Binance will shut down its crypto mining pool service in November.
Binance will cease its mining pool and related services on November 10th, urging miners to transfer to other mining pools before the closure.
Cryptocurrency exchange Binance will shut down its mining pool and related services in November, ending this business that has been in operation for over six years.
On Tuesday, Binance stated that it would cease Binance Pool on November 10th. This closure also includes Pool Savings, cloud mining, trading accelerators, and related functions, such as the mining pool API and power notification services.
After the deadline, Binance stated that it will deactivate its mining pool interface and disconnect miners from that pool. The exchange will no longer accept submissions of computing power, nor will it record mining shares received after the deadline. Affected products will cease to generate rewards and profits.
The company attributed this closure to ongoing reviews of its products and services, but did not provide specific reasons for this decision.
Binance urges miners to transfer their computing power to other mining pools before the deadline to avoid disruptions. Users holding valid Pool Savings positions are also advised to redeem or cancel their subscriptions before the closure.
Binance stated that any unclaimed rewards, balances, refunds, and settlements that meet the criteria will be processed after the closure, but this must comply with the applicable product rules and compliance reviews. Users can access their historical mining records and payment information before November 24th; thereafter, the mining pool page will no longer be accessible permanently.
Binance's mining pool was launched in April 2020, initially supporting Bitcoin (BTC) mining, and later expanded to other cryptocurrencies.
Cointelegraph contacted Binance for more information, but did not receive a response immediately.
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