Ethereum

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.

DC Forecasts is a leader in many crypto news categories, always striving for the highest journalistic standards and adhering to strict editorial guidelines. If you would like to share your expertise or contribute to our news page, please contact us at [email protected]

.

.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Pepeto’s $600K Presale Highlights Vision for Supporting Memecoins Ahead of 2025

London, united kingdom, 22nd November 2024, Chainwire

31 minutes ago

Robinhood Exec Dan Gallagher Declines SEC Leadership Role

Robinhood Exec Dan Gallagher declined consideration to lead the SEC, affirming his commitment to Robinhood…

57 minutes ago

Best Cryptos to Buy in November 2024: What Sets Qubetics Apart from Fantom and Immutable X?

Discover why Qubetics, Fantom, and Immutable X are the best cryptos to buy in November…

2 hours ago

Franklin Templeton Digital Assets and Sui Now Join Hands to Strengthen DeFi Strategy

Sui Foundation partners with Franklin Templeton Digital Assets to enhance DeFi solutions on the blockchain.

2 hours ago

Get Insights on BlockDAG’s $136M Presale Success Revealed in Recent AMA—BTC Soars to $99K, Avalanche Trading Volume Surges

See how Bitcoin confronts $99K resistance, Avalanche enjoys a 23% rise, & BDAG achieves a…

2 hours ago

This website uses cookies.