In an uptrend in July Bitcoin (BTC) It could not sustain its rise. Although Bitcoin exhibits sideways movements this week CoinGecko According to data, it has lost approximately 9% in the last 24 hours and decreased to $ 21,500.
bitcoin The decline in the sector affected not only the investors but also the corporate companies.
In this context, Japan’s leading financial services company SBI Holdings crypto- money mining announced that it would cease operations.
BloombergAccording to the news of Japanese financial giant SBIHe said that he left Russia due to the war between Russia and Ukraine and the sharp declines in the global cryptocurrency market.
A spokesperson from SBI cited another reason why they believed that the US sanctions against Russia for the invasion of Ukraine would increase the turmoil in the region.
Answering Bloomberg’s questions, an SBI spokesperson said:
“The Russian invasion of Ukraine is creating uncertainty over the company’s prospects for its mining business in Siberia.
Also, the declines and extreme volatility in the cryptocurrency market make mining less profitable.”
In this context, SBI plans to sell the mining equipment it uses in Russia.
The report also reported that SBI’s chief financial officer, Hideyuki Katsuchi, announced that the company has plans to sell its crypto mining hardware and withdraw completely from the country earlier this week.
It will be recalled that China’s bitcoin and after the comprehensive ban on all transactions and mining related to cryptocurrencies, miners migrated to crypto-friendly countries and countries with low-fee energy.
One of these countries was Russia. However, the sanctions imposed on the country after Russia’s invasion of Ukraine negatively affected the mining activities in the country.
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