TOKYO, August 19. /TASS/. SBI Holdings intends to completely stop the cryptocurrency mining business in Russia, the Japanese financial company said in its financial statements for April - June of this year, released on Friday.

"SBI Group plans to withdraw from the mining business in Russia," the company said.

SBI posted losses of 9.7 bln yen ($70.8) in the cryptocurrency mining sphere in the reporting period of 2022. Losses were associated with termination of mining in Russia, revenue drops from such business and the bitcoin rate collapse, which had the largest quarterly dip within eleven years.

"We suspended mining in Russia in the first quarter of the current financial year [started in April - TASS]. We are now dealing with equipment sale and withdrawal of assets, CFO of SBI Holdings Hideyuki Katsuchi said during report presentation.