BeePool, one of the most important Ethereum mining pools, will no longer operate because of China’s crackdown.
BeePool is the fourth largest Ethereum mining facility and announced on Tuesday that it is shutting down in the near future. The measure was taken because of China’s latest regulatory policies.
All mining access servers must cease operations by October 15. According to the new restrictions. In the meantime, the registration of new users will be suspended, just like the addition of sub-accounts.
BeePool’s shut down follows SparkPool’s, which announced similar news on September 26. SparkPool was established in China in 2018 and controls 22% of ether’s hash rate.
The firm started its restrictions on Friday and will continue to stop services until everything closes.
“Spark Pool has suspended access to new users in Mainland China on September 24, 2021 (UTC+8). For the existing users in the mining pool. It is planned to complete the shutdown of all Spark mining pool businesses at home and abroad on September 30, 2021 (UTC+8) at 20:00 on the premise of ensuring the safety of user assets. Move out before then.”
The People’s Bank of China (PBoC) stated on Friday that in collaboration with the government. New measures will be taken against crypto in the country. 10 different Chinese state authorities will cooperate to stop all virtual currency activities.
“Financial management departments, cybersecurity and information departments, telecommunications departments, public security departments. And market supervision departments. Work closely together to cut off payment channels. Dispose of relevant websites and mobile applications in accordance with the law.”
Bitcoin and ether prices fell on Friday. As traders were spooked by the harsh criticism made by China. Bitcoin has dropped 5% to $42,388.06. Meanwhile, ether, the second most valuable digital currency, fell 7% to $2,918.16.
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