In an attempt to gain entry into the lucrative and popular bitcoin mining industry, the Japanese Conglomerate SBI Holding has announced that it will mine Bitcoin Cash (BCH) through their subdivision SBI Crypto.
SBI Crypto to process the BCH blocks
With a market cap of $5 billion and half a trillion in JPY, Japan’s financial giant, SBI has started to mine Bitcoin Cash (BCH). The focus of Japanese conglomerate is on asset management, financial services, and biotech and now it has made its entry into the crypto world.
The subdivision of SBI Group, SBI Crypto has already started processing BCH blocks at the mining pool of bitcoin.com. The lead developer of the pool stated that the SBY Crypto is not renting any hashpower from the company, rather using their own hardware.
The developer further added that:
“I can confirm SBI is mining Bitcoin Cash on our pool. We put “SBI Crypto” in the coinbase string for all blocks mined by them.”
As of yesterday, they have mined about two blocks. On the basis of this data only and the discounting variance, this would give them about 11 percent share in hardware.
But, since yesterday, there hasn’t been a single block made yet. It has been believed the reason behind this is that they couldn’t’ find one. Thus, this hashrate now might be far less, meaning it would be somewhere around 1-2 percent. However, at this stage, the exact number is not known, at least until more block data arrives.
With mining, SBI takes a different route
The reason for choosing Bitcoin Cash, the Representative Director, President, and CEO of SBI Holdings, Yoshitaka Kitao said:
“The vision of the original Bitcoin white paper written by Satoshi Nakamoto calls for a peer-to-peer electronic cash system. That is a powerful vision, and SBI Group will devote resources to enable a future world where Bitcoin Cash is used globally for daily payments.”
An extensive presentation has been published by the Japanese conglomerate that overlooks a number of their businesses. This presentation also includes various slides focused specifically on cryptocurrencies.
The conglomerate stated:
“SBI Group will acquire cryptocurrency share through mining, in order to stabilize the market. Presence of a cryptocurrency “stable shareholder” will stabilize the market.”
A much holistic crypto ecosystem has been laid out by SBI that includes derivatives, venture funding, an S coin platform, remittance, and media sites.
According to the company their S platform “can be used to issue many types of digital coins to be used as settlement method, including cryptocurrency or prepaid electronic money.”
The SBI group emphasized that blockchain technology, big data, artificial intelligence and other fields are creating a growth cycle that is going to reach great heights in coming two decades. They basically want to enter this field early and seems like they are doing it holistically.
There are various companies that are utilizing the blockchain technology but SBI is the only established one that is going to mine the cryptocurrency directly. Unlike other companies that are going the buying route, SBI has opted to mine it. They have given, ensuring the stability of cryptocurrency and preventing the attacks, the reasons for the same.
Moreover, they have chosen to be transparent by signing their blocks with SBI crypto that makes it easy to know how much they have mined.
What are your views on a mainstream company like SBI getting into crypto mining? Let us know your thoughts below!
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.