China Crypto Ban: Biggest Ethereum (ETH) Mining Pool to Shut Down

The latest Chinese crypto ban has already led to several foreign crypto exchanges including Huobi and Binance to terminate their services for mainland China customers and now it seems mining pools are next. The biggest Ethereum (ETH) mining pool in the world is called SparkPool and it announced the suspension of services yesterday.
— SparkPool (@sparkpool_eth) September 27, 2021
The mining pool claimed its decision was based on regulatory requirements in China and it won’t be accepting any new users from September 24 from China. The mining pool said,
“SparkPool had stopped providing services to new users from mainland China on September 24, 2021 (UTC+8). A complete shutdown for all SparkPool services and operations for the existing users, at home or abroad, has been planned for September 30, 2021 (UTC+8) at 20:00 under the premise of ensuring the safety of our users’ assets. “
Apart from Ethereum’s largest pool, F2Pool another popular crypto mining pool show the following statement to their users on login
“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.”
China’s Waining Effect on Crypto Market
China deemed all crypto transactions illegal and instructed key institutions to crack down on existing crypto mining activities. This is the second prominent crypto crackdown in China this year alone, the first came in April-May. However, with each passing Chinese ban Fad, the impact of China’s position on crypto has a weaker impact on the market.
For example, the first crypto crackdown orders led to a massive market sell-off resulting in nearly a trillion-dollar getting wiped off the crypto market. However, since the latest announcement by the People’ Bank of China, the crypto market has shown little slump. Most of the crypto assets fell by 3%-5% and recovered soon after.
The Defi market has in fact benefited from the crackdown as major Chinese traders ruse to Defi market in absence of centralized exchanges. As a result, major DEX protocols made double-digit gains yesterday.
- Bitcoin ETFs Record $2.2B Weekly Inflows as BTC Price Surges Past $120K
- Nomura Eyes to Ripple Dominance in Crypto Trading in Japan as Demand Rises
- Sharps Technology Plans $100M Buyback to Boost Solana Treasury as SSK ETF Hits Record $382M AUM
- Will Bitcoin Reverse to $115K Max Pain Price amid Crypto Options Expiry Today?
- Cardano Gets 100 Million User Exposure With Brave Integration, Whales Scoop 70M ADA
- Bitcoin Price Hits $120K, Is Citigroup’s Bold Q4 Prediction in Motion?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth