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

302,092 ETH Left Exchanges In January As Ether Burned Surpasses 1.74 Million Tokens worth $4.6 Billion

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.

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.

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.

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 is a trader, crypto enthusiast, and analyst with over seven years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.