Tuesday, October 19, 2021

Largest Ethereum Mining Pool in the World to Stop Serving Miners in China

Sparkpool, the largest Ethereum mining pool in the world, has recently announced that it will stop serving miners that are based in mainland China.

According to the report, the suspension came in response to the latest unfavorable regulatory policy announcements in China.

Read Also: CEO of World’s Largest Movie Theater Chain Confirms Adoption of Ethereum, Litecoin, Bitcoin Cash

The People’s Bank of China and the National Development and Reformation Commission (NDRC) had earlier announced their quest to further clamp down crypto trading and mining activities in the country.

In terms of the real-time hash rate, Sparkpool is the largest Ethereum mining pool. The mining pool accounts for relatively 20% of the Ethereum network’s hash rate, followed by Ethermine.

Read Also: Vitalik Buterin: My Biggest Regret about Ethereum is the Whole ‘8 Cofounders’ Thing

China Issues Tougher Measures in the Quest to Clampdown Crypto-Related Activities

According to an announcement on Friday, all services that allow the exchange of fiat currencies and cryptocurrencies or between crypto assets are now classified as illegal activities.

This implies that over-the-counter (OTC) services that are still available on crypto exchanges such as OKEx, Huobi, and Binance, which enable users based in China to change Yuan to digital assets so as to take part in crypto trading activities, are now illegal.

The notice further stated that offering crypto derivative trading services have now become illegal in the country. It also affects crypto exchanges outside China, which make the service accessible to Chinese residents.

Read Also: Analyst Nicholas Merten Predicts Notable Surge in Ethereum (ETH) Price in the Coming Months

According to PBoC, individuals who live inside China but work for overseas crypto exchanges that are making crypto trading available in China are also subject to legal prosecution.

Another thing that is worth noting in the statement is that it’s jointly issued by not only government agencies but also law enforcement.


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Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.

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