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Sunday, December 4, 2022

SBI Has Already Lost Around 40% Of Its Hash Rate

SBI Holdings, a financial giant in Japan, has already terminated a part of its cryptocurrency mining in Russia due to the uncertainty that has been taking place in the country.

The company went on to suspend its mining operations in the crypto mining-rich region of Siberia, as it cited reasons like the conflict that was going on between Russia and Ukraine, and also the ongoing bear market, which was then reported by Bloomberg on Thursday. The online brokerage firm in Japan went on to completely close its Siberian mining operations shortly after Russia decided to stage a military intervention in Ukraine on the 24th of February, which was mentioned by a spokesperson for the firm. 

SBI Has Stopped All Of Its Operations In Russia

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The termination contributed heavily to the crypto asset business of SBI reporting a pretax loss of around 9.7 billion yen in Q2 202. As a result of this, the group- backed by the Sumitomo Mitsui Financial Group went on to record 2.4 billion yen in net losses, which was reportedly posted in the first quarter of this year.

The multiple reports of the mining suspensions of the company in Siberia do correspond with the information about public mining that has been provided by SBI Crypto. According to this data from the explorer of blockchain BTC.cm, the mining hash rate of SBI Crypto went down by about 40% from 5,600 petahashes per second in mid-February to 3,300 PH/S on the 18th of August, 2022. 

After the majority of the mining operations were suspended in Siberia, SBI still has been reportedly running some mining activity in Russia, according to Bloomberg. Hideyuki Katsuchi, the chief financial officer of the company, recently revealed the plan of the company to sell crypto mining hardware and withdraw from Russia completely by the end of the week. 

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