The news shocked Ethereum investors as China continues to reinforce its crackdown on crypto by illegalizing all crypto-related transactions in the country last Friday. The decision didn’t only affect crypto mining firms as cryptocurrency exchanges were a major player in the crypto industry that got affected.
For instance, exchanges such as Binance and Huobi have suspended new account registrations from mainland China, albeit reportedly still servicing users in Hong Kong.
As Ethereum continues its switch from a proof-of-work consensus mechanism to a proof-of-stake model in 2022 — part of the long-planned upgrade known as Ethereum 2.0. As previously reported by Cointelegraph, Ether miners will not have many choices after Ethereum 2.0 finally arrives, as their mining equipment is set to become obsolete.