Binance to shut down crypto mining pool services in November
Quick Look
- Binance announced it will shut down its mining pool and related services including Pool Savings, Cloud Mining, and Transaction Accelerator on November 10, ending over six years of operation.
- Users are advised to redirect hashrate and redeem positions before the deadline, with access to historical data available until November 24.
AI-generated summary
Why It Matters
Binance launched its mining pool in April 2020, initially supporting Bitcoin mining before expanding to other cryptocurrencies. The service has been operating for over six years.
Crypto exchange Binance is shutting down its mining pool and related services in November, ending an operation that has been running for over six years.
On Tuesday, Binance said it would discontinue Binance Pool on Nov. 10. The shutdown also covers Pool Savings, Cloud Mining, Transaction Accelerator and related features, including mining pool APIs and hashrate notifications.
After the deadline, Binance said it would disable its mining endpoints and disconnect miners from the pool. The exchange will no longer accept hashrate submissions or credit mining shares received after the cutoff. Affected products will stop generating rewards and yields.
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 urged miners to redirect their computing power to alternative mining pools before the deadline to avoid interruptions. Users with active Pool Savings positions were also advised to redeem or unsubscribe before the closure.
Binance said eligible outstanding rewards, balances, refunds and settlements would be processed after the shutdown, subject to applicable product rules and compliance checks. Users will have until Nov. 24 to access historical mining records and payout information before the pool’s pages become permanently inaccessible.
Binance launched its mining pool in April 2020, initially supporting Bitcoin (BTC) mining before expanding to other cryptocurrencies.
Cointelegraph reached out to Binance for more information but did not receive an immediate response.
Open Questions
- What specific factors led to the decision to shut down the mining pool?
- Will Binance relaunch or replace the mining pool service in the future?
- How many users are affected by the shutdown of Binance Pool and related services?
