China’s BeePool announces closure following Sparkpool

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BeePool, the fourth largest hashrate mining pool, is set to stop following SparkPool and F2Pool.

The wave from the decision of the Chinese authorities to ban cryptocurrency transactions continues to drown cryptocurrency projects in the PRC. The decision to shut down BeePool came immediately after the second largest mining pool for ETH – SparkPool – announced the blocking of Chinese miners and then ceased operations by September 30th.

The bitcoin market has also suffered from the bans. Yesterday, the largest Bitcoin mining pool F2Pool announced the termination of service and registration of users from China.

On Tuesday 28 September, the BeePool administration suspended registration of new users. The company said it is stopping its services for fear of being charged with illegal activities related to cryptocurrencies. The BeePool operator will suspend all services for miners from October 15 at 15:59 UTC (18:59 MSK).

The cryptocurrency market will be stormy for some time from the amendments to the regulations by the People’s Bank of China. However, most of the bans have already been taken into account by the market, and most of the cryptocurrency companies have long left mainland China.

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