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Leading Ethereum Mining Pool to Shut Down due to China’s Crackdown
The China-based Ethereum mining pool SparkPool has decided to halt its services for all users. The platform posted the development to their website and Twitter account on Monday. The firm is one of the world’s largest Ethereum mining pools.
SparkPool stated that it is doing so due to stricter enforcement of crypto mining bans in the country. Also, it announced that it was suspending access to new users in mainland China. In addition, the entity intends to stop existing users in China and abroad by the end of this month.
The company reassures its customers that the move is to protect the safety of their assets. Spark pool is taking action in response to regulatory policy requirements. The firm will send more details concerning the shutdown through announcements, emails, and in-site messages.
SparkPool’s History in China
SparkPool, based in Hangzhou, China, came into the financial scene in 2018. It has risen to be a leading global mining pool for Ether, along with Ethermine, the world’s largest Ethereum mining pool. SparkPool’s mining power accounted for 21% of Ethereum’s global hashrate, just below Ethermine’s share of around 25%.
According to MiningPoolStats, the company has over 68,000 miners linked to its Ethereum pool. They produce 141TH/s (Terahashes per second) of hash power.
The real-time Ethereum hash rate linked to Sparkpool has trickled. It plunged by over eight percent in the past 24 hours. The move follows China’s intensified crackdown over crypto mining and trading activities.
SparkPool’s pools for proof-of-work blockchains, Beam and Nervos, will also shut down simultaneously as the Ethereum pool.
China’s Crypto Crackdown
The new regulations in China have also forced Huobi, a crypto giant, to suspend new user registration coming from China. The exchange has halted users from opening new accounts with mainland China mobile numbers to comply with the crackdown. The platform intends to stop the current users from accessing its platform by year-end.
The latest ban has made authorities more vigilant and increasing surveillance. They are enforcing stricter measures on those caught running illegal mining operations. Therefore, Chinese crypto firms may either shut down or move abroad to escape running afoul of the present regulations.