Binance shuts Bitcoin mining business after six years

Binance, the cryptocurrency exchange, has announced it will end its Bitcoin mining-related services, including its mining pool, cloud mining, and related tools, by November 10. Users are advised to prepare for equipment relocation and complete required identity verification before deadlines.

What is happening and when

Binance plans to shut down its Bitcoin mining pool and related services on November 10. Starting at 07:00 UTC that day, mining connections will be disconnected and Stratum URLs and mining endpoints will be deactivated. Related features such as Pool Savings, cloud mining, and certain notifications will also be discontinued. Users will need to move their mining equipment and complete required identity verification by 23:59 UTC on November 10 to receive final rewards. Access to related pages will remain viewable until November 24.

Who is affected

The action affects users who rely on Binance Pool, cloud mining services, mining endpoints, and related tools provided by Binance. Individual miners, operators hosting equipment, and any services built around Binance’s mining ecosystem will be impacted by the shutdown and the need to transition to alternative arrangements.

Practical next steps for users

If you use Binance mining services, you should: (1) plan to stop new mining activity after 07:00 UTC on November 10; (2) move your mining equipment or redirect it to another pool or service; (3) complete any required identity verification by 23:59 UTC on November 10 to ensure you receive final rewards; (4) monitor Binance communications for any updates and keep an eye on access to associated pages until November 24. Prepare a transition plan to prevent disruption to your mining operations and rewards.

Limits and questions

Details provided come from the cited source describing the shutdown timeline and affected services. The article notes the closure includes the mining pool, Pool Savings, cloud mining, and related notifications and API endpoints. If you need clarification about how to transfer equipment or how final rewards will be calculated, contact Binance support through official channels or refer to the company’s published notices. This explainer avoids speculation about any other business implications beyond the stated shutdown of mining-related services.

Information and responsibility notice: This article is general information based on the cited material available when published. It is not legal, tax, immigration, medical, financial, banking, or investment advice; it does not create a professional-client relationship; and it is not a guarantee of outcome, availability, accuracy, or eligibility. Rules, schedules, prices, and third-party information can change. Confirm material decisions with the relevant authority and an appropriately qualified adviser before acting.