Binance to close mining pool and related services on Nov. 10

what happened

Cointelegraph reports that crypto exchange Binance will close Binance Pool on Nov. 10, ending a service that has operated for over six years. The decision, announced Tuesday, also applies to Pool Savings, Cloud Mining, Transaction Accelerator and associated functions such as mining-pool APIs and hashrate alerts.

After the deadline, Binance will end access to its mining infrastructure and remove connected miners from the pool. The exchange will stop accepting hashrate submissions and will not credit mining shares received after the cutoff. The affected products will no longer generate rewards or yields.

Binance attributed the closure to an ongoing review of its product and service lineup, without providing a specific reason. It asked miners to move their computing capacity to alternative pools before the deadline and told users with active Pool Savings positions to redeem them or unsubscribe. Eligible outstanding rewards, balances, refunds and settlements will be processed after the shutdown under applicable product rules and compliance checks.

Users can access historical mining records and payout information through Nov. 24; after that, the pool pages will become permanently unavailable. Binance launched the pool in April 2020, initially supporting Bitcoin (BTC) mining before adding other cryptocurrencies. Cointelegraph said it contacted Binance for more information but did not receive an immediate response.

why it matters

The closure will require miners using Binance’s services to arrange alternative pool access before the deadline. Historical records and payout information will also have a defined access cutoff on Nov. 24.

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