BeePool, a China-based Ethereum mining pool that is currently the fourth-largest in terms of hashrate, announced on Tuesday that it will close on October 15.
According to BeePool, the move is in “response to the most recent regulatory policies.”
China’s central bank tightened its crypto policy last week, declaring all crypto-related activities illegal. BeePool, based in China’s Hubei province, was founded four years ago.
Its announcement comes just one day after Hangzhou-based Sparkpool, the second-largest Ethereum mining pool, announced that it will cease operations entirely by the end of this month.
China’s most recent crackdown has affected not only mining pools, but also cryptocurrency exchanges. Binance and Huobi recently announced that they will no longer serve Chinese customers.