What to Know

  • Binance will close its Bitcoin mining pool and related services at 7 a.m. UTC on Nov. 10.
  • Computing power directed at Binance Pool has fallen from an estimated 26 exahashes per second in December to about 9.2 exahashes per second.
  • The decline represents roughly 65% and leaves Binance Pool with less than 1% of Bitcoin’s network hashrate.
  • Binance Pool previously represented about 2.3% of the Bitcoin network and now ranks 11th by hashrate.
  • Miners using Binance Pool must move their machines to another provider before the cutoff, after which Binance will stop crediting mining shares.
  • Pool Savings users must redeem their positions, and users awaiting a final payout need to complete required identity checks by 11:59 p.m. UTC on Nov. 10.
  • Pool pages will be removed permanently on Nov. 24, giving customers additional time to download records and check payout status.
  • The closure follows earlier exits by SBI Crypto and OKX from mining pool services.
  • Foundry USA, AntPool and F2Pool together account for about 64.2% of Bitcoin’s network computing power.
  • If all of Binance Pool’s remaining hashrate moved to the three largest pools, their combined share would reach roughly 65%, assuming the rest of the network remains unchanged.

Binance Pool Exit Marks Another Shift in Bitcoin Mining Infrastructure

Binance is closing the Bitcoin mining pool it launched in April 2020, marking another retrenchment by a major crypto exchange from the operational side of Bitcoin block production. The service, known as Binance Pool, will shut alongside Pool Savings, Cloud Mining, the transaction accelerator and related products at 7 a.m. UTC on Nov. 10.

The decision comes after a steep decline in computing power directed to the pool. Binance Pool had an estimated 26 exahashes per second in December, equal to about 2.3% of the Bitcoin network at that time. Its latest level is about 9.2 exahashes per second, below 1% of the network and placing the pool 11th among providers. That shift amounts to a decline of roughly 65% from the December level.

Binance cited an ongoing review of products and services in announcing the closure. It did not provide a financial explanation for the decision, leaving market participants to weigh the move against broader pressures facing mining infrastructure providers, including shrinking pool market share, competition from larger operators and changing priorities among exchanges that once expanded aggressively into mining services.

What the Hashrate Drop Means

Hashrate is the measure of computational work miners direct toward Bitcoin’s proof of work process. One exahash per second represents a quintillion guesses every second at the cryptographic puzzle required to find a Bitcoin block. Because individual miners may wait a long time to find a block on their own, mining pools aggregate the work of many machines and distribute payments more regularly based on contributed work.

In practical terms, Binance Pool’s drop from 26 exahashes per second to about 9.2 exahashes per second signals that a significant portion of participating miners had already left before the formal shutdown notice. The remaining miners now have about four weeks from the announcement timing to choose another provider and redirect their hardware before the service stops crediting new mining shares.

Mining shares are the accounting records used to calculate miner payouts inside a pool. Once the Nov. 10 cutoff arrives, Binance will no longer credit those shares. Users in Pool Savings must redeem their positions, while users waiting on a final payout must complete required identity checks by 11:59 p.m. UTC on the same day. The operational wind-down will continue until Nov. 24, when pool pages are set to disappear permanently. Customers have until then to download records and verify payout status.

FPPS Model Put Payout Risk on the Pool Operator

Binance Pool used a payout model known as full pay-per-share, or FPPS. Under this structure, miners are paid for submitted work based on expected block rewards and transaction fee assumptions, while the pool operator assumes the risk that the pool finds fewer blocks than expected. FPPS can be attractive to miners because it smooths revenue, but it also requires the operator to manage variance and liquidity demands.

That payout model made Binance Pool part of a competitive market where miners compare fees, payout reliability, transparency, block discovery performance and operational stability. As the pool’s share of Bitcoin hashrate declined, its ability to compete with larger pools may have become less compelling for miners seeking predictable payments and deep infrastructure. Binance has not stated that the FPPS model caused the shutdown, and no financial reason was disclosed.

The closure also brings renewed attention to a previous expansion push. In October 2022, Binance announced a 500 million dollar lending program through the pool, offering secured loans for 18 to 24 months at interest rates of 5% to 10%. The current closure notice does not address that program or disclose any outstanding loan balance, leaving that aspect outside the publicly stated wind-down details.

Mining Pool Choices Continue to Narrow

Binance is not the only operator to step away from mining pool services. SBI Crypto shut its pool on July 31 after accounting for roughly 2% of Bitcoin’s computing power. OKX ended its mining pool services in February 2024. Those departures have reduced the number of prominent exchange-linked options available to miners and reinforced the importance of dedicated pool operators.

The industry has also seen the collapse of once-dominant players. Poolin, formerly the largest pool with nearly a fifth of global hashrate, filed for bankruptcy in July owing about 173 million dollars. Its difficulties involved frozen wallet funds and stalled mining sites in Texas, and its pool share had already been near zero for years. The broader pattern shows how quickly mining pool influence can change when trust, liquidity or operational reliability comes under pressure.

