Bitcoin mining subsidiary of SBI Holdings goes public

The mining pool is equipped with advanced features targeted at institutional clients, the announcement said 

SBI Crypto, the Japanese financial conglomerate SBI Holdings’ mining subsidiary, has announced earlier today that its cryptocurrency mining pool will now be open to the general public. The Bitcoin mining pool, which now ranks 11th globally, is the result of a strategic partnership between SBI and German tech firm Northern Data AG.

The pool will be mining three cryptocurrencies namely Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoin Satoshi Vision (BSV), with expected revenue of $0.3897, $0.3805, and $0.3519 respectively measured in dollars per terahash per day.

“SBI Crypto has been self-mining digital assets in overseas mining farms since August 2017 and continues to expand its scale. The company will use its current mining power of approximately 1.1 EH/s to support and provide stability to the pool,” the financial giant summarised its mining activities in the announcement.

With the mining pool now going public, new users can request an account unlike during the pool’s first limited release earlier this year. Users are expected to be able to sign up to the mining pool without having to request an account by April. The platform will offer services in not only English and Japanese but also in Mandarin, the announcement revealed.

Further, SBI notes that while the pool is equipped with a number of unique features that have been customised to the needs of institutional clientele, individual customers will still be able to use the service.

From the introduction of a Bitcoin lending service through its crypto investment subsidiary SBI VC Trade to the acquisition of crypto exchange TaoTao via its foreign exchange and derivatives arm, SBI Holdings has shown keen interest in being part of multiple cryptocurrency ventures through its various subsidiaries.

Last December, SBI collaborated with Switzerland’s principal stock exchange SIX Swiss Exchange to announce a joint crypto related project. The financial giant has also recently hinted at   further crypto-related ventures in collaboration with foreign financial firms in the near future.

SBI has also been extensively involved with Ripple and supported the crypto company through its legal troubles in the United States. SBI CEO Yoshitaka Kitao has also previously stated that Japan would be the most likely country for Ripple to relocate to if it is compelled to leave the US.