Binance to shut down crypto mining pool services in November

Binance, the prominent crypto exchange, announced on Tuesday that it will be discontinuing its mining pool and related services on November 10. This decision comes after a six-year operation, which included Pool Savings, Cloud Mining, Transaction Accelerator, mining pool APIs, and hashrate notifications. On the specified deadline, Binance will disable its mining endpoints and disconnect miners from the pool, ceasing to accept hashrate submissions or credit any mining shares received thereafter. Consequently, affected products will no longer generate rewards or yields.

The exchange's move to shut down its mining services stems from an ongoing review of its products and services, though Binance has not disclosed a specific reason for the decision. To avoid any interruptions, miners have been advised to redirect their computing power to alternative mining pools before the deadline. Users who had active Pool Savings positions were encouraged to redeem or unsubscribe before the closure.

Following the shutdown, Binance stated that eligible outstanding rewards, balances, refunds, and settlements would be processed, provided they comply with applicable product rules and undergo necessary compliance checks. Users will have until November 24 to access historical mining records and payout information, after which the pool’s pages will become permanently inaccessible.

Binance launched its mining pool in April 2020, initially supporting Bitcoin (BTC) mining and subsequently expanding to accommodate other cryptocurrencies. However, Cointelegraph was unable to secure a response from Binance regarding the matter.