Binance will discontinue its mining pool and related services on November 10. The exchange cites an ongoing review of its products and services. Binance Pool accounts for 7% to 8% of the Bitcoin hashrate, according to CoinGape.
Binance said on Tuesday it plans to discontinue its crypto mining pool and related services on November 10. The closures cover Binance Pool, Pool Savings, Cloud Mining and the Transaction Accelerator, along with Telegram hashrate alerts, email notifications and mining pool APIs.
Shutdown timeline for miners
Binance Pool will first disable its Stratum URLs and mining endpoints. Hashrate submissions and mining shares submitted after 7:00 UTC on November 10 will no longer be accepted, processed or credited, and no new rewards, yield or service benefits will accrue after that point.
Next, Binance will process outstanding rewards, balances, refunds or settlements after 7:00 UTC on November 11. The exchange said these are subject to applicable product rules, account status, risk controls, compliance checks and applicable laws.
Binance Pool pages stay open for historical data, account records and payout status until 07:00 UTC on November 24, after which access ends permanently. Users are advised to point their miners to a different mining pool, redeem active Pool Savings positions and complete any required identity verification so their accounts can receive payouts.
Reason and network impact
Binance cited an ongoing review of its products and services as the reason. CoinGape reports that Binance framed the move as a routine evaluation of its portfolio and did not tie it to profitability, regulatory pressure or market conditions.
The affected assets include Bitcoin, Zcash, Litecoin, Ethereum Classic, Bitcoin Cash and Kaspa. Based on active workers, the pool has 1.35 million Bitcoin active workers and 1,509 Zcash active workers.
Binance Pool accounts for almost 65 EH/s of global Bitcoin hashrate, which corresponds to 7% to 8% of the current 968 EH/s, according to CoinGape. The outlet adds that the exit will not affect the network or the BTC price.
Source: CoinGape
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