A pool holding 2% of Bitcoin's hashrate is shutting down

@SBICrypto, the cryptocurrency mining arm of Japan's @sbigroup, is winding down its Bitcoin mining pool. The company confirmed it will discontinue the service, with operations ceasing on July 31, 2026. Miners connected to the pool have less than a month to redirect their $BTC hashrate elsewhere.

Five Years, Then Out

SBI Crypto launched its Bitcoin mining pool in March 2021, entering a market then dominated by operators such as Poolin, F2Pool, and Binance Pool. Over five years it built a meaningful position: the pool currently ranks 12th globally with roughly 2.2% of total Bitcoin hashrate share. It expanded in July 2023 by introducing merged mining support for LTC and DOGE, letting miners earn rewards on those networks simultaneously while mining Bitcoin.

The company announced it will end mining pool operations on July 31 but did not provide a public rationale for the closure. The decision followed an internal business review conducted in April 2026. The broader mining environment has been difficult: hash price declined steadily through late 2025 after peaking near $63 per PH/s/day in July, falling to a five-year low by November before collapsing further into Q1 2026, reaching roughly $28 to $30 per PH/s/day by early March, a new post-halving low.

There is also a notable security backdrop. A $21 million hacking incident in September 2025 drained funds from company wallets, with stolen assets including BTC, ETH, LTC, DOGE, and BCH. The attack was believed to be linked to North Korean actors. SBI Crypto has not explicitly drawn a direct line between the hack and the pool's closure.

Where Does the Hashrate Go?

The company has pointed users toward three alternative pools for migration: Braiins, Luxor Pool, and NeoPool. Among them, Braiins and Luxor are established mid-tier mining infrastructure providers, each controlling around 2% to 3% of global Bitcoin hashrate, according to SimpleMining data. SBI Crypto noted that some operators may offer special programs or preferential conditions for clients transitioning from its pool.

SBI Crypto asked miners to keep directing hashrate to the pool until the cutoff so final payouts can be calculated correctly before operations end. The shutdown also signals a broader strategic shift for the parent group. SBI Holdings has been expanding its cryptocurrency strategy beyond mining, recently agreeing to acquire full control of crypto exchange Bitbank in a 46.7 billion Japanese yen ($289 million) deal, aiming to create Japan's largest cryptocurrency exchange.

Sources:
CoinTelegraph: SBI Crypto Shuts Down Bitcoin Mining Pool Operations
Crypto Briefing: SBI Crypto to discontinue mining pool service by July 30
CoinShares: Bitcoin Mining Report Q1 2026