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Fourth-largest Ethereum mining pool BeePool to close shop within a month By BTC Peers

by Mike Robinson

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Fourth-largest Ethereum mining pool BeePool to close shop within a month

On Tuesday, China-based mining pool BeePool announced that it would be shutting down by October 15.

This firm is fourth in hashrate and fifth largest Ethereum mining pool.

The Chinese government has taken its anti-crypto stance further last week. Last week the central bank classified all crypto-related activities illegal.

It was established in China, and is based in Hubei. These new restrictions are expected to be a major blow for the company as well as other cryptocurrency-related businesses that operate from China.

BeePool’s announcement comes a day after Hangzhou-based Sparkpool (the second-largest Ethereum mining pool) confirmed that it will be shutting down entirely by the end of this month. In addition to mining pools, China’s latest clampdown on cryptocurrencies has also affected a number of crypto exchanges.

Binance, Huobi and other cryptocurrency exchanges have said that they won’t be able to offer specific services to Chinese clients.

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