SBI Crypto, the cryptocurrency unit of Japan's SBI financial group, is closing its Bitcoin mining pool on July 31, 2026, marking the end of a five-year venture into mining infrastructure. The company currently operates the 12th-largest Bitcoin mining pool globally, controlling roughly 2.24% of the network's total hashrate, or about 21.46 exahashes per second (EH/s). The shutdown underscores a strategic pivot away from mining toward regulated financial services like cryptocurrency exchanges and stablecoins.

Why Is SBI Crypto Shutting Down Its Mining Pool?

SBI Crypto did not publicly disclose a specific reason for the closure, but the timing aligns with the company's broader reorientation of its crypto business. Rather than maintaining mining infrastructure, SBI has been channeling resources into higher-margin financial services. In recent months, SBI Holdings agreed to acquire full control of the cryptocurrency exchange Bitbank for approximately 289 million dollars, with the goal of building Japan's largest crypto exchange. The company has also backed JPYSC, a trust bank-backed Japanese yen stablecoin, and supported Ripple's rollout of Ripple USD (RLUSD) in Japan.

The pool, which SBI Crypto launched in March 2021 in partnership with Northern Data AG, had grown to become a mid-tier player in the competitive mining pool market. However, it remained significantly smaller than industry giants like Foundry USA, which controls about 24.49% of total network hashrate, and AntPool, which holds around 19.05%.

What Happens to Miners When the Pool Closes?

SBI Crypto has asked miners to maintain their hashrate on the pool through July 31 to ensure accurate final payout calculations. The company emphasized operational continuity, stating in its announcement: "We would sincerely appreciate your continued support by mining with us until the final day of operation." Miners will receive normal payouts until the cutoff date, after which they must redirect their computing power to alternative pools.

To ease the transition, SBI Crypto has recommended several alternative mining pools where operators can migrate their hashrate. The recommended alternatives and their approximate market positions include:

• Braiins: A mid-tier pool accounting for roughly 2% to 3% of global Bitcoin mining hashrate, known for transparency and open-source mining software.
• Luxor: Another mid-tier operator with approximately 2% to 3% of global Bitcoin hashrate, offering flexible payout options and pool-hopping capabilities.
• NeoPool: A smaller alternative pool not currently ranked among the top global operators by hashrate, but available as an option for miners seeking alternatives.

SBI Crypto noted that some alternative pools may offer special programs or preferential conditions for clients transitioning from its platform, and advised miners to contact each pool directly to understand available terms and switching economics.

How to Prepare for Migration to a New Mining Pool

• Review Pool Rankings and Fees: Compare the hashrate distribution, payout structures, and fee schedules of alternative pools before switching. Larger pools may offer more consistent payouts, while smaller pools might provide better fee terms or community governance.
• Contact Alternative Pools Directly: Reach out to Braiins, Luxor, NeoPool, or other operators to inquire about transition incentives, minimum hashrate requirements, and any special programs for SBI Crypto customers migrating their equipment.
• Plan the Switchover Timeline: Schedule your migration before July 31 to avoid last-minute disruptions. Test your connection to the new pool with a portion of your hashrate before committing all mining equipment.
• Verify Payout Accuracy: Keep mining on SBI Crypto until the final day to ensure all shares are properly recorded and final payouts are calculated correctly based on end-of-period data.

What Does This Mean for the Broader Mining Market?

The closure of SBI Crypto's pool occurs during a challenging period for Bitcoin mining economics. In June 2026, Bitcoin mining difficulty fell 10.09%, one of the largest downward adjustments in Bitcoin's history, signaling that weaker mining operators had turned off machines due to lower profitability. Despite mining revenue topping 1 billion dollars in May 2026, miners faced pressure from falling Bitcoin prices, lower hashprice, and exchange-traded fund (ETF) outflows that made profitability harder to sustain.

The redistribution of SBI Crypto's 21.46 EH/s of hashrate across the mining pool ecosystem will be closely watched by industry observers. While the pool's 2.24% market share is not dominant, the migration could influence factors such as payout consistency and overall pool reliability for affected miners. The closure also reflects a broader trend in which traditional financial institutions and crypto-focused companies are reconsidering their exposure to mining infrastructure in favor of more regulated and scalable financial services.

Meanwhile, other players in the mining sector are exploring new business models. HashKey Capital recently announced the launch of what it describes as the industry's first Bitcoin Hashrate Fund in partnership with BITMAIN, a major mining hardware manufacturer. The fund is designed for professional investors seeking Bitcoin-denominated yield exposure through a managed fund structure, reflecting growing demand for structured products tied to mining computing power. This contrasts with SBI's decision to exit mining operations entirely, highlighting divergent strategies within the industry as mining economics face ongoing pressure.