Binance will discontinue its mining pool and related services on November 10, the crypto exchange announced on October 13. The shutdown ends six years of mining operations since the pool’s April 2020 launch.
The discontinuation covers Pool Savings, Cloud Mining, Transaction Accelerator, mining pool APIs, and hashrate notifications. After November 10, Binance will disable mining endpoints and stop accepting hashrate submissions and mining share credits. Affected products will cease generating rewards and yields.
Users with active Pool Savings positions were advised to redeem or unsubscribe before the closure. Binance stated that eligible outstanding rewards, balances, refunds, and settlements will be processed after shutdown, subject to applicable product rules and compliance checks.
A November 24 deadline has been set for users to access historical mining records and payout information. Miners are urged to migrate to alternative pools before the November 10 cutoff.
Binance Pool initially supported Bitcoin mining after its April 2020 launch before expanding to other cryptocurrencies. The exchange attributed the shutdown to an ongoing review of its products and services, according to reporting by Cointelegraph. When contacted by Cointelegraph, Binance did not provide an immediate response regarding the specific reasons for the decision.
