Binance to Cease Mining Pool Operations in November
- Binance will shut down its mining pool and related services on November 10, at 07:00 UTC.
- Affected services include Binance Pool, Pool Savings, Cloud Mining, and Transaction Accelerator.
- Miners must redirect their hardware to another pool before the cutoff date.
- Binance Pool ranked ninth among Bitcoin pools with approximately a hash rate of about 26 exahashes per second, or roughly 2.3% of the network.
- The closure follows Binance’s July shutdown of its NFT service and expansion into U.S. stocks and tokenized equities in June.
Binance is discontinuing its mining pool operations as part of an ongoing review of products and services, marking a shift towards traditional finance offerings like U.S. stocks and tokenized equities. This move reflects Binance’s strategy to diversify beyond cryptocurrency market cycles.
Users are advised to take necessary actions before the November deadline to avoid disruptions in their mining activities and financial positions within the affected services.(Source)
