Home News Second-largest Ethereum mining pool to suspend all operations

Second-largest Ethereum mining pool to suspend all operations


The second-largest Ethereum mining pool SparkPool will cease operations in China and outside the country.

“A complete shutdown of all services and operations for existing users both domestically and abroad is planned for September 30, 2021,” the report says.

Previously, SparkPool refused to serve users in mainland China. Thus, representatives of the pool explained this decision by the desire to “comply with the latest regulatory requirements”.

Chinese repressions against the cryptocurrency industry

On September 27, journalist Colin Wu reported that the F2Pool mining pool “will not provide services to China”. And also may close or block accounts.

On September 24, it became known about the next Chinese repressions against the cryptocurrency industry. The State Committee for Development and Reform of the People’s Republic of China pointed to the negative impact of mining on the environment and its “insignificant” contribution to the country’s economy.

The People’s Bank of China (PBOC) described as illegal the activity of platforms that provide the exchange of digital assets among themselves or for fiat. Before that, the director of the NBK’s payments and settlements department, Wen Xinxiang, called cryptocurrencies and stablecoins a threat to the traditional financial system.

Bitcoin exchanges stopped registering new users

Recall that against this background, the Bitcoin exchanges Binance and Huobi stopped registering new users in mainland China. Moreover, companies have banned customers from using Chinese phone numbers to register new accounts. According to the agency, Hong Kong residents can still create wallets on both platforms.

Binance noted that the company does not conduct operations in China and blocks the corresponding IP addresses. The company did not comment on the ban on the use of local phone numbers.

Huobi published a notice according to which it stopped registering users from mainland China on September 24, 2021. The reason was the company’s desire to comply with local laws. By December 31, the platform will delete existing accounts of residents of the People’s Republic of China.

Previous articleRobert Kiyosaki predicts “a giant stock market crash”
Next articleYellow Card, an African cryptocurrency exchange, has completed its $15 million Series A funding round