Domino effects actually happened apparently after it was rumored that the world's 4th largest Ethereum mining pool would be closed due to pressure from the government and Chinese enforcement on the crypto sector recently.
China -based BeePool announced the news yesterday as a sign of compliance with the latest legal policy.
The announcement took effect immediately, followed by the termination of the registration of new users and the addition of sub-accounts for existing users.
Not only that, all crypto mining access browsers are expected to be stopped starting October 15.
BeePool is the second mining pool after SparkPool to do so since Sunday, announcing it will end services for domestic and international starting September 30th. Both of these mining pools cover more than a quarter of the Ethereum hashrate.
China’s decision to ban any activity involving cryptocurrencies not only affected the mining sector but also affected some cryptocurrency exchanges.
For example Binance and Huobi who had to delete thousands of Chinese user accounts. So is Alibaba which no longer wants to support the trading of crypto mining equipment on its platform.
Even the crypto market websites, CoinGecko, TradingView and CoinMarketCap have been blocked by China starting yesterday.
At the time of writing, Ethereum recorded a decline of over 3% in 24 hours with a current trading value of $ 2,861. The asset also posted a decline of more than 34% from a record all -time high (ATH), $ 4,362 recorded on May 12th.
