Binance shuts its bitcoin mining pool after six years
The pool had shrunk to a sliver of the network before its November 10 deadline, leaving three pools with about 64% of hashrate.
Binance set 07:00 UTC on November 10 as the moment its bitcoin mining pool would stop accepting work from miners, Decrypt and crypto.news reported. The exchange launched Binance Pool in April 2020.
Binance gave no specific reason. It tied the closure to an ongoing review of its products and services, Cointelegraph reported. Its Pool Savings and Cloud Mining products are closing too, according to Altcoin Buzz.
A pool that had already faded
At the end of 2025, Binance Pool directed about 26 exahashes per second (EH/s), or 2.3% of the network, per Hashrate Index data cited by Decrypt. By October, Hashrate Index put it at about 9 EH/s, crypto.news and Altcoin Buzz reported.
In its final week the pool found one block, about 0.11% of all blocks mined, according to mempool.space data cited by Coin Insider. That block was number 974,743, mined at 01:15 UTC on November 6.
Since April 2020, Binance Pool mined 22,188 blocks and earned 137,059 BTC in rewards, Bitcoin.com News reported in October.
What miners need to know
- Pool pages stay viewable until 07:00 UTC on November 24 (Decrypt, crypto.news)
- Users expecting a final payout had until 23:59 UTC on November 10 to finish identity checks (Decrypt)
- Binance has not said where displaced hashrate should go (Altcoin Buzz)
Fewer pools, more concentration
Foundry USA, AntPool and F2Pool together account for about 64% of hashrate, per Hashrate Index data cited by crypto.news and Altcoin Buzz. Binance is not the first to leave this year. SBI Crypto wound down its pool on July 2, and Poolin filed for Chapter 11 on July 22, Bitcoin.com News reported.
Mining pools combine many miners' machines so they earn steadier rewards. Pools also choose which transactions go into the blocks they find. When small pools close and miners move to the largest ones, the power to build blocks gathers in fewer hands.
Sources (6)
- Decrypt: Binance Is Shutting Down Its Bitcoin Mining Pool After Six Years
- crypto.news: Binance Pool is closing. Where will its Bitcoin miners go?
- Altcoin Buzz: Binance Pool Closes Nov. 10 as Top Three Pools Hold 64%
- Cointelegraph: Binance to Shut Down Crypto Mining Pool in November
- Coin Insider: Binance Pool Finds Only One Bitcoin Block in a Week Ahead of Shutdown
- Bitcoin.com News: Binance Pulls the Plug on Bitcoin Mining After 6-Year Run
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