Market Analysis Report (29 Sep 2021)

A day after the second-largest Ethereum mining pool in the world, SparkPool, announced it was shutting down, the fourth-largest mining pool is following suit. China-based BeePool has announced it will shut down on October 15.

BeePool has already halted new registrations and said the close came “in response to the latest regulatory policies.” Data from Ethereum block explorer shows that both mining pools are responsible for over one-quarter of all the Ethereum being mined.

The shutdown of both mining pools comes amid a renewed crackdown on cryptocurrencies by Chinese authorities. Last week, the country’s central bank, the People’s Bank of China (PBoC) issued a notice saying any activity involving cryptoassets was against the law.

Since then, major cryptocurrency exchanges stopped registering mainland Chinese residents and leading e-commerce platform Alibaba stopped selling customized cryptocurrency mining equipment.

Source: https://www.cryptocompare.com/email-updates/daily/2021/sep/29/