SBI Crypto launches its Bitcoin mining pool for the public

TL;DR Breakdown

• SBI Crypto has launched its BTC mining pool for the public.
• The company intends to support the pool with 1.1 EH/s of computing power.

SBI Crypto, a subsidiary of Japanese financial services company SBI Holdings, announced on Friday that its Bitcoin mining pool service is now available for the masses. The BTC mining pool has been running since this year, although it was only limited to certain people. Today’s announcement means anyone can subscribe to mine cryptocurrencies together with SBI Crypto, although some of the developed features on the platform were designed to target institutions.  

SBI Crypto debuts its mining pool service

A BTC mining pool consists of miners who combine their computing power to mine Bitcoin. The rewards are split amongst the participants in accordance with their hashrate. This is one of the effective ways to mine Bitcoin and other cryptocurrencies that run a Proof-of-Work (PoW) model.

SBI Crypto has been self-mining cryptocurrencies like Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoin SV (BSV) since August 2017 through overseas mining farms. The company intends to support and stabilize the Bitcoin mining pool via its current mining power of approximately 1.1 exahash per second (EH/s). The SBI Pool is currently ranked the 11-largest pool by hashrate on a one-week count, according to the data from BTC.com.

Additionally, the pool has been externally audited for security by Silent Breach. SBI Crypto noted that part of the pool’s service was developed to complement data center management services amid its partnership with Northern Data, one of the leading Bitcoin mining companies. Both companies partnered in July last year.

Bitcoin mining pools

In the seven-day count, Poolin is currently the leading BTC mining pool, accounting for 15.50 percent of the total hashrate, followed by F2Pool (15.40 percent) and Binance Pool (11.99 percent). As at the 18th of March, the total Bitcoin hashrate was 154.599 million terahash per second (TH/s), according to Blockchain.com.