Binance sets November 10 shutdown for mining pool and cloud mining

Binance said October 13 that it will discontinue Binance Pool and its related mining services on November 10, giving miners about four weeks to redirect their computing power and preserve account records.

The shutdown is scheduled for 07:00 UTC on November 10. Binance said it will then disconnect mining connections, disable its Stratum addresses and other mining endpoints, and stop accepting or crediting newly submitted hashrate and mining shares.

The decision extends beyond the pool itself. Pool Savings, Cloud Mining and the Transaction Accelerator will also close, together with pool APIs, hashrate alerts and related email notifications. Binance attributed the move to an ongoing product review but disclosed no specific commercial, regulatory or technical reason.

A service closure, not a network shutdown

Mining pools combine computing power from multiple miners and distribute rewards according to contributed work. They do not control whether Bitcoin continues producing blocks, and Binance’s withdrawal does not change Bitcoin’s consensus rules, block reward or mining difficulty directly.

The immediate effect instead falls on miners whose equipment points to Binance infrastructure. Connections left on the existing endpoints after the cutoff will no longer produce credited shares through Binance. The company told users to configure another pool before the deadline to avoid an interruption.

Binance launched its pool in April 2020, initially around Bitcoin mining, and subsequently tied it to exchange-based settlement and financial products. Closing that bundle removes one route through which miners could direct hashrate, receive rewards and use adjacent services inside the same account system.

The announcement does not disclose Binance Pool’s current hashrate, active-user count, revenue or outstanding balances. It therefore does not establish how much mining power will move, which competing pools will receive it or whether Bitcoin’s distribution of hashrate will become more or less concentrated.

Savings and settlement remain separate issues

Users with Pool Savings positions were told to unsubscribe or redeem before service ends. Binance also asked customers to ensure their accounts can receive any eligible rewards, refunds or settlements and to complete required identity-verification steps by 23:59 UTC on November 10.

Those remaining payments are not unconditional. Binance said processing will depend on the applicable product rules, account status, risk controls, compliance reviews and relevant law. Eligible mining shares submitted before 07:00 UTC are expected to enter the final reward calculation, but the notice does not promise a universal payment date or amount.

Cloud Mining customers face a related distinction. The closure ends Binance’s service and associated benefits; it does not establish what happens to mining hardware or capacity controlled by third parties beyond the rights contained in each applicable product agreement.

Records remain available for two weeks

Binance plans to remove pool links from its homepage on November 10. Pool pages are scheduled to remain accessible until 07:00 UTC on November 24 so users can view available historical data, account records and payout status. Binance said those pages will become permanently inaccessible afterward.

That archive window makes the November 24 date operationally important, but it does not extend mining activity beyond November 10. The exchange’s spot trading, custody and other products were not included in the closure notice.

The verified development is therefore narrower than a retreat from Bitcoin or a shutdown of Binance generally: one exchange-operated mining business and its attached savings, cloud-mining and transaction-acceleration products are scheduled to end. The size of the resulting hashrate migration and the completion of final settlements remain unreported.