Largest Ethereum mining pool suspends Chinese miners
Hangzhou-based Sparkpool Ethereum mining pool suspends Chinese miners. It said in an announcement on Friday it will release more details about the suspension. At the same time. Sparkpool said the decision is in response to the latest regulatory policy pronouncements out of China.
The news comes just hours after the People’s Bank of China and the National Development and Reformation Commission (NDRC) dropped statements. Regarding further crackdowns on crypto trading and mining activities.
Sparkpool is currently the largest Ethereum mining pool based on real-time hash rate. This is as of press time, which accounted for about 20% of the network’s total and is followed closely by Ethermine.
In a statement signed in early September but published on Friday, the NDRC. China’s central macroeconomic planning agency, has laid out detailed measures. It said how it will enforce the crackdown on the mining space to provincial and municipal levels.
One of the several specific measures once again includes crypto mining as an industry that shall be eliminated in the NDRC’s latest Industrial Restructure Guidance.
However, there have been some guidance put by the chinese government in 2019. The Guidance serves as a high-level legal basis for provincial and municipal governments. It was to act on in terms of what industries should be encouraged, retained and eliminated.
The NDRC also said in a recent press conference that while it has so far been effective. It clears out large scale crypto mining facilities. There are remaining operations that have gone much under the radar> This id based on the transcript of the press conference published on Friday.