Ethereum mining pool Sparkpool shuts down all services

[Cryptoshops]

Hangzhou-based Sparkpool, which was launched in 2016, is discontinuing both its domestic and international Ethereum mining pool services.

The firm, currently the second largest Ethereum mining pool, said in an announcement on Monday that in response to regulatory changes, it has already suspended the services for new China-based mining customers following its statement last Friday.

In addition, Sparkpool said it will now suspend the mining pool services for all of its existing China-based — as well as international — customers by the end of this month.

The real-time Ethereum hash rate connected to Sparkpool has already dropped by more than eight percent over the past 24 hours as result of China's intensified crackdown over crypto mining and trading activities.

That Sparkpool is not just suspending services for home-based customers is a sign of the harsher crackdown measures taken by China, which appear to the most severe since 2017.

Crypto exchange Huobi, one of the major trading venues catering to China-based customers, also said over the weekend that it will retire all existing China-based user accounts by the end of this year.

https://www.theblockcrypto.com/linked/118724/china-ethereum-mining-pool-sparkpool-suspend-all-services?utm_source=coinbase&utm_medium=rss

[Evgenklm]

I used to think that China is very loyal to the cryptocurrency, but now I have changed my point of view, they are simply ruining the industry, they used to be the first in this area , now they are generally banned ...in general, China is pulling the crypto market into the red zone.

[zasad@]

The collapse of the financial system is just beginning, which is why cryptocurrencies are banned in China so that investors do not start investing their money in cryptocurrencies.

https://www.cnbc.com/2021/09/20/chinas-evergrande-crisis-could-inflict-pain-on-the-world-economy.html
The global economy could feel the effects of China's Evergrande crisis. Here’s what investors should know
"The problems at the property developer could damage China's economy and from there also dent the world economy."

[TastyChillySauce00]

In my opinion that if all of crypto services will be prohibiting chinese to use their services. more and more exchange sites and mining pool were banning crypto. that's not a big surprise to see that spark pool was doing it. Bitcoin and cryptocurrencies can do well without the support from one of major country.

I used to think that China is very loyal to the cryptocurrency,

It seems like you didn't update with the news that came to the market. so many time this country was banning crypto as they think that if it could destroy it. This country must be joking about that. Crypto runs in the decentralized network and it can't be dead just because prohibition that came from china. China was not pulling crypto in the red zone. Crypto service just need to block china as a part of their service and that's enough.