SparkPool to cease operations in China and abroad; F2Pool to restrict services in China

The largest Ethereum mining pool, SparkPool, will cease operations in China and abroad.

pic.twitter.com/hLPamoSwk1

— SparkPool (@sparkpool_eth) September 27, 2021

“The complete shutdown of all services and operations for existing users both inside the country and abroad is planned for September 30, 2021,” the statement says.

Earlier SparkPool refused to serve users in mainland China. Representatives of the pool explained this decision as a desire to “comply with the latest regulatory requirements”.

On September 27, journalist Colin Wu reported that the mining pool F2Pool “will not provide services to China” and may close or block accounts.

When miners log in to F2Pool, they are required to agree to a statement: F2Pool will not provide services to China. F2Pool unilaterally reserves the right to restrict or cancel services in specific areas. F2Pool may freeze or terminate these accounts. pic.twitter.com/SKqgCIuGgR

— Wu Blockchain (@WuBlockchain) September 27, 2021

On September 24, details emerged of the latest crackdown by China on the cryptocurrency industry. The National Development and Reform Commission of the PRC pointed to the negative environmental impact of mining and its “insignificant” contribution to the country’s economy.

The People’s Bank of China characterized as illegal the platforms that facilitate exchange of digital assets among themselves or for fiat. Previously, Wen Xinxian, the director of the PBoC’s Payments and Settlements Department, described cryptocurrencies and stablecoins as a threat to the traditional financial system.

As noted, Bitcoin exchanges Binance and Huobi have stopped registering new users in mainland China.

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