Binance to Close Crypto Mining Pool, Cloud Mining & Related Services, Here’s Why

31 mins ago

Independent Sr. Journalist

Expertise : Bitcoin, Crypto, Global Macro, DeFi, Blockchain, Web3, US Stocks, AI, Regulations and Lawsuits, & More

Varinder is a seasoned leader in the fintech and crypto media with over 13 years of experience, including over 7 years dedicated to blockchain, crypto, and Web3 developments. He is known for covering high-impact and quality news stories for publishers such as CoinGape, The Coin Republic, and The Crypto Times, while perfecting and training multiple journalists during his tenure. Being a Master of Technology degree holder, analytics thinker, and tech enthusiast, he has shared his knowledge of disruptive technologies in over 6000 news articles and papers.

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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Binance to Close Mining Pool, Pool Savings, Cloud Mining, Transaction Accelerator Services

Highlights

Binance to discontinue its crypto mining pool and related services on November 10.
These include Binance Pool, Pool Savings, Cloud Mining, and the Transaction Accelerator.
The exchange cited an ongoing review of its products and services as the reason for shut down.

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Binance on Tuesday said it plans to discontinue its crypto mining pool and related services on November 10. The world’s largest crypto exchange is closing services, including Binance Pool, Pool Savings, Cloud Mining, and the Transaction Accelerator, along with related features such as Telegram hashrate alerts, email notifications, and mining pool APIs.

Binance Pool will begin closing crypto mining connections, with disabling mining pool Stratum URLs and mining endpoints first. Hashrate submissions and mining shares submitted after 7:00 UTC on November 10 will no longer get accepted, processed, or credited.

No new rewards, yield, or service benefits will accrue after this time. Binance will process outstanding rewards, balances, refunds, or settlements after 7:00 UTC on November 11.

These are “subject to applicable product rules, account status, risk controls, compliance checks, and applicable laws. Eligibility is determined in accordance with the applicable mining pool product terms,” the leading crypto exchange added.

Binance Pool pages will remain accessible for viewing historical data, account records, and payout status until 07:00 UTC on November 24. After this, all access will be permanently unavailable.

Users are advised to disconnect from Binance Pool and reconfigure miners to point to a different crypto mining pool before the discontinuation. Unsubscribe or redeem active Pool Savings positions. They need to ensure that accounts can receive rewards, refunds, or settlements, including completing required identity verification.

Why Is Binance Discontinuing its Crypto Mining Pool?

Binance cited an ongoing review of its products and services as the reason for discontinuing its Binance Pool mining services and related offerings. The crypto exchange has one of the best Bitcoin mining pools.

Binance has framed the decision as a routine evaluation of its portfolio rather than tying it to external factors such as profitability, regulatory pressure, or market conditions.

The crypto assets impacted based on active workers, include Bitcoin, Zcash, Litecoin, Ethereum Classic, Bitcoin Cash, and Kaspa. Notably, there are 1.35 million Bitcoin active workers and 1,509 Zcash active workers.

As per the latest data, Binance Pool accounts for almost 65 EH/s of the global Bitcoin hashrate. This corresponds to 7% to 8% of the current Bitcoin hashrate of 968 EH/s. Binance Pool’s exit will not impact the network or BTC price.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.