Binance Pool, cloud mining and a transaction accelerator will stop on Nov. 10. The exchange cited a review of its products and gave miners until the cutoff to point their machines elsewhere.
The world's largest crypto exchange is leaving the business of organizing bitcoin miners.
Binance said it will discontinue Binance Pool and related services at 7 a.m. UTC on Nov. 10. The closure covers the mining pool itself, Pool Savings, Cloud Mining, its Transaction Accelerator, hashrate alerts and mining-pool APIs. After the cutoff, the pool will disconnect miners and disable its endpoints, and any work submitted will not be credited.
The company gave one reason: "our ongoing review of products and services."
What miners must do
Binance told users to reconfigure their machines to another pool before the cutoff and to redeem any Pool Savings positions. Eligible rewards and balances will be paid after Nov. 10, subject to compliance checks, and account steps should be completed by 11:59 p.m. UTC that day. Pool pages will remain viewable for historical records until Nov. 24.
The pool has operated for six years and mined 22,188 blocks over its life, according to blockchain data.
Mining economics
A mining pool combines the computing power of many miners so they receive steadier payouts than any one could earn alone, in exchange for a fee. Its revenue depends on the value of the bitcoin its members mine. Bitcoin traded near $82,980 on Tuesday afternoon, down about 0.8% since early morning.
Listed miners were mixed. MARA Holdings was down about 3.1% and CleanSpark about 1.5%, while Riot Platforms was little changed.
Where the hashrate goes
Binance did not say how much computing power runs through its pool. The machines connected to it are expected to keep running. They will be redirected to other pools over the next four weeks, which could raise the share held by the largest remaining operators depending on where they land.
Market implications
One reading is that the closure is a sign of stress in mining. A large operator walking away from a pool business suggests the economics of running one have become less attractive.
A second reading is that it is a business simplification. Binance described a product review, not a financial problem, and the network should lose little or no computing power if miners move to other pools.
What to watch
Pool rankings in the weeks before Nov. 10 will show where Binance's miners move and whether the largest pools gain share. Bitcoin's price and network difficulty will determine whether other operators follow.