SparkPool is the most new victim of China’s crypto crackdown.
SparkPool Shuts Down
SparkPool, the second greatest Ethereum mining pool, has announced that this is able to per chance presumably merely conclude all products and companies and operations by Sept. 30.
The pool, essentially based out of Hangzhou, China, first and most major told users that it could per chance presumably per chance quit offering its products and companies in mainland China closing Friday, following regulatory adjustments from Chinese authorities. On the opposite hand, in a subsequent peek posted to the SparkPool net page and Twitter legend today, the firm confirmed that it’d be stopping its products and companies to users both “at dwelling or in a foreign country.”
— SparkPool (@sparkpool_eth) September 27, 2021
Within the peek, SparkPool acknowledged that it had made the decision to relieve provide protection to user’s sources. The pool also said it could per chance presumably per chance ship out more info touching on the shutdown by announcements and on-set apart apart messages. Presently, the shutdown is planned to happen early morning on Sept. 30.
Launched in 2016, SparkPool is one in every of the longest-running Ethereum mining pools and presently accounts for 21% of the Ethereum network hashrate. Per MiningPoolStats, SparkPool has over 68,000 miners associated to its Ethereum pool, producing 141TH/s (Terahashes per second) of hash energy.
SparkPool also presents pools for 2 other proof-of-work blockchains, Beam and Nervos, that could presumably merely also shut down similtaneously the Ethereum pool.
The most new crypto crackdown in China has largely been a reiteration of old provisions declaring cryptocurrency-associated activities unlawful. On the opposite hand, now not like old bans, authorities are now increasing surveillance and enforcing harsher penalties on those caught running unlawful mining operations. As such, companies facing cryptocurrencies in China tend to both shut down or switch in a foreign country to steer sure of running afoul of the brand new regulations.