Binance is closing its mining business. The exchange said on October 13 that Binance Pool and every product attached to it will switch off permanently on November 10 — 07:00 UTC sharp. From that moment, the pool takes no more connections and pays no more rewards. The company blamed nothing but routine product pruning, calling the move the outcome of an ongoing portfolio review, and giving miners four weeks to point their machines somewhere else.
The shutdown takes far more than the pool itself. Pool Savings, the Transaction Accelerator and Cloud Mining go dark on the same date. Mining APIs die too, along with the Telegram and email alerts tracking hashrate.
Rigs still pointed at Binance's Stratum endpoints when the deadline hits will find them dead — work submitted after that moment simply will not be processed. The pool keeps running normally until then, and eligible shares submitted before the cutoff count toward a final reward calculation. Pool Savings users need to redeem positions or cancel subscriptions before the shutdown. Anyone owed rewards, refunds or other balances should confirm their Binance account can actually receive incoming payments: unsettled amounts keep processing after the closure, but settlement depends on product terms, account standing, risk checks and compliance, with no promise of immediate payment. There is also a hard deadline on identity verification — outstanding checks must be finished by 23:59 UTC on November 10, which Binance says will help eligible payments go through.
The trading business is not affected. Binance has made clear the decision concerns mining products only, and crypto trading continues as normal. No replacement mining provider has been named, and the company has not disclosed how much computing power is currently pointed at its pool.
Why it matters
The closure ends a six-year experiment in vertical integration. Binance opened the pool in April 2020 for Bitcoin miners, then layered on financing — a $500 million lending program for miners and infrastructure firms in October 2022 — plus Ordinals inscription services in August 2023, Fractal Bitcoin merged mining in November 2024, and a USDP wind-down inside mining products this September. Walking away from all of it at once says the product no longer earns its keep. It is also a busy month for the exchange, which is simultaneously facing a fresh US probe into Iran-linked crypto trades. The timing of the pruning matters too: Bitcoin spent September climbing from roughly $77,000 to $83,000 while centralized spot volumes jumped 27.3% to $1.13 trillion, per CoinDesk's September exchange review — Binance's core trading business is growing, and the firm is choosing to feed that engine rather than run a mining operation where it was never a top-tier player. The Stratum V2 working group that formed in May 2026 — Foundry, AntPool, F2Pool, SpiderPool, MARA Pool, Block Inc. and DMND, then representing about 75% of network hashrate — did not include Binance. That tells you where the real mining power sits.
What to watch
- The November 10, 07:00 UTC cutoff: whether miners migrate smoothly or a chunk of hashrate briefly goes dark.
- Final reward payouts: eligible pre-cutoff shares are included, but settlement runs through compliance checks that can slow things down.
- Where the displaced hashrate lands — expect the large independent pools to absorb most of it within days.
- The $500 million miner lending book from 2022: the closure notice says nothing about outstanding loans.
Deadlines at a glance
| Action | Deadline |
|---|---|
| Mining pool stops accepting work | Nov 10, 07:00 UTC |
| Pool Savings redemptions/cancellations | by Nov 10, 2026 |
| Identity verification complete | Nov 10, 2026, 23:59 UTC |
| Mining links removed from Binance homepage | Nov 10, 2026 |
| Historical mining data access ends | Nov 24, 2026, 07:00 UTC |
Binance Pool: six years in brief
| Milestone | Detail |
|---|---|
| April 2020 | Pool launches for Bitcoin miners |
| October 2022 | $500 million lending program for miners and infrastructure firms |
| August 2023 | Bitcoin Ordinals inscription services added |
| November 2024 | Fractal Bitcoin merged mining added (FB rewards via external wallets) |
| September 2026 | USDP support ended inside mining products |
| November 10, 2026 | Full shutdown |
MarketRadar take
For Bitcoin's network, this is a non-event. Binance's pool was never among the hashrate heavyweights — the pools that matter are Foundry, AntPool and F2Pool, sitting inside the Stratum V2 camp that Binance never joined. The displaced hashrate will redistribute within days, as it always does. What the shutdown does signal is Binance's continued product discipline: the exchange that once tried to own every corner of crypto is narrowing to what pays. With September spot volumes at $1.13 trillion and Binance holding a 28.5% spot share, trading is clearly where the money is — Bitcoin is holding above $83,000 while the pool business gets switched off. For miners still on Binance's endpoints, the read is simpler: do not wait until November 9 to switch pools.
