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Saturday, May 21, 2022

Second Largest Ethereum Mining Pool To Suspend All Operations

Sparkpool is the second-largest Ethereum mining pool in the world. The latest update is that Sparkpool is pausing operations due to the ongoing Chinese crackdown on crypto.

The mining pool made public that it has suspended access to new users in mainland China on Monday in response to Chinese authorities adopting new laws to stop citizens from investing in cryptocurrency

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After the initial restrictions were applied last Friday, Sparkpool has been shutting down services and has planned to suspend active mining pool users both in China and abroad on Thursday.

According to the official statement, the measures aim to guarantee the safety of users’ assets in response to regulatory policy requirements. More information regarding the shutdown will be sent out via public announcements, emails, and in-site notices, Sparkpool added.

SparkPool: The World’s Second Leading Mine For Ethereum

Developed and released in China in early 2018, SparkPool has become the world’s second-leading mining pool for mining Ethereum (ETH). Sparkpool is second only to the world’s largest Ethereum mining pool Ethermine. Presently, SparkPool’s mining power accounts for 22% of Ethereum’s global hash rate. It is a little lower than Ethermine’s share of 24%, according to Poolwatch.io.

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The news of Sparkpool shutting down came in the middle of the Chinese government fortifying its negative stance on crypto by announcing crypto-related transactions as illegal in the country on September 24, 2021. A few of the major cryptocurrency exchanges like Binance and Huobi have consequently suspended new account registrations from mainland China, although reports say they are still servicing users in Hong Kong. 

SparkPool shutting down comes as Ethereum makes its switch from a proof-of-work consensus mechanism to a proof-of-stake model in 2022. It is part of the extensively planned upgrade known as Ethereum 2.0. 

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