SBI Group will start producing cryptocurrency mining chips

The Japanese financial giant SBI Group has created a subsidiary that will produce cryptocurrency mining chips.

This corporation has reported on its website. SBI has previously shown interest in the cryptocurrency industry - last fall it was reported that the group was developing a new cryptocurrency wallet for the VCTRADE exchange. In a recent statement, the company spoke about its desire to expand its influence in the mining industry by creating SBI Mining Chip Co., Ltd. (SBIMC).

The company is competing with other manufacturers of mining devices, the largest of which is Bitmain, which released its latest product this month.

“The SBI Group actively supports a wide range of companies associated with digital assets, including cryptocurrency exchanges and other blockchain companies. The group was engaged in the business of mining cryptocurrency abroad and has now decided to expand its sphere of influence to the production of mining chips and the development of mining systems through SBIMC. ”
The new project will be led by Adam Traidman, an experienced entrepreneur from Silicon Valley. “The SBI group will promote efficient, reliable, and long-term cryptocurrency mining operations to develop a robust and unified digital asset market,” the notice says.

To date, SBI has mined only Bitcoin Cash (BCH) through its subsidiary. However, the company did not support these operations for long. In September 2018, Jihan Wu, co-founder of Bitmain and head of the mining pool used by SBI, said that the company would wind down its operations in favor of Craig Wright, who became one of the central figures in the “hash war” after Bitcoin Cash .