Top ETH mining pool Sparkpool to close down operations
Second-largest Ethereum mining pool Sparkpool announced on the 26th that it is shutting down operations in both China and overseas amid the country’s recent ban on cryptocurrencies.
Previously, Sparkpool said on 24th that it will stop offering services to miners in mainland China following the regulatory crackdown. However, the China-based mining pool will now end all of its operations for all Chinese and overseas miners by September 30th.
It was the second-largest Ethereum-based mining pool, contributing over 22% of Ether’s hash rate. After the news, its hashrate fell by more than 8% in the last 24 hours.
It has been reported that Sparkpool’s suspension of services to non-Chinese residents appears to be a manifestation of China’s stricter cryptocurrency crackdown.
The mining pool announced that it will ensure the safety of users’ assets before completely shutting down its services on September 30.
Additional information will be sent out via further announcements and emails.
Apart from Sparkpool, F2 Pool, which accounts for about 10% of Ethereum’s hash rate, will also suspend services to Chinese residents, crypto-journalist Wu Blockchain reported on Monday. Wu tweeted:
“When miners log in to F2Pool, they are required to agree to a statement: F2Pool will not provide services to China. F2Pool unilaterally reserves the right to restrict or cancel services in specific areas. F2Pool may freeze or terminate these accounts.”
In addition to mining pools, crypto exchanges are also closing down their operations in mainland China. Houbi Global announced on the 26th that it will stop accepting new users living in mainland China. It also plans to terminate its contract with existing Chinese customers by the end of the year.
The post Top ETH mining pool Sparkpool to close down operations appeared first on Our Bitcoin News.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow