One of the world’s leading Ethereum mining pools, Sparkpool, has decided to shut down its local and international Ethereum mining pool services in response to regulatory changes in China.
The Hangzhou-based firm, which is the second-largest Ethereum mining pool, announced on Monday that it had already suspended the services for new China-based mining customers.
pic.twitter.com/hLPamoSwk1— SparkPool (@sparkpool_eth) September 27, 2021
Sparkpool added that the suspension also applies to its international customers, and by the end of this month, it would have suspended its mining pool services for all customers, both local and international.
Meanwhile, in the past 24 hours, the real-time Ethereum hash rate affiliated with Sparkpool has dipped by over 8%. This is undoubtedly linked to China's revamped scrutiny and clampdown on crypto mining and trading activities.
The firm’s decision to suspend services indicates the severity of China's intense clampdown. Intense pressure from Chinese authorities has also forced one of China's foremost crypto exchanges, Huobi, to pull out of the region. Huobi will be terminating all existing China-based user accounts by the end of the year.