BeePool, the fourth largest mining pool for Ethereum, is closing down in the middle of China’s crash.
China’s Ethereum mining basin announced on Tuesday it would suspend operations “in response to the latest regulatory requirements.”
Immediately after this, registration of new users will be stopped and more accounts for existing users will be added, and all access servers for mining are expected to be closed by 15 October.
The announcement came just a day after the news came that SparkPool, the second largest mining pool for Ethereum, will be suspended by the end of the month for similar reasons.
Together, BeePool and SparkPool account for more than a quarter of Ethereum’s hash rate.
After a hiatus in the fight against cryptocurrency late last week, it has become clear that the People’s Bank of China is stepping up a number of new measures and helping to strengthen coordination between authorities to crack down on cryptocurrency activity. These actions are aimed at disrupting payment channels, eliminating related websites and mobile applications in accordance with the law.
For several months, mining focused on bitcoin mining, which led to a massive emigration of mining from the country. It now appears that the Chinese government’s interest has shifted to Ethereum.
Guangming media reported on Monday that authorities in Inner Mongolia Autonomous Region seized 10,000 ether mining machinery from a warehouse after receiving information. Miners consumed 1104 kWh of electricity.
According to the publication, the authorities of Inner Mongolia have so far closed 45 projects to extract virtual currency, which provided 6.58 billion kilowatt hours of electricity annually, which according to the data in the outlets is equivalent to two million. tons of standard coal.
Anti-mining measures pushed the price of ETH below $ 3,000 yesterday, and it is currently trading at $ 2,863.71, according to CoinGecko.
BeePool has been in operation for four years now, and the mining pool currently accounts for 6.7% of Ethereum mining, with more than 3,000 blocks mined in the past week.
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Although mining is now profitable, the introduction of the incineration tax on the Ethereum London hard fork has resulted in lower profits as miners receive fewer rewards per block.
The next phase of the ongoing blockchain upgrade to Eth2 was announced earlier today in October. Miners will be pushed aside by moving to Proof of Stake.