Binance is winding down a part of its crypto infrastructure business by shutting its mining pool and related services in November after more than six years of operation. The move affects mining, savings and cloud-based products, and gives users until Nov. 24 to retrieve historical records and payout information.
Highlights
- Binance will discontinue Binance Pool and related services including Pool Savings, Cloud Mining, and mining pool APIs on Nov. 10.
- Users must redirect computing power and redeem Pool Savings before shutdown, with all mining endpoints disabled and no mining shares credited after the deadline.
- Outstanding rewards, balances, and settlements will be processed post-shutdown, and users have until Nov. 24 to access historical mining records before permanent removal.
Shutdown scope and user deadlines
As reported by Cointelegraph, Binance says it will discontinue Binance Pool on Nov. 10 as part of an ongoing review of its products and services, though it does not give a more specific reason for the decision.The shutdown also covers Pool Savings, Cloud Mining, Transaction Accelerator and related features, including mining pool APIs and hashrate notifications. After the deadline, the exchange says it will disable mining endpoints, disconnect miners from the pool, stop accepting hashrate submissions and no longer credit mining shares received after the cutoff.
Binance urges miners to redirect computing power to alternative mining pools before the deadline to avoid service interruptions. Users with active Pool Savings positions are also advised to redeem or unsubscribe before the closure.
Operational impact on crypto miners
Eligible outstanding rewards, balances, refunds and settlements will be processed after the shutdown, subject to applicable product rules and compliance checks. Binance says affected products will stop generating rewards and yields once the services are closed.Users will have until Nov. 24 to access historical mining records and payout details before the pool's pages become permanently inaccessible. Binance launched its mining pool in April 2020, initially for Bitcoin mining, before expanding support to other cryptocurrencies.
Governance turmoil at Africa Bitcoin Corporation has intensified after interim CEO Stafford Masie and three independent directors resigned amid removal demands from majority shareholders, leaving the JSE-listed bitcoin treasury company with only two directors. Our earlier coverage noted that the resignations follow regulatory fallout involving debarments and penalties against former executives, raising the stakes for the upcoming shareholder meeting and the company’s governance stability.
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