Binance Shuts Down Crypto Mining Operations After Six Years

Binance will close Binance Pool and several services related to crypto mining on November 10, 2026, at 07:00 UTC. Pool Savings, Cloud Mining, and Transaction Accelerator will also disappear. The exchange is already asking miners to redirect their machines to another pool. Binance does not give any specific financial or regulatory reason and simply talks about a regular review of its products and services.

Binance closes its crypto mining pool after six years

The decision ends a service launched on April 27, 2020. Binance Pool started with Bitcoin mining and an FPPS model designed to distribute revenue more evenly among participants. Like other Bitcoin mining pools, it allows crypto miners to pool their computational power and smooth out their rewards.

Six years later, Binance shuts everything down. Starting November 10 at 07:00 UTC, Stratum addresses and the various connection points used by machines will be disabled. Any computational power sent after this time will no longer be accepted, processed, or credited.

The closure goes beyond the crypto pool alone. Pool Savings, Cloud Mining, Transaction Accelerator, hashrate alerts sent via Telegram, certain email notifications, and mining-related APIs are also affected.

Links to Binance Pool will disappear from the site the same day. However, the pages will remain accessible until November 24 at 07:00 UTC to allow users to consult their history, accounts, and payment status. Afterwards, they will become permanently inaccessible.

Miners must migrate before November 10

Binance asks users not to wait for the shutdown. Machines currently connected must be configured to another crypto pool before November 10. Positions still active in Pool Savings must also be withdrawn or refunded.

The last eligible rewards will be calculated from the shares submitted before the shutdown. Binance will then be able to process balances, refunds, and remaining settlements according to the rules of the products concerned and the applicable compliance checks.

The timing arrives during an already complicated period for mining the leading crypto. In June, mining difficulty had dropped by 10.09% after a significant contraction in the network’s computational power. Profitability remains sensitive to the price of bitcoin, the cost of electricity, and the performance of new generations of machines.

The exact size of Binance Pool also deserves clarification. It is said to be nearly 65 EH/s, or 7 to 8% of Bitcoin’s hashrate. Public data from mempool.space shows a much lower figure: for the week of September 28, Binance Pool represented about 15.09 EH/s, or 1.61% of the network. The methodologies are not identical. It is therefore better to avoid presenting the 7 to 8% as an indisputable measure.

Binance does not give a specific reason

The exchange remains very discreet about the reasons for this closure. Its official announcement only mentions a “continuous review” of its products and services. Binance does not cite any decline in profitability, regulatory constraint, or technical problem.

It is therefore impossible to officially attribute the decision to any of these factors. However, the sector is changing rapidly. Several historic mining companies are reducing some capacities or seeking more revenue in data centers and computing for artificial intelligence.

In six months, the realized hashrate of listed miners tracked by Blocks Bridge Consulting had declined by 21.2% excluding Bitdeer. Binance chooses a more radical path for its own service: complete closure. This does not mean the end of Bitcoin mining. The power currently directed to Binance Pool can simply migrate to Foundry, Antpool, ViaBTC, F2Pool, or other competitors. For Binance Pool users, the important date is now known: November 10, 07:00 UTC.

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