Binance to Shut Down Mining Pool and Services Nov. 10

Binance will close its mining pool and related services on Nov. 10, ending more than six years of operation for Binance Pool.

The closure covers Pool Savings, Cloud Mining, Transaction Accelerator and related features, including mining pool application programming interfaces and hashrate notifications. Binance will disable its mining endpoints and disconnect miners from the pool after the deadline.

The exchange will stop accepting hashrate submissions and will not credit mining shares received after Nov. 10. The affected products will stop generating rewards and yields. Binance attributed the decision to an ongoing review of its products and services and did not provide a specific reason.

Binance advised miners to move their computing power to other mining pools before the deadline to avoid interruptions. Users with active Pool Savings positions were advised to redeem them or unsubscribe before the closure.

Eligible outstanding rewards, balances, refunds and settlements will be processed after the closure, subject to the rules of the relevant products and compliance checks. Users will have until Nov. 24 to access historical mining records and payout information. After that date, the pool’s pages will become permanently inaccessible.

Binance launched its mining pool in April 2020. The service initially supported Bitcoin mining before expanding to other cryptocurrencies.