Binance is shutting down its Bitcoin mining pool and related services on Nov. 10, ending a four-year operation after the computing power directed to the pool fell from 26 exahashes per second in December to about 9.2 EH/s. The remaining miners will have roughly four weeks to move their machines to another provider, while the closure may further increase the concentration of Bitcoin block production among the largest mining pools.
Binance sets a November shutdown
The cryptocurrency exchange launched Binance Pool in April 2020. It has now said that Binance Pool, Pool Savings, Cloud Mining, its transaction accelerator and related services will close at 7 a.m. UTC on Nov. 10. Binance described the decision as part of an ongoing review of its products and services and did not provide a financial explanation.
Miners using the pool must redirect their computing power before the deadline. Once the service closes, Binance will stop crediting mining shares—the records of work used to calculate payments. Users of Pool Savings must redeem their positions, and customers waiting for a final payout must complete the required identity checks by 11:59 p.m. UTC on Nov. 10.
The pool pages are scheduled to disappear permanently on Nov. 24. That gives customers an additional two weeks to download records and review their payout status.
According to CoinDesk, Binance Pool’s hashrate was estimated at 26 EH/s in December, equivalent to 2.3% of Bitcoin’s network computing power. Hashrate Index’s latest table places it at approximately 9.2 EH/s, below 1% of the network and in 11th place. The decline is roughly 65%.
What the hashrate decline means
Hashrate measures the computing power being used to compete for Bitcoin blocks. One exahash per second represents one quintillion guesses every second in the cryptographic process used to earn a block reward.
Individual miners commonly join pools because a pool combines the work of many machines. Rather than waiting for a single machine to discover a block, participants receive more regular payments based on the work they contribute. Binance used a full pay-per-share, or FPPS, model, under which it paid miners for their work while taking on the risk that the pool found fewer blocks than expected.
The fall in Binance Pool’s share does not mean that Binance owned the machines supplying the computing power. Miners can redirect their hardware to another pool, and the exchange has not said where its remaining participants will move.
The shutdown follows Binance’s earlier involvement in financing mining expansion. In October 2022, the exchange announced a $500 million lending program through Binance Pool, offering secured loans with terms of 18 to 24 months and interest rates of 5% to 10%. The closure notice did not address that program or disclose whether any balance remains outstanding.
Fewer large pools dominate production
Binance is not the only operator to leave the sector. SBI Crypto closed its mining pool on July 31 after accounting for about 2% of Bitcoin’s computing power, while crypto exchange OKX ended its mining-pool services in February 2024. CoinDesk also reported that Poolin, once the largest pool with nearly one-fifth of global hashrate, filed for bankruptcy in July with about $173 million in debt. Its pool share had already been close to zero for years.
Hashrate Index’s latest table shows that Foundry USA, AntPool and F2Pool together represent about 64.2% of Bitcoin’s network computing power. In December, the three largest pools accounted for 61.4%, with ViaBTC occupying third place instead of F2Pool.
If all of Binance Pool’s remaining hashrate moved to those three operators, their combined share would rise to roughly 65%, assuming the rest of the network remained unchanged. That outcome is not certain, because Binance has not identified the destinations of its remaining miners.
Mining pools influence which transactions participating machines work to confirm. As pools close, miners have fewer major providers to choose from, potentially concentrating the organizations involved in block production. Miners can still switch to smaller pools, however, and a pool’s share does not represent ownership of the hardware contributing to it.
Moneyiar market picture
Moneyiar data at 21:04 on Oct. 15, 2026, put Bitcoin at $82,011.86, up 0.50% over 24 hours and 0.48% over seven days. Binance’s BNB token was trading at $729.60, up 0.34% over 24 hours but down 0.55% over seven days.
Compound stood at $22.39, down 0.29% over 24 hours and 3.96% over seven days. Notcoin was priced at $0.0004199, with a 24-hour decline of 1.86% and a seven-day decline of 4.21%.
