lost rewards.

SBI's exit from the mining pool business reflects the evolving economics of Bitcoin mining, where operational costs, electricity prices, and hardware efficiency determine profitability. The company's decision to wind down this particular service, while maintaining its broader crypto business interests, suggests that mining pools may no longer align with its strategic priorities or financial targets.