SBI Holdings to enter mining space

• SBI’s mining arm will be named SBI Mining Chip Co., Ltd or SBIMC and will be led by the former president of the Chip Estimate Corporation, Adam Traidman.
• This move puts SBIMC in direct competition with the leading chip manufacturer, Nvidia.

Ripple partner SBI Holdings is entering the mining space by establishing their chip mining arm, SBI Mining Chip Co., Ltd or SBIMC. SBI stated:  

“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 practiced 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.”

SBIMC will be led by Adam Traidman, former NASA employee and former president of the Chip Estimate Corporation. This has been seen as a strategic move by the Tokyo-based firm to enhance its existing digital asset business. Traidman and his team will work with an undisclosed  US-based “large semiconductor enterprise” to develop the mining systems and manufacture the mining chips. SBI said, “The SBI Group will promote efficient, reliable and sustainable mining operations to develop a sound and solid cryptocurrency market.”