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The world's second-largest Ethereum mining pool, SparkPool, recently announced that it will suspend registrations for everyone else, in addition to their earlier declaration that they will stop providing services to new Chinese users.The world's second-largest Ethereum mining pool, SparkPool, recently announced that it will suspend registrations for everyone else, in addition to their earlier declaration that they will stop providing services to new Chinese users.
The resolution will take effect on September 30 in the wake of China's tougher regulatory requirements on cryptocurrencies.
Recall that last week, Chinese authorities stepped up their crackdown on cryptocurrencies, declaring all activities related to it illegal. This happened at the initiative of the People's Bank of China, and resulted in all crypto services being officially prohibited in the country. All foreign transactions in this direction are also deemed illegal.
The struggle started early this year, when the Chinese government decided to eradicate digital currency mining. It led to a sharp drop in computing power (hashrate), but over the summer the situation has stabilized. The PBOC then banned banks and non-bank payment institutions such as Ant Group, a subsidiary of Alibaba, from providing digital currency services. Now the time has come for a complete official ban.
Surprisingly, the market response was not as dire as it might have been if this had happened a year or two ago. There was only a correction, which suggests that the crypto market is really a separate digital direction of the future.
Going back to SparkPool, it currently provides around 142 TH / s, which is roughly 22% of the hashrate of the entire network. It is the second largest miner after Ethermine.
On a different note, an ERC-20 token transaction worth $ 23.7 million took place on Monday. Bitfinex reportedly spent such a large amount of money when it was transferring $ 100,000 USDT in the decentralized Ethereum-based exchange DeversiFi. The transaction should have cost less than $ 5. DeversiFi said the high commission is the result of an internal error and promised to deal with it very quickly.
With regards to Bitcoin, a lot currently depends on $ 42,500 because climbing above it will result in a further jump to $ 44,990, $ 47,900 and $ 50,800. But if bearish traders manage to push the token down below $ 44,990, the rate will plunge to $ 37,300 and $ 33,800.
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