For miners, fewer well-known pools can mean less room to diversify operational risk. A miner’s choice of pool affects payout timing, fee exposure, transaction selection policy and counterparty reliance. While mining hardware remains under the control of its owners, the pool coordinates how that hashpower is applied. If a pool exits, miners can redirect their machines, but they must still evaluate the trade-offs among remaining providers.

Concentration Questions Return to the Forefront

The closure could further concentrate Bitcoin block production among the largest pools. Foundry USA, AntPool and F2Pool together currently represent about 64.2% of the network’s computing power. In December, the three largest pools held 61.4%, though ViaBTC occupied third place at that time instead of F2Pool.

If all of Binance Pool’s remaining computing power moved to the three largest pools, their combined share would reach roughly 65%, assuming the rest of the network stayed unchanged. Binance has not identified where its remaining miners will go, and miners may instead choose smaller providers. Still, the possibility of additional concentration is important because traditional pool operators determine which transactions participating machines work to confirm.

Bitcoin’s design allows miners to redirect hashrate, and pool share does not mean the pool owns the underlying hardware. That distinction matters. A mining pool coordinates work and distributes payouts, while the machines are typically owned by miners who can point them elsewhere. Even so, a high share of block production among a small group of pool operators can influence how quickly certain transactions are included in blocks and can shape perceptions of network decentralization.

What Miners Need to Do Before the Cutoff

Miners still using Binance Pool face a practical deadline. They need to choose another pool, update configuration settings and ensure payouts are settled before the service stops crediting shares. For large mining operations, a pool migration can involve testing payout performance, reviewing fee schedules, adjusting monitoring tools and confirming that hashrate is being accepted by the new destination.

The Nov. 10 cutoff is the most important operational date. At 7 a.m. UTC, Binance Pool and related services are scheduled to close. By 11:59 p.m. UTC that day, users awaiting final payouts must complete required identity checks. The Nov. 24 removal of pool pages creates a second deadline for recordkeeping, particularly for miners who need payout histories for internal accounting or compliance reviews.

Some chart watchers and infrastructure analysts will be monitoring where the remaining 9.2 exahashes per second ultimately lands. A move mostly into large pools would reinforce the trend toward concentration, while a more distributed migration could support smaller providers. For now, the most concrete outcome is that another once-notable mining pool is leaving the Bitcoin landscape, continuing a multi-year reshaping of how hashpower is organized.

Why the Closure Matters for Bitcoin Market Structure

Bitcoin mining pools sit behind the scenes, but they are central to the network’s daily operation. They help convert scattered mining hardware into coordinated block production and provide miners with steadier income than solo mining can typically offer. When a recognizable pool closes, the immediate effect is operational for miners, but the broader significance reaches into network resilience, competitive balance and transaction processing dynamics.

The Binance Pool shutdown is not a statement about Bitcoin’s security by itself. The network continues to operate as miners redirect hashpower. However, the reduction in available pool options can matter for decentralization debates, especially when the largest pools already command a substantial combined share. Market participants will be watching whether independent miners use the transition to spread hashrate across smaller operators or consolidate further with the largest names.

For Binance, the move reflects a narrowing of product exposure in an area that once formed part of a broader exchange ecosystem. For miners, it is a reminder that pool choice is a counterparty decision as well as a technical setting. For the Bitcoin network, it is another data point in the continuing evolution of mining infrastructure after a period in which several exchange-affiliated or historically significant pools have exited, collapsed or lost relevance.

Frequently Asked Questions (FAQs)

When will Binance Pool shut down?

Binance Pool and related services are scheduled to close at 7 a.m. UTC on Nov. 10. After that time, Binance will stop crediting mining shares for the pool.

How much has Binance Pool’s hashrate fallen?

Computing power directed at Binance Pool has fallen from an estimated 26 exahashes per second in December to about 9.2 exahashes per second, a decline of roughly 65%.

What share of the Bitcoin network does Binance Pool have now?

Binance Pool now accounts for less than 1% of Bitcoin’s network hashrate and ranks 11th among mining pools. In December, it represented about 2.3% of the network.

What services are closing along with Binance Pool?

Binance said Binance Pool, Pool Savings, Cloud Mining, the transaction accelerator and related services will close as part of the Nov. 10 shutdown.

What must miners do before Nov. 10?

Miners need to redirect their machines to another mining pool before the cutoff. Pool Savings users must redeem their positions, and users awaiting final payouts must complete required identity checks by 11:59 p.m. UTC on Nov. 10.

When will Binance Pool pages be removed?

Pool pages are scheduled to disappear permanently on Nov. 24. Customers have until then to download records and check payout status.

Why does mining pool concentration matter?

Traditional mining pools coordinate the transaction sets that participating machines work to confirm. Higher concentration among a few pools can raise concerns about miner choice and block production influence, even though the pools do not necessarily own the underlying hardware.

Which mining pools are currently the largest?

Foundry USA, AntPool and F2Pool together account for about 64.2% of Bitcoin’s network computing power. If all of Binance Pool’s remaining hashrate moved to those three, their combined share would reach roughly 65%, assuming the rest of the network stayed unchanged.

Did Binance give a financial reason for the shutdown?

Binance cited an ongoing review of products and services but did not provide a financial explanation for closing Binance Pool and related services.