Sparkpool will no longer serve Chinese miners Management of one of the largest mining pools of Etherium Sparkpool announced that the pool will no longer serve miners from China. This decision is due to pressure from the regulators of the Celestial Empire.
Yesterday, the People’s Bank of China (PBOC) published a document that expanded the ban on cryptocurrency transactions for businesses and made them illegal financial activities. It seems that Sparkpool management decided not to wait for the regulators’ attention and announced that they would stop serving miners from China.
At the moment, it is Sparkpool, headquartered in Hangzhou, China, which is the largest mining pool for Etherium, with miners generating about 20% of the second cryptocurrency’s network hashrate connected to it.
Chinese authorities banned cryptocurrency mining in the country back in the summer of this year, leading to a “great exodus” of miners from China. At the same time, the NBK admits that quite a few small mining farms remain in the country:
“Bans on large-scale, centralized mining operations have been successful, but now mining has changed, with farms becoming small and decentralized, making them more difficult to detect. We are working on a long-term mechanism to detect such farms in conjunction with multiple ministries.”
Earlier, Wen Xinxiang, director of the NBK’s Payments and Settlement Department, raised concerns about the growing popularity of cryptocurrencies and stabelcoins. In his view, digital assets could threaten the traditional financial system.