SBI Group Stars Mining Bitcoin Cash

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A Japanese conglomerate with a market cap of half a trillion JPY ($5 billion) focused on financial services, asset management and biotech, has started mining Bitcoin Cash (BCH).

SBI Crypto, a sub-division of SBI Group, has started processing BCH blocks at bitcoin.com’s mining pool, with a lead developer from the pool stating “they are using their own hardware, not renting hashpower from us,” before further adding:

“I can confirm SBI is mining Bitcoin Cash on our pool. We put “SBI Crypto” in the coinbase string for all blocks mined by them.”

They have mined two blocks yesterday as far as we can see. Based on that data alone and discounting variance, that would give them a hardware share of 11%.

However, no block has been mined since yesterday, presumably because they could not find one. Their hashrate, therefore, might be far less, perhaps 1%-2%, with the exact number unknown at this stage until more block data arrives.

SBI’s Bitcoin Cash blocks.

The conglomerate has published an extensive presentation overlooking their many businesses, with a number of slides dedicated to cryptocurrencies specifically.

“SBI Group will acquire cryptocurrency share through mining, in order to
stabilize the market,” they say after adding: “Presence of a cryptocurrency “stable shareholder” will stabilize the market.”

SBI crypto mining

More generally, the conglomerate lays out a holistic crypto ecosystem that includes remittance, venture funding, an exchange, derivatives, media sites, and even an S coin platform which:

“Can be used to issue many types of digital coins to be used as settlement method, including cryptocurrency or prepaid electronic money,” they say.

SBI’s crypto ecosystem overview.

The group argues blockchain technology, artificial intelligence, big data, and other new fields spurred by the invention of code, are just starting to create a growth cycle that will peak in about two decades.

In the Kondratieff cycle (economic business cycle of 50-60 years primarily due to technology revolution), it is considered that a new cycle of innovation has currently been entered into, they say.

Naturally, therefore, and based on that analysis, they want to enter the field early and they seemingly want to enter it very much holistically.

Business cycles due to tech innovation.

Although many companies are experimenting and utilizing blockchain technology, SBI is the only know established company to directly mine a cryptocurrency.

Instead of buying them on the market it seems they have opted to mine it, with their given reason being ensuring stability of the currency and to prevent any 51% attack.

On the privacy aspect they have seemingly opted in to be fully transparent, signing their blocks with SBI crypto, therefore it is possible in due course to say just how much they have mined.

But they don’t have to be transparent as far as the tech is concerned as they can utilize privacy protecting methods, but that transparency would assist in ensuring they operate honestly and thus maintain some stability as they argue.

They have chosen Bitcoin Cash because Yoshitaka Kitao, Representative Director, President & CEO of SBI Holdings says:

“The vision of the original Bitcoin white paper written by Satoshi Nakamoto calls for a peer-to-peer electronic cash system. That is a powerful vision, and SBI Group will devote resources to enable a future world where Bitcoin Cash is used globally for daily payments.”

Cryptos therefore are now growing up as they go mainstream, with governments, banks, multinationals, thinkers, movers and shakers, now descending to this space as something that begun almost a decade ago stands on the verge of ubiquitousness.

 

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