Russia Ukraine War Affects Miners Badly: Japanese Giant Withdraws from Russia

SBI Holdings Inc., one of Japan’s largest brokerage houses. It has announced that it will end its cryptocurrency mining operations in Russia.

SBI Holdings August 15 published on the investor relations page on 1st quarter of 2022 In its financial report, the company’s cryptocurrency mining operations in Russia termination announced his decision.

The company is responsible for the ongoing mining activities in Siberia of the Russian invasion of Ukraine. uncertainty In addition, the profitability of the ongoing decline in global markets that negatively affect stated. In addition, the company stated that the tension of the American sanctions in the region will increase in the future. will escalate expressed his thoughts. Hideyuki Katsuchi, Chief Financial Officer of SBI Holding, earlier this week, it announced plans to sell equipment and withdraw.

The company, which did not disclose how long it would take for SBI to withdraw from Siberia, is in Russia except for mining. does not show any cryptocurrency activity however, the company’s banking unit operating in Russia SBI Bank’s its activities to continue said it was planned.

The company’s reports include mining operations in Siberia shortly after the war started. suspending of SBI Holdings in the first quarter of 2022 from digital asset activities 9.68 billion yen ($72 million) It also includes information about damage.

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