The fourth largest Ethereum mining pool known as Beepool, is closing due to China’s crypto crackdown.
The China-based Ethereum mining pool announced that it will suspend operations in response to the latest regulatory policies effective immediately. The registration of new users and the addition of sub-accounts for existing users will be discontinued and all mining access servers are expected to stop operations.
The announcement comes just a day after news broke that Spark Pool, the second largest Ethereum mining pool, will suspend operations by the end of the month for similar reasons. BeePool and SparkPool account for more than one quarter of Ethereum’s hashrate.
It became clear the People’s Bank of China was ramping up a suite of new measures and promoting stronger inter-departmental coordination to suppress crypto activity. The measures aim to cut off payment channels, dispose of relevant websites and mobile applications in accordance with the law.
The mining crackdown has focused for months on Bitcoin mining which saw a major exodus of mining operations from the country. Howeverthe Chinese government’s focus appears to now have shifted to Ethereum.
