Cryptocurrency exchange Binance is shutting down its mining pool and associated services on November 10, concluding an operation that has run for over six years. The upcoming closure will also affect Pool Savings, Cloud Mining, the Transaction Accelerator, mining pool APIs, and hashrate notifications.
Following the deadline, Binance will disable mining endpoints and disconnect miners from the pool. The exchange will stop accepting hashrate submissions and will no longer credit mining shares received after the cutoff, causing affected products to cease generating rewards and yields.
Binance stated that the closure is part of an ongoing review of its products and services, though a specific reason for the decision was not provided.
The exchange has advised miners to redirect their computing power to alternative mining pools prior to the deadline to prevent operational interruptions. Users who hold active Pool Savings positions were also urged to redeem or unsubscribe before the service closes.
According to the announcement, eligible outstanding rewards, balances, refunds, and settlements will be processed following the shutdown, pending applicable product rules and compliance checks. Users have until November 24 to access historical mining records and payout data before the pool pages become permanently inaccessible.
Binance originally launched its mining pool in April 2020, starting with support for Bitcoin (BTC) mining before later expanding to other cryptocurrencies.
