{"id":13153,"date":"2022-08-19T12:53:45","date_gmt":"2022-08-19T12:53:45","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/sbi-lost-40-of-hash-rate-after-stopping-mining-in-russia-data\/"},"modified":"2022-08-19T12:53:48","modified_gmt":"2022-08-19T12:53:48","slug":"sbi-lost-40-of-hash-rate-after-stopping-mining-in-russia-data","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/sbi-lost-40-of-hash-rate-after-stopping-mining-in-russia-data\/","title":{"rendered":"SBI lost 40% of hash rate after stopping mining in Russia: Data"},"content":{"rendered":"
Japanese financial giant SBI Holdings has partly terminated cryptocurrency mining in Russia due to geopolitical uncertainty and the crypto winter.<\/p>\n
SBI Holdings suspended mining operations in Russia\u2019s crypto mining-rich region of Siberia, citing reasons like Russia-Ukraine conflict and the ongoing bear market, Bloomberg reported on Thursday.<\/p>\n
The Japanese online brokerage shut down the Siberian mining operations shortly after Russia started a military intervention in Ukraine on Feb. 24, a spokesperson for the firm reportedly said. <\/p>\n
The termination contributed to SBI\u2019s crypto asset business reporting a pretax loss of 9.7 billion yen ($71 million) in Q2 202. As a result, the Sumitomo Mitsui Financial Group-backed group recorded a 2.4 billion yen ($17.5 million) in net losses, reportedly posting its first quarterly loss in a decade.<\/p>\n
The reports on SBI\u2019s mining suspensions in Siberia correspond with the public mining information of SBI\u2019s crypto mining subsidiary SBI Crypto. According to data from the blockchain explorer BTC.com, SBI Crypto\u2019s mining hash rate plummeted\u00a0about 40% from 5,600 petahashes per second (PH\/S) in mid-February to 3,300 PH\/S on Aug. 18, 2022.<\/p>\n