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Ethereum mining pool Sparkpool is suspending all Chinese users

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TL;DR

TL;DR Breakdown: 

  • Sparkpool will suspend all existing Chinese users on its platform by September 30.
  • The decision follows the recent pronouncements from the PBOC to further intensify the crypto crackdown in the country.
  • Inner Mongolia authorities have also seized 10,100 mining rigs. 

The China-based world’s leading Ethereum mining pool provider, Sparkpool is planning to suspend all existing customers from the country, following the latest statements from the authorities on cracking down crypto mining and other related services, including trading. 

Sparkpool winds down Chinese support 

According to the notice, Sparkpool has already stopped accepting new users from Mainland China since September 24. The decision was made in response to the tougher regulatory measures planned by the Chinese apex bank, the People’s Bank of China (PBOC), to ensure cryptocurrency is outrightly curtailed in the country.

BY September 30, all existing Chinese customers at Sparkpool will be forced out from the mining pool services. This covers all the users at home or abroad. The announcement comes “under the premise of ensuring the safety of our users’ assets.” the firm wrote. 

The development has also affected the overall hashing power at Sparkpool, bringing it down by over 6% over the last 24 hours. 

China is wiping out crypto mining

Crypto exchanges and miners are the major entities affected by the ongoing regulatory pressure in China. Especially for miners, it hasn’t been easy given that finding and relocating thousands of mining machines to other regions outside China is expensive and daunting. Hence, some authorities are able to catch up with violators.

Recently in Inner Mongolia, the Chinese authorities reportedly seized about 10,100 digital currency mining rigs operated in the city’s Economic and Technological Development Zone. In total, the Inner Mongolia authorities have shut down 45 mining farms, saving about 6.58 billion kWh of energy, according to the report

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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