‘SBI Crypto’ cryptocurrency mining pool started in April
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March 20, 2021「SBI Crypto Co., Ltd.」of SBI Group, a financial conglomerate, announced that it will start mining pool business from April 21st. Coinpost reported this on the 20th.
In addition to operating a cryptocurrency exchange, SBI Group has been conducting mining (mining) business since 2017. This time, it is planning to open the service to the public and start a mining pool business.
According to the pre-registration site, there are three types of offerings: Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoin SV (BSV).
It is also explained that there are other services such as borrowing funds for mining and earning interest by depositing mining rewards.
The service adopts the Full-Pay-Per-Share (FPPS) method, and the miner (miner) pays compensation according to the amount of approval for the creation of a block. As for the FPPS method, a mining pool project by Foundry, a subsidiary of Digital Currency Group (DCG), which announced its start on the 12th, is also employed.
Both companies have similar service content, such as offering staking and lending as business of subsidiaries of the group.
In addition, Northern Data, a partnership with Germany in 2020, is planning to subcontract some of the mining pool’s data center management. In addition, SBI Crypto said it owns 700,250 shares of the company.
Regarding SBI, it was reported in February that it is in consultation with a foreign financial company to establish a joint venture related to cryptocurrency.
(SBI Group’s “SBI Crypto Association” is a gold medalist.)
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.
