China crypto ban shuts down Ethereum miner

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One of the world’s largest Ethereum mining pools is shutting down amid China’s decision to ban cryptocurrencies within its borders.

According to Cointelegraph, China-based SparkPool, the world’s second-largest Ethereum mining pool, announced on Monday, September 27 that it was suspending access to new users in mainland China, with the intention of suspending existing users in China and abroad Thursday.

The move is to protect the security of user assets in response to regulatory policy requirements, the company said, and further details on the shutdown will be sent through announcements, emails and messages. on the site.

SparkPool did not immediately respond to the request for comment, according to the Cointelegraph report.

SparkPools’ move came in response to a decision by the People’s Bank of China (PBOC) last week to effectively ban cryptocurrency.

The PBOC said the move was due to concerns about national security and the need to protect investors from risk. The bank cited illicit cryptocurrency-related activities, such as gambling, pyramid schemes, and money laundering, and specifically mentioned bitcoin, Ether, and Tether.

The ruling also affects businesses outside of China, banning crypto services run by foreign exchanges from doing digital transactions with people in China. The central bank also said it would work with national agencies to undertake comprehensive surveillance.

Read more: Bitcoin exchanges ban Chinese users from following ban

Other companies are doing what SparkPool has done. As reported on Sunday, two of the world’s largest bitcoin exchanges stopped taking users from China following the ban.

Huobi and Binance have both stopped taking new registrations from Chinese users, while Huobi plans to shut down existing Chinese accounts by the end of the year to comply with the ban.

Launched in 2018, SparkPool has grown into one of the largest mining pools on the planet for Ether, along with Ethermine, the largest Ethereum mining pool in the world. Cointelegraph said SparkPools ‘mining power represented 22% of the global Ethereums hashrate on Monday morning EST, slightly less than Ethermines’ share of 24%.

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