SBI Holdings will stop mining bitcoins in Russia – Bits Media

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

According to the statement, One of the main reasons for leaving the Russian market was uncertainty about the future of mining in the country due to sanctions, introduced against Russia against the backdrop of a geopolitical crisis. The decision was also influenced by the general recession in the cryptocurrency market - to mine bitcoins (BTC) now it's not so profitable, As before.

The company has not yet announced, When exactly will it stop operating in the Russian Federation?, but, according to a company representative, she needs to sell all her equipment first.

SBI Crypto, subsidiary of SBI Holdings, has been mining cryptocurrencies on mining farms outside Japan since August 2017 of the year. 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 occupies 11 place in the world and provides 1.2% from the general hashrate of the network.

Earlier, Intelion Data Systems specialists stated, that they expect the popularity of mining to grow in Russia. This, according to them, promotes inexpensive electricity and its abundance, as well as developed energy infrastructure.