Binance Pool to Shut Down Mining Services on November 10 What Users Need to Know
Binance will discontinue Binance Pool and its associated services on November 10, ending access to its mining pool, cloud mining and Pool Savings products. The shutdown will also affect mining-related tools, including the Transaction Accelerator, API services and hashrate notifications.
In a notice published on October 12, the cryptocurrency exchange said the decision followed an ongoing review of its products and services. Binance did not disclose a more specific reason for the closure. The shutdown is scheduled to begin at 07:00 UTC on November 10.
Binance Pool Shutdown Covers Multiple Mining Services
The closure extends beyond the core mining pool. Binance will also discontinue its cloud mining and savings products, Transaction Accelerator, mining pool API services, Telegram hashrate alerts and email notifications.
At the scheduled cutoff, Binance will begin disconnecting mining connections and disabling its mining endpoints. Any hashrate submissions or mining shares received after that point will no longer be accepted, processed or credited through the platform.
Binance said its mining pool is expected to continue operating normally until the deadline. Eligible mining shares submitted before the shutdown will be included in the final reward calculation according to the platform's existing rules.
Binance Advises Miners to Switch Pools Before the Deadline
Users who currently direct their mining equipment to Binance Pool should configure their systems to connect to an alternative mining pool before November 10. Completing the switch in advance can help prevent interruptions when Binance disables its mining infrastructure.
Users with active Pool Savings positions should also unsubscribe or redeem their positions before the service ends. The exchange has not specified a more detailed explanation for discontinuing these products.
The shutdown means miners will need to review their existing configurations and ensure that their equipment is connected to another provider before Binance stops accepting mining shares.
Outstanding Rewards and Payments Remain Subject to Conditions
Following the closure, Binance will process eligible outstanding rewards, account balances, refunds and settlements where applicable. However, the exchange's ability to make these payments will remain subject to the relevant product terms, account status, risk controls and compliance requirements.
Users must ensure their accounts are eligible to receive any remaining payments and complete any required identity verification by 23:59 UTC on November 10. Failure to meet the applicable requirements could affect the processing of outstanding amounts, subject to Binance's rules.
Mining participants should therefore review their account information and any pending balances before the deadline rather than waiting until the service has been discontinued.
Binance Pool Records Will Become Inaccessible on November 24
Binance will remove links to Pool from its homepage on November 10, when the shutdown takes effect. However, the platform's Pool pages will remain accessible for an additional 14 days, giving users time to review historical data, account records and payout status where available.
Access to those pages will end permanently at 07:00 UTC on November 24. Binance has advised users to download any transaction histories, account records or other information they may need before that deadline.
The additional access period provides a limited window for users to retrieve their records after mining operations stop. Anyone relying on Binance Pool's historical information should save the relevant documents before the pages become unavailable.
data source: cryptobriefing.com
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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