Japanese Financial Giant SBI Holdings to Shut Down Its Crypto Mining Operation in Russia

Japanese financial giant SBI Holdings will shut down its crypto mining operations in Russia, according to Bloomberg. A spokesman for SBI Holdings said Russia's invasion of Ukraine had created uncertainty about the outlook for mining operations in Siberia, while the plunge in the global market for cryptocurrencies has made mining less profitable. Chief Financial Officer Hideyuki Katsuchi announced plans to sell the miners and pull out of Russia earlier this week. SBI Holdings suspended its mining operations in Russia shortly after the start of the Russia-Ukraine war, leaving the company's crypto business with a pre-tax loss of 9.7 billion yen for the three months ended June 30, a spokesman for SBI Holdings said. about US$72 million), with a net loss of 2.4 billion yen, its first quarterly loss in a decade. the