InstaForex

September 28, 2021

The World's Second Largest Ethereum Mining Pool Stops Operation!

 Ethereum’s second-largest mining pool in the world, Sparkpool has ceased its operations following China’s recent crackdown on the crypto sector.


He explained in an official statement on Sunday that the access restrictions involved new Chinese users as a sign of compliance with the Chinese government's decision to ban crypto trading in the country.


In fact, they do not want its users to be exposed to risk and want to ensure the safety of consumer assets based on the demands of China’s outlined supervisory policy.


Sparkpool’s action is similar to that taken by Binance and Huobi yesterday, canceling all new registrations of Chinese users.



Sparkpool showed no sign of resuming operations. Instead, they want to expand the restrictions on the existing mining pool for overseas Chinese consumers on Thursday.


For information, Sparkpool was launched in China in 2018 before becoming the world’s second largest mining pool for Ethereum (ETH) mining after Ethermine remained the world’s largest ETH mining pool.


At the time of writing, Sparkpool generates a 19.7% hash rate of Ethereum worldwide, compared to the much higher Ethermine with a record 23.7%.


Ethereum posted a current trading value of $ 2,941 with a decline of 6.49% in 24 hours.