DecryptJul 02, 06:06 PM
Standard Chartered Offers Institutions Direct Access to USDC
Standard Chartered has become the first Global Systemically Important Bank authorized to offer institutions direct access to mint and redeem Circle’s USDC.
ReadCoinDeskJul 02, 06:04 PM2 min
SBI Crypto to Close Bitcoin Mining Pool After Five Years
SBI Crypto will close its Bitcoin mining pool on July 31, ending a service that accounts for roughly 2% of Bitcoin’s hashrate. Participating miners have been advised to migrate to another pool.
What happened?
SBI Crypto will close its Bitcoin mining pool on July 31, ending a service that accounts for roughly 2% of Bitcoin’s hashrate. Participating miners have been advised to migrate to another pool.
Why it matters
SBI Crypto plans to shut down its Bitcoin mining pool on July 31, ending a service launched in 2021. The company will stop accepting mining shares at 22:00 UTC on July 30.
SBI Crypto plans to shut down its Bitcoin mining pool on July 31, ending a service launched in 2021. The company will stop accepting mining shares at 22:00 UTC on July 30.
The closure matters because SBI Crypto’s pool represents a meaningful, though relatively small, portion of Bitcoin mining activity. Its seven-day average hashrate was about 20.9 exahashes per second as of June 30, equivalent to roughly 2.2% of the network total.
Mining pools combine computing power from multiple operators and distribute rewards among participants. SBI Crypto’s exit means miners connected to its service will need to redirect their equipment to other pools, shifting the distribution of hashrate rather than necessarily removing that computing power from Bitcoin.
SBI Crypto asked customers to keep directing hashrate to the pool until the cutoff so eligible shares can be included in final payout calculations. It identified Braiins, Luxor and NeoPool as possible alternatives for miners preparing to move.
The company did not provide a reason for ending the service. The shutdown closes a five-year chapter for the mining business of SBI Group, the Japanese financial conglomerate with broader operations in digital assets.
