BeePool, the fourth largest ETH mining pool is closing. The Chinese pool announced on Tuesday that it would suspend operations “in response to the latest regulatory policy.”
Another ETH mining pool ends
With immediate effect, the registration of new users and the addition of sub-accounts for existing users will be stopped and it is expected that all mining access servers will be unoperational by 15 October. The announcement comes just a day after we let you know that SparkPool, the second largest pool, will suspend operations for similar reasons by the end of the month.
BeePool has been operating for four years and the mining pool currently accounts for 6.7% of Ethereum’s mining hashrate, with more than 3,000 blocks in the last week. BeePool and SparkPool account for more than a quarter of the Ether hashrate.
The People’s Bank of China is introducing a number of new measures and supporting stronger inter-ministerial coordination to curb cryptoactivity. The measures aim to restrict payment channels and get rid of relevant websites and mobile applications in accordance with the law.
Intervention in mining has been focused for months on BTC mining, which has resulted in a large-scale exodus of miners from the country. Now it seems that the Chinese government’s attention has shifted to ETH.
On Monday, the Guang Ming media reported that authorities in the Inner Mongolia Autonomous Region had seized 10,000 ETH mining machines. The miners consumed 1,104 kilowatt hours of electricity. According to the report, the Inner Mongolia authorities have so far completed 45 digital currency mining projects, reportedly saving 6.58 billion kWh of electricity per year, equivalent to 2 million tonnes of standard coal.
Switzerland introduces new anti-money laundering rules
- CryptoQuant Analyst: Bitcoin Nowhere Near Its Peak – Buckle Up, Hodlers! - December 21, 2024
- Chainalysis: $2.2 Billion Lost to Crypto Hacks in 2024 - December 21, 2024
- Bank of Japan leaves interest rate unchanged: Impact on the macroeconomy and the crypto market - December 20, 2024
