Sparkpool is the youngest victim of the Chinese crypto passage

28. September 2021

Sophie Müller

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The real-time ether-hash rate connected with Sparkpool decreases when the mining pool decides to set all operations

The mining pool Sparkpool based in Hangzhou officially that it will be announced in China and abroad, the assets of the users in the middle of the regulatory procedure in China protect.

The announcement comes days after the popular crypto exchanges Binance and Huobi have set the services for Chinese mainland users in view of China's openly enemy attitude towards crypto mining and the introduction.

Sparkpool exposed access for new users on the Chinese mainland yesterday after the initial restrictions were imposed last week. According to his latest announcement, Sparkpool will continue to hire services and plans to hire all national and international activities by Thursday.

The decision was made in response to " regulatory requirements ", the mining pool said and added that the users are informed of further information on the shutdown and on the clearing and reimbursement rules by email or letters on site.

The passage in mining in China has reinforced the People’s Bank of China a notification in which it was repeated that digital assets are prohibited in the country and that the operation of crypto exchanges was illegal. The government has justified its attitude by pointing out consumer protection, environmental and criminal concerns in connection with cryptocurrencies.

The latest development has been carried out weeks after financial institutions were prohibited from providing crypto companies and several provincial governments had warned hydropower plants from supplying crypto mining companies with electricity.

This has caused several crypto-based companies to leave China, which was once worldwide in the crypto mining industry, on green pastures in South Asian and African countries.

Sparkpool was introduced in China in 2018 and is only the second largest when it comes to Ethermine mining for Ethermine. It represents 22% of the total Ethereum Hash rate, somewhat below the contribution of ether mine of 24%.

The sudden setting of the company should affect the Ethereum's hash rate, which had recently reached an all-time high. The real-time-hash rate of Ethereum Sparkpool has dropped by more than 8% in the last 24 hours.

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Source: Coinlist.me