SBI Crypto, a subsidiary of SBI Holdings, Japan, has announced its mining pool service, allowing miners to earn from collaborating.
SBI Holding’ Public Mining Pool
SBI Crypto announced public participation in its mining business after a soft launch in private placements earlier this year.
Bitcoin mining is an energy incentive process that requires specialized hardware, whose power is measured in “hashes.” The miners compete against each other to solve the block’s encryption problem and win the mining rewards of 6.25 BTC. Due to the process’s energy-intensive nature, a larger group of miners, mining pools, have a better chance of earning stable returns.
The mining pool managers take a percentage of the earnings from the miners.
The investment firm entered the mining business in 2017 and mines Bitcoin and its hard forks in Bitcoin Cash and Bitcoin SV.
Currently, SBI Crypto’s mining pool delivers 1.1 EH/s to the network with a total hashrate of 155 EH/s. Its pool ranks ninth in the world. The online pools offered until now are mostly based out of China.
The daily revenue per unit of mining power, according to SBI’s website, is $0.4 for BTC. Companies can place a request to get a quote for the lease.
The cost of mining hardware and its availability is subject to market conditions that have been strained due to huge demand.
Disclosure: The author held Bitcoin at the time of press.