The second largest Ethereum mining pool suspends all operations

Due to China’s continued crackdown on cryptocurrencies, Sparkpool, the world’s second largest Ethereum mining pool, is temporarily suspending operations.

The mining pool is officially online Announce On September 27, at the request of the Chinese authorities, it suspended new users visiting mainland China Initiate new measures Crack down on cryptocurrency adoption in the country.

Following the initial restrictions on Friday, Sparkpool will continue to shut down the service and plans to suspend existing mining pool users in China and abroad on September 30.

According to the announcement, these measures are designed to respond to “regulatory policy requirements” and ensure the safety of user assets. “More detailed information about the closure will be sent through announcements, emails and live messages,” Sparkpool pointed out.

roll out In China at the beginning of 2018, SparkPool has become one of the largest Ethereum mining pools in the world (Ethereum) Next to it is Ethermine, the largest Ethereum mining pool in the world.At the time of writing, SparkPool’s computing power makes up for twenty two% According to Poolwatch.io data, Ethereum’s global hash rate is slightly lower than Ethermine’s 24%.

When the news broke, the Chinese government strengthened its negative stance on cryptocurrency, and announced last Friday that all cryptocurrency-related transactions are illegal in the country.Some of the largest cryptocurrency exchanges such as Binance and Huobi followed pause New account registrations from mainland China have reportedly continued to provide services to Hong Kong users.

related: As China upgraded its encryption ban, Ethereum fell more than Bitcoin, and ETH/BTC fell to a 3-week low

SparkPool did not immediately respond to Cointelegraph’s request for comment.

When SparkPool closes, Ethereum will continue to transform from a proof-of-work consensus mechanism to a proof-of-stake model in 2022-this is The long-planned Ethereum 2.0 upgrade. As Cointelegraph previously reported, Ethereum miners will not have many choices After Ethereum 2.0 finally arrives, because their mining equipment will become obsolete.