Binance to Shut Down Crypto Mining Pool Services in November

Binance will end its mining pool and related services on November 10 and urges miners to move to alternative pools before the shutdown.

Binance will shut down its mining pool and related services on November 10, asking miners to move to alternative pools before the shutdown.

Crypto exchange Binance will shut down its mining pool and related services in November, ending operations that have been running for more than six years.

On Tuesday, Binance announced that Binance will be shutting down the pool on November 10. The shutdown also includes Savings Pool, Cloud Mining, Transaction Accelerator and related features, including mining pool APIs and hashrate notifications.

After the deadline, Binance said it will disable its mining endpoints and remove miners from the pool. The exchange will no longer accept hash submissions or mining credit shares received after the outage. Affected products will stop producing rewards and returns.

The company attributed the closure to an ongoing review of its products and services, but did not provide a specific reason for the decision.

Binance said pending rewards, balances, refunds and eligible settlements after shutdown will be processed subject to applicable product rules and compliance reviews. Users have until November 24th to access historical mining records and payout information before the pool pages are permanently unavailable.

Binance launched its mining pool in April 2020, initially supporting Bitcoin (BTC) mining before expanding to other cryptocurrencies.