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

John Williams

Sep 30, 2021 — 1 min read

This article is for informational purposes only and does not constitute investment advice. Always do your own research (DYOR) before making any financial decisions.

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

The firm, which is the fourth-largest Ethereum mining pool in terms of hash rate, made the decision in "response to the latest regulatory policies."

Recall that the Chinese government took its anti-crypto stance to another level last week when the central bank categorized all crypto-related activities as illegal.

The Ethereum mining pool was founded in China and operates in the Hubei province. As expected, the new restrictions have dealt a heavy blow to the company and other crypto-related businesses operating from within 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 and Huobi have announced that they will no longer offer certain services to China-based clients.

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