Binance to shut down crypto mining pool services on Nov. 10
Binance closes its mining pool after six years
Crypto exchange Binance will discontinue its mining pool and related services on Nov. 10, ending an operation that has been running for over six years.
Binance said it would shut down Binance Pool along with Pool Savings, Cloud Mining, the Transaction Accelerator, mining pool APIs, and hashrate notifications. After the deadline, the exchange will disconnect miners from the pool and stop accepting hashrate submissions or crediting mining shares received after the cutoff.
The company attributed the closure to an ongoing review of its products and services but did not give a specific reason for the decision.
What miners need to know
- Binance launched its mining pool in April 2020, initially supporting Bitcoin (BTC) mining before expanding to other cryptocurrencies.
- Affected products will stop generating rewards and yields after the shutdown.
- Eligible outstanding rewards, balances, refunds, and settlements will be processed after the shutdown, subject to product rules and compliance checks.
- Users will have until Nov. 24 to access historical mining records and payout information before the pool pages become permanently inaccessible.
Advice for affected users
Binance urged miners to redirect their computing power to alternative mining pools before the Nov. 10 deadline to avoid interruptions. Users with active Pool Savings positions were also advised to redeem or unsubscribe before the closure.
What we know and what remains unclear
Confirmed: Binance will shut down its mining pool and related services on Nov. 10, 2026. The exchange has not provided a specific reason beyond an "ongoing review of its products and services." Cointelegraph reached out to Binance for more information but did not receive an immediate response.
Unclear: The specific reasons behind the decision remain unexplained. Binance has not detailed whether declining profitability, regulatory pressures, or strategic shifts drove the shutdown.
Why this matters
Binance is one of the largest crypto exchanges in the world, and its mining pool has been a key service for miners who pool their computing power together to solve blockchain transactions and earn rewards. The shutdown could force thousands of miners to find new hosting options or adjust their operations.
Source
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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