SKN | Binance to Shut Down Mining Pool and Related Services on November 10

Key Points

• Binance will discontinue Binance Pool and related mining services on November 10, ending an operation launched in April 2020.
• The shutdown includes Pool Savings, Cloud Mining, Transaction Accelerator, mining pool APIs and hashrate notifications, with miners urged to transfer their computing power to alternative pools.
• Eligible outstanding rewards, balances and settlements will be processed under applicable product rules, while users can access historical mining records and payout information until November 24.

Binance Sets November Deadline for Mining Services

Cryptocurrency exchange Binance plans to shut down its mining pool and associated services on November 10, ending more than six years of operations in the sector.

In an announcement on Tuesday, the company said it would discontinue Binance Pool alongside several related products, including Pool Savings, Cloud Mining and Transaction Accelerator. The closure will also affect supporting features such as mining pool application programming interfaces and hashrate notifications.

Binance attributed the decision to an ongoing review of its products and services but did not disclose a specific reason for the shutdown.

The move will end the exchange’s mining pool operations, which initially focused on Bitcoin before expanding to support additional cryptocurrencies. Binance launched the service in April 2020 as part of its broader cryptocurrency ecosystem.

Miners Urged to Transfer Computing Power

Following the November 10 deadline, Binance will disable its mining endpoints and disconnect miners from the pool. The exchange will no longer accept hashrate submissions or credit mining shares received after the cutoff, and affected products will stop generating rewards and yields.

Binance has advised users to redirect their computing power to alternative mining pools before the shutdown to avoid interruptions to their mining operations.

The deadline also affects customers using Pool Savings. Users with active positions have been instructed to redeem their assets or unsubscribe from the product before the service closes.

For miners, switching pools may require updating mining software configurations and payout settings. The timing of the transition could therefore be important for users seeking to minimize disruptions to their operations and reward generation.

Outstanding Rewards and Records

Binance said eligible outstanding rewards, balances, refunds and settlements would be processed after the shutdown, subject to the applicable product rules and compliance checks.

Users will have until November 24 to access historical mining records and payout information through the pool’s pages. After that date, the relevant pages will become permanently inaccessible, making it important for customers to review and retain any records they may need.

The company has not provided a more specific breakdown of how individual products or outstanding balances will be handled beyond its stated settlement procedures.

Outlook

Binance’s decision will remove one of the exchange’s long-running mining services from the market, requiring affected customers to find alternative pools or adjust their mining arrangements. The company has not indicated whether the closure reflects broader strategic changes or a reassessment of the economics of its mining-related products.

The immediate focus for users will be completing the transition before November 10, securing access to outstanding balances and preserving historical records before the November 24 cutoff. The shutdown’s wider significance for cryptocurrency mining will depend on how affected miners redistribute their computing power among competing services.