BeePool mining pool to shut down amid industry pressure in China

On 15 October 2021, one of the largest Ethereum mining pools, BeePool, will cease operations “in light of the latest regulatory requirements.” This is stated on the site.

“Registration of new users and the addition of extra accounts will be suspended. All servers will cease operations on 15 October 2021 at 23:59 Beijing time,” BeePool said.

According to Etherscan, at the time of writing the pool is fourth in the hash rate ranking over the last seven days.

Earlier, the largest Ethereum mining pool SparkPool announced the cessation of servicing Chinese users, and then the cessation of operations outside the country. F2Pool refused to serve clients from the PRC and warned of account blocks.

According to BTC.com, in the last 24 hours BeePool’s hash rate inflow stood at 31.54%. SparkPool’s figure fell by 17.85%, while F2Pool’s rose by 18.20%.

On 24 September, China’s National Development and Reform Commission pointed to the negative impact of mining on the environment and its “insignificant” contribution to the economy.

The People’s Bank of China described as illegal the activities of platforms that facilitate the exchange of digital assets among themselves or into fiat.

Earlier, the regulator’s representative Wen Xinxian called cryptocurrencies and stablecoins a threat to the traditional financial system.

Exchanges BitMart, Binance and Huobi closed the ability to register new users in mainland China. The trading platform Biki announced it would cease operations on 30 November.

Chinese online broker Tiger Brokers will prohibit opening new positions in cryptocurrencies from 1 October 2021, according to a screenshot published by journalist Colin Wu. Earlier, representatives of Futu made a similar statement. The company announced in June the launch of trading of digital assets.

Tiger Securities, another Chinese online stock trading platform, also issued a similar notice. https://t.co/tAprln7F0v pic.twitter.com/17Vpzc5b3g

— Wu Blockchain (@WuBlockchain) September 28, 2021

Alibaba announced a ban on the sale of Bitcoin miners on its platform.

According to media reports, users in China lost access to CoinGecko and CoinMarketCap’s analytics services.

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