Binance to End Binance Pool, Related Mining Services on Nov. 10 After More Than Six Years
Summary
- Binance said it will shut down businesses including its in-house mining service Binance Pool, Pool Savings, and Cloud Mining starting Nov. 10.
- The company said submissions of hash rate, mining reward payouts, and the accrual of interest and earnings from related products will all end once the service is shut down.
- Existing users were advised to move their computing power to another mining pool before the shutdown date, while Pool Savings users must redeem or cancel their assets and unpaid mining rewards and remaining balances will be settled.
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Binance will shut down its mining pool business, ending all related services after operating the offering for more than six years.
Cointelegraph reported on October 13 that Binance had announced it would discontinue Binance Pool, its in-house mining service, starting Nov. 10. Related services including Pool Savings, Cloud Mining and Transaction Accelerator will also be terminated.
Once the shutdown takes effect, access to the mining pool will be closed and connections with miners will be cut off. Hash rate submissions will stop, and payouts based on mining contributions will end. Interest and earnings from related products will no longer accrue. The Binance Pool application programming interface, or API, and hash rate alert functions will also become unavailable.
Binance said the move came as part of a regular review of its products and services. It did not disclose specific reasons for ending the mining pool business or provide separate details on future plans for related operations.
The exchange advised existing users to transfer their computing power to other mining pools before the shutdown date. Customers using Pool Savings must also redeem their assets or cancel their subscriptions before the service ends. Unpaid mining rewards, remaining balances, refunds and settlement amounts will be handled after the shutdown in accordance with product rules and compliance procedures.
Past mining records and reward payment histories will remain available through Nov. 24. After that, access to Binance Pool-related pages will be permanently blocked. Binance launched the mining pool service in April 2020 to support Bitcoin mining and later expanded it to other cryptocurrencies.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.