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.
Miners have flocked to Russia, in part to take advantage of low-cost power from natural gas and hydropower dams, that have made it a popular destination besides North America after Beijing’s crypto mining ban last May forced them out of China.
But in April, the U.S. Treasury Department imposed sanctions on Switzerland-based crypto mining company BitRiver, targeting one of the industry’s largest data-center service providers over its operations in...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...