Binance, the cryptocurrency exchange, is preparing to discontinue its mining pool and several related products, according to wire reports reviewed by FXMARE. The affected services are Binance Pool, Pool Savings and Cloud Mining, along with other connected offerings.
The shutdown is scheduled for Nov. 10. Coverage of the announcement describes the move as a retreat from mining infrastructure, a line of business the exchange has operated for roughly six years. Binance Pool was known primarily as a service through which Bitcoin miners combined computing power and shared block rewards.
As part of the notice, Binance is encouraging miners who use the platform to move their hardware to alternative pools before the closure date. The reporting does not specify which pools miners might use, and it does not detail how remaining balances or active contracts will be handled during the wind-down.
The sources reviewed do not give a reason for the decision, and no further information was provided on the size of the pool, its share of network hash rate or the number of users affected. Those details are therefore not reported here.
The closure is notable because mining pools and cloud mining products are a way for large exchanges to extend into the infrastructure layer of proof-of-work networks, beyond trading and custody. By ending these services, Binance is stepping back from that part of the market, leaving miners to rely on other pool operators. Miners who currently route hash power through Binance Pool have until Nov. 10 to complete any transition.