SBI exits mining business in Russia, posting losses for Q2

Japanese financial group SBI Holdings has partially halted its mining operations in Russia amid geopolitical tensions and the ongoing crisis in the crypto market.

As Bloomberg reported on Thursday , shortly after the start of the war between Ukraine and Russia, the SBI gave up its mining operations in Siberia, a spokesman for the financial group confirmed.

The abandonment was instrumental in causing SBI's crypto business to post a $71 million loss for Q2 2022. This was even so high that the financial group posted a total net loss of $17.5 million in the second quarter, the first negative quarter in more than ten years.

SBI's withdrawal from Siberia aligns with publicly available data on subsidiary SBI Crypto, as its hashrate has dropped from 5,600 petahashes per second (PH/s) in February to just 3,300 PH/s in February, according to blockchain explorer BTC.com August slipped .

However, SBI has not completely withdrawn from Russia, Bloomberg reports, as the company is said to continue mining in other parts of the country. However, as SBI CFO Hideyuki Katsuchi confirms, the remaining hardware should be sold as soon as possible in order to soon stop mining in these regions as well.

Apart from crypto mining, the Japanese group does not conduct any other crypto business activities in Russia. The Moscow-based branch of SBI Bank, meanwhile, will remain in existence, but does not offer crypto services.

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