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Sparkpool, the largest Ethereum mining pool, quits in China amid the renewed crackdown

The world’s largest Ethereum mining pool based in Hangzhou Sparkpool said in an announcement on Friday that it will stop providing services to miners based in mainland China. It will publish more details about the suspension. At the same time, Sparkpool said the decision was in response to China’s latest regulatory policy statements.

Sparkpool shuts down services in China

The news comes just hours after the People’s Bank of China and the National Development and Reformation Commission (NDRC) dropped statements regarding further crackdowns on crypto trading and mining activities.

Sparkpool is currently the second-largest Ethereum pool globally, accounting for over 20% of the entire network hashrate as of press time, followed closely by Ethermine.

spark-pool-quits-in-china-amid-the-renewed-crackdown

Source: BTC.com

Spark Pool cites the need to comply with the latest regulatory policies as the reason behind closing up shop in the country. The specific details of its shutdown plan will be revealed soon.

China’s planning agency will also step up its ongoing crackdown on the remnants of its once flourishing cryptocurrency mining sector. Spark Pool said it would actively cooperate with relevant departments on monitoring measures. The notice that every new China FUD announcement results in meaningfully less risk to the market.

Besides, yesterday, Coinbase Global Inc. bonds fell significantly after the upcoming news delivered from China’s Bank of Crypto.

“Stated investors’ losses at press time stand at $100 million. The $1 billion, 10-year, 3.6% bond loss overnight is staying at 1.5 points. The mentioned bonds have dropped to $0.945. Seven-year $1 billion 3.375% notes have lost one basis point, according to Trace bond pricing data”, the U.today news stated.

By press time, the Bitcoin and ETH price slightly recovered from its painful drop. The crypto king is changing hands at $42,463.

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