SBI Crypto's Bitcoin mining pool goes public

The mining subsidiary of Japanese financial conglomerate SBI Holdings is opening its pool services to institutional and retail customers alike.

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

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 on March 19. It mines three assets, Bitcoin (BTC), Bitcoin Cash (BCH) and Bitcoin SV (BSV), with a revenue measured in dollars per terahash per day of $0.3897, $0.3805 and $0.3519 respectively. 

Prior to its partnership with Northern Data AG and the Texas-based data center operator Whinstone US back in February 2020, SBI's announcement summarizes the company's mining activities to date as follows:

“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. By April, open signups without requesting an account will be available, with services in English, Mandarin and Japanese. While SBI notes that many of the pool's features are specifically designed for an institutional clientele, individual customers are able to 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. 

In December 2020, 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 in the near future.

The Japanese conglomerate has also been extensively involved with Ripple, and has been supportive of the company throughout its ongoing legal difficulties in the United States. SBI CEO Yoshitaka Kitao has previously said that Japan would be the most likely country for Ripple to relocate to if it is compelled to leave the U.S.