Japanese conglomerate, SBI Holdings announced its plan to manufacture crypto mining chips and systems and for the purpose it has established a new subsidiary.
The new venture “SBI Mining Chip Co. (SBIMC)” is a part of SBI’s digital assets-related business. However, the company has not given out any details on what kind of mining chip they will be manufacturing or will it be Bitcoin-specific miner or will be supporting other cryptocurrencies as well.
The subsidiary SBIMC will be developing and manufacturing cryptocurrency miners in partnership with an unnamed large semiconductor enterprise in the U.S. The venture will be led by former NASA veteran Adam Traidman who has a high level of experience and knowledge in semiconductors and other electronics.
SBI Holdings is not new to the crypto space and manages wide-range of cryptocurrency businesses including a crypto exchange VCTrade, which was established in June 2018. SBI through its subsidiary SBI Crypto also established BCH mining pool but later exited the business. SBI in its release noted:
“The SBI Group strongly promote on a wide range of businesses based on the digital asset, including cryptocurrency exchange business and other blockchain related businesses. The Group has practised its cryptocurrency mining business at overseas and has now decided to expand its business scope to the manufacturing of mining chip itself and development of mining systems, through SBIMC.”
Despite the slowdown in the crypto mining space, miners are still betting big in the industry, with Canaan, Bitmain and Ebang pushing for public funding and list their businesses.
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