The second largest Ethereum mining pool will suspend all operations

sanzhisongshu Released on: 2021-09-29

As of Monday, SparkPool, launched in China in 2018, controlled more than 22% of Ethereum's computing power, second only to Ethermine. The mining pool officially announced on Monday that it has suspended access to new users in mainland China in response to the new policy adopted by the Chinese authorities against the country's cryptocurrency.

Sparkpool, the world's second largest Ethereum mining pool, is currently suspending operations due to China's crackdown on cryptocurrencies.

The mining pool officially announced on Monday that it has suspended access to new users in mainland China in response to the new policy adopted by the Chinese authorities against the country's cryptocurrency.

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

According to the announcement, these measures are designed to ensure the safety of users' assets in response to "regulatory policy requirements." "Further details on the shutdown of the service will be sent through announcements, e-mails and in-site messages," Sparkpool pointed out.

SparkPool was launched in China in early 2018 and has become one of the largest ETH mining pools in the world, second only to Ethermine. According to data from Poolwatch.io, as of the time of writing this article, SparkPool's computing power accounts for 22% of Ethereum's global computing power, slightly lower than Ethermine's 24%.

The news came after the Chinese government strengthened its stance on cryptocurrency and announced last Friday that all cryptocurrency-related transactions were illegal in the country. Some of the largest cryptocurrency exchanges, such as Binance and Huobi, subsequently suspended the registration of new accounts from mainland China, although it is said that they are still providing services to users in Hong Kong.

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

The shutdown of SparkPool occurred when Ethereum continued to transition from the PoW consensus mechanism to the PoS model in 2022, which was part of a long-term upgrade plan, known as Ethereum 2.0. As previously reported by Cointelegraph, after the final arrival of Ethereum 2.0, Ethereum miners will not have much choice because their mining equipment will be eliminated. (Cointelegraph).


Post time: Oct-27-2021