Binance to shut its mining pool on Nov. 10, ending cloud mining and Pool Savings too

Binance, the world's largest cryptocurrency exchange, will close its bitcoin mining pool, Binance Pool, on Nov. 10. In an announcement on Oct. 13, Binance said Pool Savings, Cloud Mining and the Transaction Accelerator will be discontinued on the same day, along with Telegram hashrate alerts, email notifications and mining pool API services. The exchange cited an "ongoing review of products and services" as the reason.

A mining pool lets miners combine their computing power, or hashrate, to find blocks together and share the rewards in proportion to what each contributed. Miners who would rarely find a block on their own join pools to get a steadier income.

The last day is Nov. 10 at 4 p.m. KST

All times in the announcement are in Coordinated Universal Time (UTC). Converted to Korea Standard Time, the schedule is as follows.

Only eligible shares submitted before the cutoff will count toward the final reward calculation. Shares received after that will not be accepted or credited. Pool Savings and other related products will stop accruing new rewards or yield from that time. Binance added that remaining settlements are subject to account status and risk and compliance checks.

A mining business that ran for six and a half years

Binance officially launched its bitcoin mining pool service on April 27, 2020. According to The Block's report at the time, the pool initially supported bitcoin and used the FPPS (Full Pay-Per-Share) method, which pays miners their share of block rewards and transaction fees based on the work they submit, whether or not the pool finds a block. Binance later expanded support to other proof-of-work coins.

It also added products around the pool. In December 2022 it launched Cloud Mining, which it said lets users earn mining rewards without buying any equipment, and in an August 2025 blog post it described Pool Savings as a "flexible, no-fee product" that lets miners earn yield on idle mining rewards. With this announcement, the pool itself and these products are being wound down together.

A block share of about 1% over the past month

Mining pool data from block explorer mempool.space show that Binance Pool found 48 of 4,418 bitcoin blocks (about 1.1%) over the past month, ranking 12th. Over the past year, it found 1,081 of 52,378 blocks (about 2.1%), and over three years 4,367 of 159,231 (about 2.7%), a share that has shrunk over time. Binance Pool has found 22,188 blocks in total since launch.

The block subsidy alone on the 48 blocks it found over the past month (3.125 BTC per block) comes to 150 BTC, worth more than $12.5 million at Binance prices on Oct. 13. Over the same month, Foundry USA ranked first (about 25.6%), followed by AntPool (about 20.6%) and F2Pool (about 16.2%). Mempool.space estimates total bitcoin network hashrate at about 1,006 EH/s (1 EH/s is one quintillion calculations per second).

Spot trading unaffected; miners bear the impact

Binance does not operate a Korean won market, so the closure directly affects miners connected to Binance Pool and users of Pool Savings and Cloud Mining. The announcement does not include changes to other Binance services such as spot trading, deposits or withdrawals.

At 3:30 p.m. KST on Oct. 13, bitcoin traded in the $83,700 range on Binance and at 113,199,000 won on Upbit. The kimchi premium (the gap between prices on Korean exchanges and global markets) on Upbit was about 1.4%.