{"id":11236,"date":"2021-09-29T12:18:44","date_gmt":"2021-09-29T11:18:44","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=11236"},"modified":"2021-09-29T12:18:58","modified_gmt":"2021-09-29T11:18:58","slug":"beepool-the-fourth-largest-ethereum-mining-pool-shuts-down-due-to-chinas-crackdown","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/beepool-the-fourth-largest-ethereum-mining-pool-shuts-down-due-to-chinas-crackdown\/","title":{"rendered":"BeePool the fourth-largest Ethereum mining pool shuts down due to China’s crackdown"},"content":{"rendered":"\n
Few days after Sparkpool<\/a> Ethereum's second-largest mining pool shut down, BeePool another Ether (ETH) mining pool is also shutting down due to China's crypto crackdown.<\/h5>\n\n\n\n
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On Tuesday, the China-based Ether mining pool\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> declared that it would cease operations \u201cin light of recent regulatory policies.\u201d<\/p>\n\n\n\n

New user registration and the addition of sub-accounts for existing users will be disabled immediately, and all mining access servers are likely to be shut down by October 15.<\/p>\n\n\n\n

The news comes only one day after it was announced that SparkPool, the second-largest Ether mining pool, would be shutting down before the end of the month for similar reasons.<\/p>\n\n\n\n

BeePool and SparkPool together account for over a quarter of Ethereum's hash rate<\/a>.<\/p>\n\n\n\n

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Late last week, it became evident that the People's Bank of China was ramping up a suite of new measures and fostering deeper inter-departmental collaboration<\/a> to suppress crypto activity, following a break-in of its crypto campaign.<\/p>\n\n\n\n

The steps are designed to block payment methods and dispose of relevant websites and mobile apps in compliance with the law.<\/p>\n\n\n\n

For months, the mining crackdown has been concentrated on Bitcoin (BTC) mining, which has resulted in a significant outflow of mining companies from the country. The Chinese government now looks to be concentrating on Ethereum.<\/p>\n\n\n\n

Following a tip, police in the autonomous province of Inner Mongolia seized 10,000 Ether mining machines from a warehouse, according to the Guang Ming media site. The miners used 1,104 kilowatt-hours of power every day.<\/p>\n\n\n\n

Inner Mongolian officials, according to the journal, have shut down 45 digital currency<\/a> mining projects so far, saving 6.58 billion kWh of electricity each year, or the equivalent of 2 million tons of conventional coal.<\/p>\n\n\n\n

According to CoinGecko, ETH's price has dropped below $3,000 as a result of the mining crackdown, and it is presently trading at $2,863.71.<\/p>\n\n\n\n

BeePool has been in operation for four years and now controls 6.7 percent of the Ethereum mining market, with over 3,000 blocks mined in the last week.<\/p>\n\n\n\n

While mining is currently profitable, the Ethereum London hard fork's introduction of fee burning has cut earnings, as miners receive fewer incentives for each block.<\/p>\n\n\n\n

On Wednesday, the next step in the blockchain's ongoing upgrade to Ethereum 2.0 was announced, with a release date set for October. The move to proof-of-stake<\/a> will further marginalize miners.<\/p>\n","protected":false},"excerpt":{"rendered":"

Few days after Sparkpool Ethereum’s second-largest mining pool shut down, BeePool another Ether (ETH) mining pool is also shutting down due to China’s crypto crackdown. On Tuesday, the China-based Ether mining pool declared that it would cease operations \u201cin light of recent regulatory policies.\u201d New user registration and the addition of sub-accounts for existing users […]<\/p>\n","protected":false},"author":12,"featured_media":11241,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23],"tags":[4702,128,1393],"class_list":["post-11236","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news","tag-beepool","tag-ethereum","tag-mining-pool"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/BeePool-the-fourth-largest-Ethereum-mining-pool-shuts-down-due-to-Chinas-crackdown-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/11236","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\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=11236"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/11236\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/11241"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=11236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=11236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=11236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}