The ETH Sparkpool mining pool is about to be closed due to pressure in China
The Sparkpool ETH mining pool will be closed on September 30 due to increasing regulatory pressure in China as the raid dragged on another victim. So read more on our latest Ethereum news today.
The second largest ETH mining pool, Sparkpool, has announced that it will cease access to new users in China, and the company also plans to cease all of its services by September 30th.NS.
The ETH mining pool, based in Hangzhou, China, is the second largest mining pool and accounts for more than 20% of the total hash rate. The company plans to cease all activities due to China’s recent action when it was revealed that it has suspended access to new users in mainland China.
This decision was largely to be expected due to the openly hostile attitude towards the entire crypto industry. The latest news out of the country shows that all digital asset transactions are prohibited. This has forced other exchanges like Huobi, one of the largest, to stop offering services to Chinese users, but Sparkpool decided to take it a step further. The statement said that for the 30thNS.
The company then said that decision was made to keep users’ assets safe. Sparkpool promises to provide more details on clearing and refund rules in subsequent announcements or emails to its users. The closure of the second largest ETH mining pool will damage the ETH hash rate and this metric is very important for the security of the network as it will hit a new ATH but could go down in the next few weeks.
As reported recently, this is not the first time China has caused market turmoil, but prices of most currencies have fallen, only adding to the above concerns. A Chinese company named Evergrande is a prime suspect in the recent market crash and turmoil in China, when the real estate giant lost $ 305 billion in debt. Some fear that the Chinese property developer will not be able to repay its debt and that a major collapse could ensue.
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