Fourth-largest Ethereum mining pool BeePool is shutting down

Mining • September 28, 2021, 8:59AM EDT
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China-based Ethereum mining pool BeePool, currently the fourth-largest in terms of hashrate, announced Tuesday that it is shutting down on October 15.

The move is in "response to the latest regulatory policies," said BeePool.

Last week, China's central bank tightened its policy on crypto, declaring all crypto-related activities illegal. BeePool was founded four years ago and is based in China's Hubei province.

Its announcement comes a day after Hangzhou-based Sparkpool, the second-largest Ethereum mining pool, said it is shutting down entirely by the end of this month.

China's latest crackdown has not only affected mining pools, but also crypto exchanges. Binance and Huobi recently announced that they will no longer provide services to China-based users. 

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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