Binance announces November closure of mining pool operations
The cryptocurrency exchange Binance has announced it will close its mining pool services and associated offerings on Nov. 10, advising users to transition to other mining pools ahead of the termination date.
The cryptocurrency trading platform Binance has revealed plans to terminate its mining pool services and associated operations in November, bringing to a close a business venture that has been operational for more than six years.
In an announcement made on Tuesday, Binance revealed that Binance Pool will be discontinued on Nov. 10. The termination encompasses Pool Savings, Cloud Mining, Transaction Accelerator and associated functionalities, which include mining pool APIs and hashrate alert systems.
Following the specified deadline, Binance indicated it would deactivate its mining endpoints and sever connections with miners using the pool. The platform will cease accepting hashrate submissions and will not provide credit for mining shares that are submitted following the termination date. All impacted products will cease producing rewards and generating yields.
The exchange cited an ongoing evaluation of its product and service offerings as the reason for the closure, though it refrained from offering a detailed explanation for this particular decision.
According to Binance, qualifying outstanding rewards, account balances, refunds and settlement payments will be handled following the shutdown, contingent upon relevant product guidelines and compliance verification procedures. Customers will be granted access to historical mining data and payment records until Nov. 24, after which the pool's web pages will become permanently unavailable.
Binance introduced its mining pool service in April 2020, beginning with support for Bitcoin (BTC) mining operations before subsequently adding support for additional cryptocurrencies.
Cointelegraph contacted Binance requesting additional details but had not received an immediate reply.