Second-Largest Ethereum Miner Shuts Down Operations

Translate This Page

Second-Largest Ethereum Miner Shuts Down Operations

Posted by Samyuktha Sriram on Wednesday, September 29, 2021 Under: 848FINACE

China’s enhanced crackdown on crypto has forced the world’s second-largest Ethereum (CRYPTO: ETH) mining pool to suspend operations.

What Happened: Sparkpool, the second-largest Ethereum mining pool by hash rate, announced Monday it would be suspending all services in an effort to comply with regulatory requirements.

The Hangzhou-based mining pool had already suspended mining services for new China-based miners as of Friday but now plans to extend its ban to existing customers, both in China and abroad.

Sparkpool has a network hash rate of 117 TH/s according to data from PoolWatch.io. The mining pool’s hash rate accounted for 17.7% of the overall Ethereum network hash rate, already down considerably from 12 hours prior when it accounted for 22%.

According to an announcement on the Chinese platform WeChat, the measures were intended to ensure the safety of users’ assets in response to regulatory policy requirements.

“Further details about the shutdown will be sent out through announcements, emails, and in-site messages,” Sparkpool noted.

Last week, Chinese authorities put out another notice declaring all crypto-related activities illegal and sent crypto prices crashing. Bitcoin (CRYPTO: BTC), the leading digital asset, hit a low of $40,900 before recovering to $44,000.

BTC, ETH Price Action: Bitcoin is down 4.09% at $41,605.80 midday Tuesday, while Ethereum is down 6.35% at $2,864.

Photo: Nana Dua on Unsplash.

In : 848FINACE

Next post: New Rules Could...

Previous post: Stem Increases...

Tags: second-largest ethereum miner shuts down operations

« Back to posts

Subscribe to this blog

THE WEEKEND SHOP

Rolex Date

15203
36MM Steel & 18k Gold, Oyster Band
Black Index Dial, Smooth Bezel (1998)
$5,795

⭕

Ladies Rolex Datejust 69178 Champagne
Rolex Datejust
69178
26MM 18k Yellow Gold, Fluted Bezel
President Band, Champagne Dial (1986)
$8,495

⭕

Submariner Rolex 16610
Rolex Submariner
16610
40MM Stainless Steel, Oyster Band
Black Superluminova Dial (1995)
$9,595

Buy Get Quote Sell

Blog Archive

CHOOSE YOUR FLAVOR🍷

https://join.robinhood.com/samv55

Invest, spend, and earn 2.05% APY*–all through your brokerage account.

Our goal at Robinhood is to democratize finance. This means delivering products that help you do more with your money and improve your life. Today, we're excited to introduce Cash Management, a new feature to give you more flexibility with your brokerage account.

JOIN THE WAITLIST

Flexible Spending
Use your Robinhood debit card anywhere Mastercard® is accepted around the world.

Earn 2.05% APY
Your uninvested cash is moved to banks in our program that pay you 2.05% APY*. Like all variable rates, this could go up or down over time.

FDIC Insurance
Your cash in the program banks is eligible for up to $1.25 million of FDIC insurance, or up to $250,000 per bank, subject to FDIC rules.

75,000+ ATMs
Don't pay fees at any of the 75,000+ ATMs in our network.

JOIN THE WAITLIST

For the next two weeks, you can earn increasing levels of Stock-Back™ rewards when you shift your everyday spending to your Stash debit card.*

Every qualifying swipe over $5 gets you closer to leveling up your Stock-Back rewards. Levels start tomorrow and reset to zero on Monday, November 18.

#FINANCIAL_LITERACY

107.9FM NYJ/LA