Ethereum gas price quotation system GasNow ceases operations

The Bitcoin market may be filled with optimism – and more than a little greed – but certain components of the crypto sector have yet to shake off the effects of the Chinese crypto crackdown.

Most recently, Sparkpool’s Ethereum GasNow website was shut down. It did so shortly after Sparkpool itself suspended all operations on September 30th following the recent ban on crypto transactions in China.

GasNow website not accessible

The former GasNow website url no longer takes users to the original location where gas prices were reported due to different speed requirements. At press time, those who tried to access the original website were instead redirected to a Bitcoin-related website asking for donations from visitors.

Source: gasnow.org

Sparkpool previously announced its own closure, citing “regulatory requirements”. According to his Twitter account, the mining pool was founded in 2016 and was based in Zhejiang, China.

In addition, Sparkpool reported on its website that manual withdrawals and the API service would be discontinued on October 15th. It was also noted that until October 30th, users will be able to access historical data through the website.

A new order

Until around September 30, Sparkpool was Ethereum’s second largest mining pool, only after Ethermine. However, after cracking down, Sparkpool’s hashrate dropped to next to nothing, according to Poolwatch.

At the last count, Ethermine controlled approximately 27.4% of the network hashrate, while hiveon took over the previous rank from Sparkpool but only controlled 10.2% of the hashrate.

However, despite the loss of Sparkpool, the Ethereum ecosystem appears to be recovering. At the time of writing, the Ethereum 2.0 deposit contract was still the top account in terms of Ether balance, according to Etherscan. The contract was valued at more than $ 31 billion, or approximately 7,974,786 ethers, at the time of going to press.

What could happen next? The Cambridge Bitcoin Electricity Consumption Index provides an indication. In August 2021, the US accounted for 35.40% of the world’s average monthly hashrate share, while China’s share was negligible. It wouldn’t be surprising if a similar trend took place in the Ethereum mining ecosystem.

Ethereum metrics

The Ethereum Gas Tracker on Etherscan showed the average gas fee at press time was around 55 gwei.

Source: Etherscan

Meanwhile, the Ethereum Fear and Greed Index recorded a value of 73, indicating “greed”.

At the time of writing, Ether was priced at $ 3,932.78.

Comments are closed.