Binance Pool will shut down on November 10, bringing a six-year business line to a formal close.
According to Binance’s October 13 announcement, confirmed by CoinDesk, Cointelegraph, and The Block, Binance Pool and related services will permanently cease operations on November 10 at 07:00 UTC. The shutdown covers the mining pool itself, Pool Savings, cloud mining, the transaction accelerator, the mining pool API, and hashrate notifications. Historical data will remain available until November 24, after which it will be permanently inaccessible.
The timeline is worth noting: the pool launched in April 2020 and is closing after going through a full bull-and-bear cycle. The official reason given was an “ongoing evaluation of the product lineup,” with no specific explanation.
What we can observe is a shift in Binance’s business focus: traditional finance perpetual futures disclosed during the same period saw trading volume reach $433.4 billion in August, up about 14.7 times from $29.5 billion in January. Last month, Binance also announced that it would offer more than 1,000 U.S. stock physically settled options through Nest Trading. Shutting down mining while doubling down on traditional finance derivatives makes the direction clear.
Miners should move their hashrate to other pools before November 10, and redeem any Pool Savings holdings in advance.
Assessment: this is not a retreat, but a change of direction. Binance is shifting resources away from capital-intensive businesses like PoW mining and toward higher-margin derivatives and traditional finance.
#币安 #MiningPool
Personal opinion only; this is not investment advice.
According to Binance’s October 13 announcement, confirmed by CoinDesk, Cointelegraph, and The Block, Binance Pool and related services will permanently cease operations on November 10 at 07:00 UTC. The shutdown covers the mining pool itself, Pool Savings, cloud mining, the transaction accelerator, the mining pool API, and hashrate notifications. Historical data will remain available until November 24, after which it will be permanently inaccessible.
The timeline is worth noting: the pool launched in April 2020 and is closing after going through a full bull-and-bear cycle. The official reason given was an “ongoing evaluation of the product lineup,” with no specific explanation.
What we can observe is a shift in Binance’s business focus: traditional finance perpetual futures disclosed during the same period saw trading volume reach $433.4 billion in August, up about 14.7 times from $29.5 billion in January. Last month, Binance also announced that it would offer more than 1,000 U.S. stock physically settled options through Nest Trading. Shutting down mining while doubling down on traditional finance derivatives makes the direction clear.
Miners should move their hashrate to other pools before November 10, and redeem any Pool Savings holdings in advance.
Assessment: this is not a retreat, but a change of direction. Binance is shifting resources away from capital-intensive businesses like PoW mining and toward higher-margin derivatives and traditional finance.
#币安 #MiningPool
Personal opinion only; this is not investment advice.