Cryptocurrencies
Japan’s Largest Online Broker to Shut Crypto Mining in Russia
- SBI says withdrawal prompted by war, global crypto market rout
- Russia’s low-cost power had made it attractive to miners
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SBI Holdings Inc., Japan’s biggest online brokerage, said it will shut crypto-mining operations in Russia, adding to the churn in the region sparked by the threat of US sanctions.
Russia’s invasion of Ukraine has created uncertainty over the prospects of the mining business in Siberia, while crypto’s global market rout has rendered it less profitable to mine tokens, a spokesman said in response to questions from Bloomberg News. Chief Financial Officer Hideyuki Katsuchi announced the plan to sell machinery and withdraw earlier this week.