Bingham held his nerve to beat Murphy 18-15 to complete a remarkable two weeks at the Crucible, but the Basildon potter, who only had one quarter-final appearance to his name in eight previous visits, was content to see his name on the trophy rather than receiving £300,000.
The 38-year-old is quoted by BBC Sport as saying: "My manager won't like this, but I could easily donate that money because it doesn't mean anything to me.
"Just to put my hands on that trophy, seeing all the names on it, that's just everything. It means so much."
Victory for Bingham has also taken him to number two in the world rankings.