Home News BeePool mining pool announced its closure amid Chinese crackdown

BeePool mining pool announced its closure amid Chinese crackdown

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On October 15, 2021, one of the largest Ethereum mining pool BeePool will stop working “due to the latest regulatory requirements”. The website stated this.

“The registration of new users and the addition of additional accounts will be suspended. All servers will stop working on October 15, 2021 at 23: 59 Beijing time,” BeePool said.

According to Etherscan, at the time of writing, the pool is the fourth in the hashrate rating for the last seven days.

The negative impact of mining

Earlier, the largest pool for mining Ethereum SparkPool announced the termination of service to Chinese users, and then the shutdown of work outside the country. F2Pool refused to serve customers from China and warned about blocking accounts. Thus, according to BTC.com, over the past 24 hours, the hashrate inflow to BeePool is 9.04%. At SparkPool, this indicator decreased by 29.94%, at F2Pool increased by 30.83%.

On September 24, the National Development and Reform Commission of the People’s Republic of China (NDRC) stressed that mining consumes too much energy, which negatively affects the environment. In addition, its contribution to the Chinese economy is “insignificant”, and the risks associated with cryptocurrency transactions are very high. Moreover, The People’s Bank of China described as illegal the activity of platforms that provide the exchange of digital assets among themselves or for fiat.

Before that, the representative of the regulator, Wen Xinxiang, called cryptocurrencies and stablecoins a threat to the traditional financial system.

Chinese repression

BitMart, Binance and Huobi exchanges have closed the possibility of registering new users in mainland China. The Biki trading platform has announced that it will stop working from November 30.

Chinese online broker Tiger Brokers will prohibit opening new positions in cryptocurrencies from October 1, 2021. According to a screenshot published by journalist Colin Wu. Earlier, a similar statement was made by representatives of Futu. The company announced the launch of digital asset trading in June.

Recall that the online commerce giant Alibaba announced a ban on the sale of Bitcoin miners on its platform. According to media reports, users from China have lost access to the analytical services CoinGecko and CoinMarketCap.

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