ETH Mine to Shut Down, Bitman to Halt Services, Alibaba Bans Miners,

Read in the Digest

• BeePool to shut down ETH services, Bitmain to halt services, and Alibaba (NYSE:) bans sales for miners.
• Polygon overtakes in daily active addresses
• Kraken hit with $1.25 million fine, “we don’t need crypto regulation” – Musk
• Switzerland’s regulators approve first crypto assets fund

BeePool to Shut Down ETH Services, Bitmain to Halt Services, and Alibaba Bans Sale for Miners

The People’s Bank of China (PBOC) toughened its stance on crypto, leading to the halt of many crypto services in the county. Following the anti-crypto stance of China, BeePool, the fourth-largest Ethereum mining operation, has announced that it will shut down its services “in response to the latest regulatory policies.”

The Chinese crackdown continues into the sale of mining devices, forcing the leading crypto mining machine manufacturer, Bitmain, to halt device sales in China. While Bitmain hasn’t released an official statement, SparkPool, the second-largest contributor to the Ethereum network, has similarly announced that it will shut its services by the end of September.

As China continues its crusade, leading eCommerce platform Alibaba has banned shop owners from selling mining devices and cryptocurrencies. In addition, store owners could see their accounts frozen or deactivated if they sell mining devices after October 15th.

Flipsider:

• While China has continued its crackdown on crypto mining, Miami’s mayor has pitched accessing nuclear energy to bitcoin miners.
• In addition, Bitmain will be moving its production out of China to other countries.

Why You Should Care

The crackdown on crypto is currently having adverse effects on the crypto industry. However, with the mining pools that controlled most of the and Ethereum network migrating to other countries, the crypto market is expected to become more decentralized.

Polygon Overtakes Ethereum in Daily Active Addresses

Polygon, the scaling solution built on top of the Ethereum network, has hit a significant milestone. For the first time since its launch in 2017, the number of daily active addresses has exceeded Ethereum.

The number of daily active Polygon (MATIC) addresses now stands at 351,000, with Ethereum’s layer 1 solution standing at 326,000.

The co-founder of Ethereum and Polygon Network, Mihailo Bjelic, shared the news on Twitter (NYSE:), where he wrote;

Another huge milestone for @0xPolygon! We eclipsed Ethereum L1 in daily active addresses for the first time!This is just the beginning. We are working round the clock to improve our tech, strengthen our ecosystem and increase adoption.Let’s bring the world to Ethereum! pic.twitter.com/K4sAF1y3LT

— Mihailo Bjelic (@MihailoBjelic) September 29, 2021

The multi-chain solution of the Polygon Network has been instrumental to its growth,…