SBI Holdings will stop bitcoin mining in Russia

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Japanese financial conglomerate SBI Holdings announced that it will close its Bitcoin mining operations in Russia. The reason for this decision was sanctions and the decline of the cryptocurrency market as a whole.

According to the statement, one of the main reasonsleaving the Russian market was the uncertainty of the future of mining in the country due to the sanctions imposed against Russia against the backdrop of the geopolitical crisis. The decision was also influenced by the general recession in the cryptocurrency market - mining bitcoins (BTC) is now not as profitable as before.

The company has not yet announced exactly when it will cease operations in the Russian Federation, but, according to a company representative, it must first sell all its equipment.

SBI Crypto, a subsidiary of SBI Holdings,has been mining cryptocurrencies on mining farms outside Japan since August 2017. In addition to Bitcoin, the company mines Bitcoin Cash and Bitcoin SV, and the total computing power of the company is 2.46 EH/s. The company's own mining pool ranks 11th in the world and provides 1.2% of the total network hashrate.

Previously, Intelion Data specialistsSystems said they expect the popularity of mining to grow in Russia. This, they say, is facilitated by inexpensive electricity and its abundance, as well as a developed energy infrastructure.