Binance to Shut Down Mining Pool and Cloud Mining on Nov. 10
Binance will discontinue its mining pool, Cloud Mining, and related services on Nov. 10 following a product review, ending six years of operations.
Cryptocurrency exchange Binance announced on Tuesday that it will shut down Binance Pool and its associated services on Nov. 10, bringing an end to an operation that has run for over six years. The exchange instructed active miners to redirect their computing power to alternative mining pools before the deadline to prevent service interruptions.
According to CryptoRank, the shutdown impacts Binance Pool along with related features including Pool Savings, Cloud Mining, the Transaction Accelerator, mining pool APIs, and hashrate notifications. The exchange attributed the decision to an ongoing review of its products and services, though it did not disclose specific reasons for the discontinuation.
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Service Discontinuation Details
Following the Nov. 10 cutoff, Binance will disable mining endpoints and disconnect all participating miners from the pool. Hashrate submissions and mining shares submitted after the deadline will no longer be accepted or credited, and all impacted products will cease generating rewards and yields.
Binance advised customers holding active Pool Savings positions to redeem or unsubscribe prior to the shutdown. The platform stated that eligible outstanding rewards, balances, refunds, and settlements will be processed after the termination date, subject to compliance checks and relevant product rules. Users will retain access to historical mining records and payout information until Nov. 24, after which pool web pages will be taken offline permanently.
Binance initially launched its mining pool in April 2020, starting with Bitcoin mining before adding support for other cryptocurrencies.
Key facts
- Binance Pool and Cloud Mining services will terminate operations on Nov. 10.
- Mining endpoints will be disabled, with hashrate submissions halted and rewards terminated.
- Users must redeem active Pool Savings positions before the scheduled closure.
- Historical mining data and payout records will remain accessible through Nov. 24.
- Binance originally launched its mining pool operations in April 2020.
Source: news.google.com
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