Binance to Close Crypto Mining Pool and Related Services in November
Cryptocurrency exchange Binance, whose token BNB (CRYPTO:BNBUSD) was trading up 1.70% at 744.4 USD, announced it will permanently close its mining pool and associated services on Nov. 10. The shutdown ends an operation that launched in April 2020 with Bitcoin mining before expanding to other digital assets. The closure covers Binance Pool, Cloud Mining, Pool Savings, and the Transaction Accelerator, as well as API endpoints and hashrate notification systems.
The decision follows an ongoing internal review of products and services, though no specific reason for the closure was given. Once the cutoff passes, mining endpoints will be turned off, miner connections will be terminated, and no additional submitted shares or yields will be credited. Outstanding eligible rewards and balances will be processed following the closure in accordance with product rules and compliance checks.
Miners currently using the service must transfer their computing capacity to alternative pools prior to the Nov. 10 deadline to prevent operational disruption. Those holding active Pool Savings accounts are urged to redeem or unsubscribe before the shutdown. Users will retain access to historical payout data and mining records until Nov. 24, when the pool's web pages will be permanently disabled.
Key points
- Binance will shut down its mining pool and related features, including Cloud Mining and Pool Savings, on Nov. 10.
- The exchange cited an ongoing product review for the decision after operating the pool since April 2020.
- Miners must redirect computing power to other pools before the cutoff to avoid losing reward credits and yields.
- Users can access historical payout records and mining data until Nov. 24, when the pool pages permanently close.
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How we writeDisclaimerQuestions and answers
When is Binance shutting down its crypto mining pool?
Binance will discontinue Binance Pool and related services on Nov. 10. Mining endpoints will be disabled and connections cut off after this deadline.
What action do miners need to take before the Binance Pool shutdown?
Miners should redirect their computing power to alternative mining pools before Nov. 10 to avoid loss of rewards. Users with Pool Savings positions should redeem them before the closure.
How long can users access historical Binance Pool records?
Users have until Nov. 24 to access historical mining records and payout information before the pages become permanently inaccessible.