Binance decides to shut down Its Bitcoin Mining Pool

[Synchronice]

Why are they going to shut down mining pool? As far as I remember, they were charging 2.5% to pool members and they have a good portion of hashrate. In what way could running a pool be unprofitable for them?
I understand the shut down of TX accelerator because lately there haven't been any transaction fees related problems and probably no one was using it.

If you are looking at cloud mining offers instead, the usual red flags: a fixed daily return, a bonus that unlocks only after a deposit, multi-level team rewards, and hashrate you cannot check anywhere.

I don't know how many times this has to be said, but to me, cloud mining is just total bullshit. I don't care if the 1% is legitimate, but in the long run, it's not self-sustaining. Unfortunately, this is how so many lazy "investors" end up getting trapped.

Cloud mining simply doesn't make sense. It should be profitable for the one who launches the service, not for the customer. If you offer me to buy a cloud mining contract from you and you put it like a beautiful and profitable thing, then the logical question is, why do you sell this in the first place? The answer is that cloud mining makes profit for the service provider, more than the customer. That's why no one should invest into cloud mining but beautiful marketing and beautiful lies sell well.

[DaveF]

Why are they going to shut down mining pool? As far as I remember, they were charging 2.5% to pool members and they have a good portion of hashrate. In what way could running a pool be unprofitable for them?
I understand the shut down of TX accelerator because lately there haven't been any transaction fees related problems and probably no one was using it.

They were around 10% of the total hash. 2.5% of that is not a lot of money.
Back of the napkin math 15 blocks a day @ $85000 per BTC is $1275000
That is $32000 at best per day. Having to have multiple servers in multiple locations. Staff, security, accounting, etc. can easily quickly eat into that amount.
At some point someone there did the math and decided it's not worth it.

-Dave

[Bitcoin_Arena]

Why are they going to shut down mining pool? As far as I remember, they were charging 2.5% to pool members and they have a good portion of hashrate. In what way could running a pool be unprofitable for them?
I understand the shut down of TX accelerator because lately there haven't been any transaction fees related problems and probably no one was using it.

The same reasons other exchanges also shut down the mining pools. The number one reason they set up the mining pool is to make more money, but when it's no longer sustainable, they definitely pull out. Binance is money hungry, so they will always look for where there is money. That's why they decided to go for stocks and tokenized equities.
The other reason could be regulations.

[FP91G]

Recently, North Korean hackers expressed dissatisfaction with Binance’s policies in the crypto market.
I assumed that traders' coins were safe and kept in cold storage, but it turned out that security on this exchange is very weak,If it is possible to move billions of dollars out of an exchange very easily.

[philipma1957]

Recently, North Korean hackers expressed dissatisfaction with Binance’s policies in the crypto market.
I assumed that traders' coins were safe and kept in cold storage, but it turned out that security on this exchange is very weak,If it is possible to move billions of dollars out of an exchange very easily.

Likely an insider job.  Planted workers that do nothing for years waiting for the time to attack.

[zina13]

Worth reminding anyone still mining there: shares accepted but not yet in a payout cycle are the part people forget, pull the balance well before the 10th, withdrawal queues only get worse near a deadline.
Curious how much of that hash lands on ViaBTC vs spreads across the smaller pools.

[joker_josue]

Recently, North Korean hackers expressed dissatisfaction with Binance’s policies in the crypto market.
I assumed that traders' coins were safe and kept in cold storage, but it turned out that security on this exchange is very weak,If it is possible to move billions of dollars out of an exchange very easily.

Likely an insider job.  Planted workers that do nothing for years waiting for the time to attack.

According to reports, they used an employee's credentials. It was another social engineering attack that allowed them to gain access to the money.

This was the last straw at this moment, amidst so many less positive events involving the crypto market.

[NotFuzzyWarm]

Recently, North Korean hackers expressed dissatisfaction with Binance’s policies in the crypto market.
I assumed that traders' coins were safe and kept in cold storage, but it turned out that security on this exchange is very weak,If it is possible to move billions of dollars out of an exchange very easily.

They are going to be unhappy with Bank of America as well. BOA just got hit with a massive fine for "appallingly" inefficient AML policies. Seems that North Korea is (or now, was) a good customer of theirs...

Since even such massive fines are these days just a slap on the wrist and treated as just another business expense the DOJ is looking into prosecuting the topmost execs at BOA.

Fun part is that much of the stolen crypto is Tether. Those funds have of course been frozen.