On Tuesday, China-based mining pool BeePool introduced that it will be shutting down by October 15.
The agency, which is the fourth-largest Ethereum mining pool by way of hash price, made the choice in “response to the newest regulatory insurance policies.”
Recall that the Chinese language authorities took its anti-crypto stance to a different degree final week when the central financial institution categorized all crypto-related actions as unlawful.
The Ethereum mining pool was based in China and operates within the Hubei province. As anticipated, the brand new restrictions have dealt a heavy blow to the corporate and different crypto-related companies working from inside China.
BeePool’s announcement comes a day after Hangzhou-based Sparkpool (the second-largest Ethereum mining pool) confirmed that it will likely be shutting down fully by the top of this month. Along with mining swimming pools, China’s newest clampdown on cryptocurrencies has additionally affected quite a few crypto exchanges.
Binance and Huobi have introduced that they may now not supply sure providers to China-based purchasers.
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