22.9 C
New York
Monday, October 25, 2021

Buy now

Sparkpool, the world’s largest Ethereum mining pool, will no longer serve Chinese miners




By Hannah perez

The mining pool, which accounts for about 20% of the Ethereum network’s total hashrate, said the decision comes in response to the latest announcements from the Chinese government.

***

One of the main mining pools of Ethreum of all the world, Sparkpool, has informed this Friday that it will stop offering services to miners located in mainland China.

The news medium The Block reviewed this Friday that Sparkpool, based in the Chinese city of Hangzhou, has decided to suspend operations to the miners located in China. Citing a company announcement, the newspaper reported that the decision of Sparkpool It is produced in response to the latest regulatory pronouncements from the authorities of the Asian power.

Sparkpool is currently the largest mining group in Ethereum in terms of hash rate distribution, based on data from BTC.com. The group represents close to 20% of the global mining power of the network, very close to Ethermine. According to data from Etherscan, Sparkpool it is the second largest mining group in that network.

Source: btc.com
Source: Etherscan.io

The mining group will release more details on the measure shortly, according to the report. By the time of editing, Sparkpool has not shared any official statement through its social media channels. DailyBitcoin did not have access to the ad cited by The Block; This article will be updated when more information is available.

China steps up its offensive against cryptocurrencies and mining

The news comes just hours after the People’s Bank of China and other agencies in the country issued a statement reinforcing crackdown on the cryptocurrency industry.

In the notice, published on Friday, the Chinese authorities imposed a stronger ban on activities with digital currencies; They indicated that now all transactions with these assets are illegal in the country. While the Asian powerhouse had banned cryptocurrency trading in 2017, the new measures strengthen the crackdown strategy against the sector.

A separate statement from the NDRC, China’s central macroeconomic planning agency, released on Friday, also details new prohibition measures for crypto miners. Among the offensives, the body urged provincial and municipal governments to act towards the elimination of illegal cryptocurrency mining operations.

In a recent press conference cited by The Block, the NDRC had already highlighted that it would undertake efforts to dismantle the small crypto mining operations that continued to operate quietly despite the national ban.

While the rectification of large-scale centralized mining operations has been effective, crypto mining activities now have new features, such as being decentralized, small-scale, and well hidden, increasing the difficulty of accurately detecting them.The agency said in a question and answer session, adding:

Next, we will work on a long-term mechanism to optimize new techniques with different government agencies, including finance, energy, business, Internet, market oversight, and tax offices.


Recommended reading


Version by Hannah Estefanía Pérez / DailyBitcoin

Image from Unsplash







TAMMY SEWELL
Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
2,997FollowersFollow
0SubscribersSubscribe

Latest Articles