Binance to shut down crypto mining pool services in November
Key Summary
Crypto exchange Binance is shutting down its mining pool and related services in November, citing an ongoing review of its products and services. The shutdown affects mining pool, Pool Savings, Cloud Mining, and other related features, with users advised to redirect their computing power to alternative mining pools. Eligible outstanding rewards and balances will be processed after the shutdown, subject to applicable product rules and compliance checks.
Introduction
Binance, a leading crypto exchange, has announced that it will be shutting down its mining pool and related services in November. The decision was made after an ongoing review of its products and services.
Background
The mining pool, which was launched in April 2020, initially supported Bitcoin (BTC) mining before expanding to other cryptocurrencies. The shutdown affects mining pool, Pool Savings, Cloud Mining, and other related features.
Users are advised to redirect their computing power to alternative mining pools before the deadline to avoid interruptions. Users with active Pool Savings positions were also advised to redeem or unsubscribe before the closure.
Conclusion
The shutdown is a significant move for Binance, which is one of the largest crypto exchanges in the world. The company will no longer accept hashrate submissions or credit mining shares received after the cutoff, and affected products will stop generating rewards and yields.
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