SparkPool mining pool announces that it will cease operations. F2Pool to limit services in China

SparkPool mining pool announces that it will cease operations. F2Pool to limit services in China

Ethereum's largest mining pool SparkPool will cease operations in China and outside the country.

"A complete shutdown of all services and operations for existing users both domestically and abroad is scheduled for September 30, 2021," the statement said.

Earlier, SparkPool had refused to serve users in mainland China. Pool officials attributed the decision to a desire to "comply with the latest regulatory requirements".

On September 27, journalist Colin Wu reported that the F2Pool mining pool "will not provide services to China" and could close or block accounts.

When miners log in to F2Pool, they are required to agree to a statement: 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.

On 24 September another crackdown on China's cryptocurrency industry came to light. China's State Development and Reform Committee has pointed to the negative impact of mining on the environment and its "insignificant" contribution to the country's economy.

The People's Bank of China (PBOC) has described as illegal the activities of platforms that exchange digital assets among themselves or for fiat. Prior to this, Wen Xinxiang, director of the NBK's payments and settlement department, called cryptocurrencies and staplecoins a threat to the traditional financial system.

As a reminder, bitcoin exchanges Binance and Huobi stopped registering new users in mainland China against this backdrop.

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