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What Crypto Bear Market? Japanese Banking Giant SBI Will Soon Mine Bitcoin

Joseph Young
Japanese financial institution will soon begin mining cryptocurrencies including bitcoin. | Source: Photo by Lars Hagberg / AFP

SBI Holdings, a major financial and banking giant in Japan, has formally announced the launch of SBI Mining Chip Co., Ltd., officially entering the bitcoin mining industry.

In recent months, the most dominant forces in the global bitcoin mining industry in the likes of Bitmain, Cannan, and Japanese internet conglomerate GMO have struggled to adjust to market conditions.

As the bitcoin bear market extended to a 15-month correction, despite the gradual increase in hash power, the demand for bitcoin mining due to the general decline in profitability of mining noticeably dropped.

All-Time Performance of the Crypto Market (Source: Coinmarketcap.com)

The entrance of SBI Holdings into the mining market at this phase of the correction suggests that the company has confidence in the long-term growth of bitcoin and the cryptocurrency market.

Timing of SBI’s Bitcoin Mining Business is Essential

In the months to come, with semiconductors expert Adam Traidman as the head of its mining venture, SBI Holdings is set to establish a strategic partnership with a major U.S.-based semiconductor enterprise to develop and manufacture bitcoin mining chips.

The official announcement of SBI read:

Read the full story on CCN.com.