Binance Pulls the Plug on Its Mining Pool — Hashrate, Meet Ex-Employee 🚪

Binance will discontinue its crypto mining pool and several related services on Nov. 10, the exchange confirmed Tuesday, ending an operation it launched in April 2020 with Bitcoin ($BTC) support before expanding to other cryptocurrencies. The shutdown covers Binance Pool, Pool Savings, Cloud Mining, and the Transaction Accelerator, along with associated features including email notifications, Telegram hashrate alerts, and mining pool APIs.

According to the announcement, Binance will begin closing mining pool connections by disabling mining pool Stratum URLs and mining endpoints. Hashrate submissions and mining shares received after 7:00 UTC on Nov. 10 will no longer be processed, accepted, or honored. From that point, affected products will cease generating new rewards, yield, or service benefits. The exchange said it will process outstanding rewards, balances, refunds, or settlements after 7:00 UTC on Nov. 11, "subject to applicable product rules, account status, risk controls, compliance checks, and applicable laws," and determined "in accordance with the applicable mining pool product terms."

Binance did not provide a specific reason for the closure, attributing the decision instead to "an ongoing review of its products and services." The exchange urged miners to redirect their computing power to alternative mining pools before the deadline to avoid service interruptions, and advised users with active Pool Savings positions to redeem or unsubscribe before the shutdown. After the cutoff, mining endpoints will be disabled and miners disconnected from the pool.

The exchange said users will have until Nov. 24 to access historical mining records and payout information before the pool's pages are taken permanently inaccessible. Cointelegraph reached out to Binance for additional information but did not receive an immediate response. The mining pool had been operating for more than six years at the time of the closure announcement.