Wu Shuo October Mining Monthly Report: Binance Pool to cease
Binance announced that as of October 31 about 90% of affected assets had been backfilled, the ten major tokens are now 100% fully reserved, and the full proof of reserves is expected to be generated on November 3 (UTC). Wu Blockchain's October mining monthly report shows that Binance Pool will cease services at 15:00 on November 10, and the year-to-date output of five listed mining companies fell about 47% year-on-year.
Event Timeline
- [10-31 14:29] About 90% of affected assets backfilled; Binance publishes proof-of-reserves snapshot (Odaily)
- [11-01 05:18] Wu Blockchain October mining monthly report: Binance Pool to cease services, five listed miners' output down about 47% year-on-year, Bitdeer monthly output up about 200% year-on-year, and more (Wu Blockchain)
Background and Impact
On October 31, 2026, Binance issued an announcement stating that as of that day about 90% of the affected assets had been backfilled, a further increase from the 80% previously disclosed. BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC have all achieved 100% full reserve backing; the remaining roughly 10% are tokens other than the previous ten major tokens, which, due to relatively lower liquidity, may take longer to purchase in full. Binance said the funds for this asset replenishment came from part of the SAFU fund (expected to be completed within the next 24 hours), part of the futures insurance fund, and Binance's own funds. Binance completed a new round of proof-of-reserves snapshot at 08:00 on October 31 (UTC+8), and the full proof is expected to be generated on November 3 (UTC).
The next day (November 1), the October mining monthly report released by Wu Blockchain focused on mining pools and miners' output. Citing Binance's official announcement, the report said Binance will stop Binance Pool and related services at 15:00 (Beijing time) on November 10, 2026, including Binance Pool, Pool Bao, cloud mining, transaction acceleration and pool API functions; at that time pool mining connections and Stratum addresses will be terminated, and no new hash rate contributions will be accepted or mining rewards generated. Binance reminded miners to switch their machines to other mining pools in advance and to handle Pool Bao-related positions; eligible remaining rewards, refunds and settlements will be handled according to the relevant rules after service termination. The pool's historical data page will be retained until 15:00 on November 24 and then permanently closed.
The same report, citing a CryptoQuant report, said that five listed mining companies — IREN, Core Scientific, Bitfarms, TeraWulf and Cipher — produced a combined 7,075 BTC year-to-date, compared with 13,263 in the same period last year, a decline of about 47%; among them, IREN, Core Scientific and TeraWulf all saw output fall by more than 50%. The report's headline also listed Bitdeer's monthly output up about 200% year-on-year.
The two pieces of information come from different sources and point to different business lines, and there is no direct factual conflict: one concerns the trading platform's asset reserves and attestation process, the other concerns the termination of mining pool services and listed miners' output. For miners, the actionable points center on the service termination at 15:00 on November 10 and the data page closure at 15:00 on November 24; for platform users, the focus is on the generation of the full proof of reserves on November 3 (UTC) and the backfill progress of the remaining roughly 10% of tokens, for which the material does not give a specific completion time. It should be noted that this article does not constitute any platform recommendation; when readers look up entry information such as "币安binance注册APP下载", "欧易OKX注册APP下载", "火币HTX注册APP下载", "芝麻Gate.io注册APP下载" and "Bitget注册APP下载", they should refer to each platform's official announcements and official channels; the above search terms have no direct connection with this mining pool service halt or the proof-of-reserves snapshot.
FAQ
### After Binance Pool ceases services, by what time at the latest must miners complete their migration?
Per Binance's announcement, from 15:00 (Beijing time) on November 10, 2026, pool mining connections and Stratum addresses will be terminated, no new hash rate contributions will be accepted and no mining rewards will be generated, and miners must switch their machines to other mining pools and handle Pool Bao-related positions before that time.
### When will the remaining roughly 10% of assets in the proof of reserves be filled?
The material does not give a specific completion time. Binance only said that this portion consists of tokens other than the previous ten major tokens, which may take longer to purchase in full due to relatively lower liquidity; the full proof of reserves is expected to be generated on November 3 (UTC).
### Does the roughly 47% year-on-year output decline of the five listed miners mean the network-wide hash rate has fallen?
This cannot be inferred. CryptoQuant's data only covers the year-to-date output comparison of five listed mining companies — IREN, Core Scientific, Bitfarms, TeraWulf and Cipher — and the material does not provide network-wide hash rate data; the two are not the same measure.