Binance Mining Pool to Shut Down, Affecting Miners Worldwide
- Miners have until November 24 to redirect their machines as Binance will cease crediting mining shares.
- Pool Savings users must redeem positions and complete identity checks by the cutoff time of November 24 at 11:59 p.m. UTC.
- Binance Pool previously accounted for approximately 2.3% of Bitcoin‘s network hashrate.
- The closure follows SBI Crypto’s pool shutdown in July, which held about 2% of Bitcoin’s computing power.
- Poolin, once the largest mining pool, filed for bankruptcy in July, owing around $173 million.
The impending closure of Binance’s mining pool marks a significant reduction in available options for miners, especially following recent exits by other major pools like SBI Crypto and OKX. This trend reflects ongoing challenges within the mining sector as profitability declines and operational difficulties arise.
As Binance prepares to shut its mining operations, miners are urged to act swiftly before the November deadline, highlighting an overall contraction in the mining landscape with several pools shutting down recently. (Source)
