Sparkpool shuts down its services in China
Sparkpool, one of the leading Ethereum mining pools in the world, has announced that it is shutting down its services in China. This is due to the latest ban issued by the People’s Bank of China.The firm announced this via a tweet earlier today, stating that the ban on crypto transactions in China makes it impossible to continue with its operations. Sparkpool has already suspended the services for new China-based mining customers.
Sparkpool added that it also suspended the mining pool services for all of its existing China-based and international customers by the end of September. The closure of accounts on Sparkpool has already affected Ethereum’s mining hashrate. Ethereum hash rate connected to Sparkpool has already dropped by more than eight percent over the past 24 hours.
Huobi is closing down Chinese accounts
Last week, the People’s Bank of China (PBoC) said all services that allow fiat currencies to be exchanged with crypto assets or between crypto-assets themselves will now be treated as illegal activities.The decision is now leading to some companies shutting down their operations in China. Leading crypto exchange Huobi announced yesterday that it would gradually retire existing accounts belonging to traders in mainland China. The exchange has already banned new users in China from signing up on its platform.
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