{"id":11205,"date":"2021-09-28T22:07:19","date_gmt":"2021-09-28T21:07:19","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=11205"},"modified":"2021-09-28T22:07:28","modified_gmt":"2021-09-28T21:07:28","slug":"ethereum-mining-giant-beepool-has-shut-down-due-to-china-crypto-ban","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ethereum-mining-giant-beepool-has-shut-down-due-to-china-crypto-ban\/","title":{"rendered":"Ethereum Mining Giant BeePool Has Shut Down Due to China Crypto Ban"},"content":{"rendered":"\n
The fourth-largest mining organization BeePool, has joined SparkPool, the world's second-largest Ethereum <\/a>mining pool, a day after it announced it will discontinue operations.<\/h5>\n\n\n\n
\"Ethereum<\/figure>\n\n\n\n

The fourth-largest mining firm has joined SparkPool\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, the world's second-largest Ethereum mining pool, a day after it announced it will discontinue operations.<\/p>\n\n\n\n

The two mining pools are responsible for nearly a quarter of all ETH <\/a>mined, according to data from the Etherscan block explorer.<\/p>\n\n\n\n

On the Ethereum network, mining is the process of processing and confirming transactions. People donate processing power to the network's security; the more they contribute, the higher their chances of winning the ETH that is distributed with each new block created. <\/p>\n\n\n\n

Mining pools function by allowing individuals to pool their computing resources and share the rewards, as the name implies.<\/p>\n\n\n\n

The closure of China's two largest mining pools coincides with the Chinese<\/a> government's intensified attack against bitcoin. The People's Bank of China (PBoC) issued a notification last week stating that any action involving crypto assets, including mining and trading, is illegal.<\/p>\n\n\n\n

Since 2017\u00a0when the PBoC forbade financial institutions from performing crypto transactions, the country has been gradually tightening its grip on the cryptocurrency, but its efforts have recently intensified. <\/p>\n\n\n\n

Mining businesses in locations with inexpensive electricity were forced to shut down, resulting in a significant decline in Bitcoin hashrate\u2014a measure of computational power on the blockchain<\/a> that correlates to network security. <\/p>\n\n\n\n

Three major Chinese payments organisations, including the China Banking Association, publicly reaffirmed the PBoC prohibition in May, indicating what was to come.<\/p>\n\n\n\n

Recently, Alibaba, China's Amazon<\/a>, said that it would no longer offer customized crypto mining equipment, and Chinese government censors appear to have blocked CoinGecko and CoinMarketCap, both of which provide real-time crypto price data. <\/p>\n\n\n\n

Binance and Huobi Global, two major exchanges, have already ceased accepting mainland Chinese citizens, and Huobi <\/a>has given current customers until the end of the year to leave.<\/p>\n\n\n\n

According to CoinGecko, the price of ETH has dropped by 6.5 percent in the last 24 hours. It is presently trading for less than $2,900. Bitcoin has also dropped 4.3 percent in the last 24 hours.<\/p>\n","protected":false},"excerpt":{"rendered":"

The fourth-largest mining organization BeePool, has joined SparkPool, the world’s second-largest Ethereum mining pool, a day after it announced it will discontinue operations. The fourth-largest mining firm has joined SparkPool , the world’s second-largest Ethereum mining pool, a day after it announced it will discontinue operations. The two mining pools are responsible for nearly a […]<\/p>\n","protected":false},"author":13,"featured_media":11207,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[4702,4661],"class_list":["post-11205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-beepool","tag-china-crypto-ban"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/image-286.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/11205","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=11205"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/11205\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/11207"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=11205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=11205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=11205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}