Japan: SBI Group Sets Up Spin-Off to Manufacture Crypto Mining Chips
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Japanese financial giant SBI Group has created a dedicated subsidiary that will manufacture cryptocurrency mining chips, the company confirmed in a notice on March 22.
SBI, which has launched spin-offs covering various aspects of the cryptocurrency industry, now says it wishes to expand its influence in the mining sector through the creation of SBI Mining Chip Co., Ltd. (SBIMC).
The company will join industry stalwart manufacturers, chief among which is Bitmain, which released its latest product this week.
“The SBI Group strongly promote [sic] on a wide range of businesses based on the digital asset, including cryptocurrency exchange business and other blockchain related businesses,” the notice reads, continuing:
“The Group has practiced its cryptocurrency mining business [...] overseas and has now decided to expand its business scope to the manufacturing of mining chip itself and development of mining systems, through SBIMC.”
The latest project meanwhile will see guidance from Adam Traidman, a seasoned Silicon Valley entrepreneur in semiconductors and associated electronics.
“The SBI Group will promote efficient, reliable and sustainable mining operations to develop a sound and solid cryptocurrency market,” the notice promises.
To date, SBI had only mined crypto Bitcoin Cash (BCH) via its subsidiary, beginning and ending the practice last year after concerns arose.
In September 2018, Jihan Wu, co-founder Bitmain and head of the mining pool SBI was using, claimed that the company was seeking to subvert its operations to benefit Craig Wright, the notorious entrepreneur who became a central figure in Bitcoin Cash’s contentious hard fork two months later.