Binance Halts Bitcoin Mining Operations After Six Years

Binance to Cease Mining Pool Operations and Related Services

Binance, the world’s largest cryptocurrency exchange, announced Tuesday it will shutter its mining pool and several associated services on November 10. The move signals a significant shift for the company as it pivots away from direct participation in cryptocurrency mining.

Binance Pool and Ancillary Services to be Discontinued

The shutdown encompasses Binance Pool, Pool Savings, Cloud Mining, and Transaction Accelerator. Additionally, services such as Telegram hashrate alerts, email notifications, and the pool’s API will be terminated.

“As part of our ongoing review of products and services, Binance will discontinue Binance Pool and related services on 2026-11-10,” the exchange stated in its announcement. “All Binance Pool-related services will be discontinued. Binance Pool will begin disconnecting mining connections, and Binance Mining Pool Stratum URLs and mining endpoints will be disabled. Hashrate submissions and mining shares submitted after this time will no longer be accepted, processed, or credited.”

Understanding Mining Pools and Binance’s Role

A mining pool aggregates the computational power of numerous miners, distributing block rewards proportionally to each participant’s contribution. Cloud Mining allowed users to purchase computing power without the need for physical hardware, while Transaction Accelerator aimed to expedite Bitcoin transactions facing confirmation delays due to low fees or network congestion.

Binance Pool, launched in April 2020, held the ninth position among Bitcoin mining pools by the end of 2025, contributing approximately 26 exahashes per second, or 2.3% of the network’s total hashrate, according to Hashrate Index. An exahash per second represents a quintillion calculations per second in the complex process of earning a block reward.

The same report highlighted Binance Pool as the last remaining active pool from an era when major exchanges ventured into mining, suggesting its relevance was more closely tied to Binance’s core exchange and custody operations than to advancements in mining technology itself.

Strategic Pivot Towards Traditional Finance

The decision to close the mining pool appears to align with Binance’s broader strategy of expanding into traditional financial markets. On June 1, the exchange introduced access to over 7,000 U.S. stocks and ETFs for international customers, offering zero commissions and fractional share purchases starting from $5, as detailed by co-CEO Richard Teng. Binance also previewed “bStocks,” an upcoming feature designed to enable users to mint tokenized versions of purchased shares on the BNB blockchain.

Industry observers note that large exchanges are increasingly moving into equities to reduce their reliance on the volatile cryptocurrency market cycles. Ivan Patriki, co-founder of Quantmap, commented that such offerings are structurally complex, involving multiple intermediaries like Binance as the interface, Nest Trading as the broker-dealer, and Alpaca Securities as the custodian.

Precedent of Service Wind-Downs

This move follows Binance’s earlier closure of its centralized NFT service on July 3, when users were advised to transfer their tokens to Binance Wallet, the exchange’s self-custody solution. Former CEO Changpeng Zhao had previously referred to such transitions as a “smooth sunsetting of old products” in 2023.

Operational Details for Miners and Users

At 07:00 UTC on November 10, Binance Pool will commence disconnecting miners and disable its Stratum URLs, which are the server addresses miners use to connect their equipment to the pool. Proof-of-work submissions, known as shares, which determine miner payouts, will cease to be credited after this time. Shares submitted prior to the cutoff will still be processed for final rewards. Binance has stated that eligible outstanding rewards, balances, and refunds will be processed subsequently, subject to its product rules, account status, and compliance checks.

Miners are required to redirect their hardware to an alternative pool before the deadline. Users of Pool Savings must unsubscribe or redeem their positions before the service concludes. Binance confirmed that the pool will operate normally until the cutoff date. Individuals expecting a final payout must complete any necessary identity verification by 23:59 UTC on November 10. Binance Pool pages will remain accessible until 07:00 UTC on November 24, after which they will be permanently removed.