Binance Pulls the Curtain on Bitcoin Mining Pool, Sets November 10 Shutdown

Binance has also confirmed that Binance Pool and its crypto mining services will be officially discontinued on November 10 at 07:00 UTC. This means that there will be no more mining connections, reward distribution, or any other associated products. According to the October 13 statement by Binance, the shutdown is the result of an ongoing review of products and services. Among those affected are Binance Pool, Pool Savings, Cloud Mining, Transaction Accelerator, mining APIs, and mining hashrate alerts. Customers have been asked to migrate their mining hardware to another pool before the deadline.

Binance Asks Miners to Move Hardware Before Mining Services End

As per the announcement, starting at 07:00 UTC on November 10, Binance will stop the mining rigs from being connected to its mining pool, as well as its Stratum addresses and mining endpoints for submitting computing power. The exchange stated that any mining shares or hashrate submitted after the deadline will not be accepted or processed anymore.

The shutdown includes the services related to Binance Pool, which include Pool Savings, Cloud Mining, and Transaction Accelerator. The hash rate notifications for Telegram, emails, and the mining pools API will be disabled simultaneously. According to Binance, there will be no rewards, yield, or other services once the mentioned products are shut down.

The mining pool is expected to run normally until the cutoff time. The eligible mining shares that are submitted prior to 07:00 UTC on November 10 will be included in the final reward calculation, according to the mining guidelines of the exchange.

For miners contributing to the computing power via Binance Pool, the firm has directed users to disconnect the devices and upgrade their mining settings prior to shutdown. Mining devices that utilise Binance's current Stratum addresses would have to find an alternative pool to continue submitting their work once the service closes down.

As the shutdown date gets closer, Binance has informed users who have active Pool Savings to check their accounts and make sure that all redemptions or cancellations are done by November 10. It has also been noted that users who have unclaimed rewards and refunds should ensure that their Binance account can accept them. 

As per the official notice, unsettled reward payments and refunds will be processed after 07:00 UTC on November 10. According to the exchange, eligibility for payment would depend on the product terms, account status, risk control, and compliance. The exchange's official notice did not guarantee payment of all outstanding balances immediately.

In August, Binance also announced that each spot pair linked to ACX, HFT, PIVX, PYR, VANRY, and VIC will be shut down, and all spot orders will also be canceled. There was no specific reason provided by Binance for each coin. Instead, it referred to its wider review framework, which encompasses liquidity, development activities, network security, team behavior, transparency, tokenomics, and regulatory updates.