On September 27, renowned mining pool, Sparkpool, officially reported that the suspension of new customer access to its Ethereum mining resources.
Sparkpool, which is the second-largest Ethereum mining pool in the world, is suspending operations due to the ongoing regulatory measure taken by the Chinese jurisdiction to counter the introduction of micropayment in the country.
Here, Following the initial restrictions introduced last Friday, Sparkpool will continue to shut down services and plans to suspend existing mining pool customers both in China and abroad on September 30th.
According to the report, the measures are aimed at ensuring the safety of customer assets in accordance with “regulatory policy requirements”
Since 2018, SparkPool has grown to be one of the largest Ether (ETH) mining pools operating worldwide. According to Poolwatch.io, SparkPool’s mining powerhouse is 22 percent of the global mining power.
The news comes that the Chinese government strengthened its negative stance on cryptocurrency by outlawing all cryptocurrency-related transactions in the country last Friday. Some of the largest cryptocurrency exchanges such as Binance and Huobi have subsequently suspended registrations for new account records. from mainland China, reportedly continuing to serve Hong Kong users.
SparkPool’s closure comes as Ethereum continues to move from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (POS) model in 2022, part of a long-planned update known as Ethereum 2.0. As previously reported, Ethereum miners are worried about the choices they are left after how to finally get Ethereum 2.0 when their mining hardware becomes obsolete.