SBI Holdings Stops Crypto Mining In Russia

SBI Holdings Stops Crypto Mining In Russia

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SBI Holdings Stops Crypto Mining In Russia

Mining

cryptonews.net

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According to Bloomberg, SBI Holdings will stop cryptocurrency mining in Russia. A spokesman for the firm said one of the reasons for the move is the general uncertainty about the future of mining in the country due to sanctions imposed against Russia amid the geopolitical crisis.

However, according to experts from Intelion Data Systems, mining is expected to grow in popularity in Russia. The reason may be inexpensive electricity and its excess, as well as a developed energy infrastructure. So far, SBI Holdings has not said when exactly it will cease operations in the Russian Federation, but, according to a company representative, it needs to sell all its equipment first.

SBI Crypto, a subsidiary of SBI Holdings, has been mining cryptocurrencies from mining farms outside of Japan since August 2017. In addition to Bitcoin, the company mines Bitcoin Cash and Bitcoin SV, and the company’s total computing power 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.

Image: The Coin Republic

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