Binance is shutting down its Bitcoin mining pool effective Nov. 10, four years after launch, following a collapse in computing power that dropped the operation from 2.3 percent of network hashrate to under 1 percent.
Binance Pool ran 26 exahashes per second in December, according to Hashrate Index. Current data shows it operating at 9.2 EH/s—a 65 percent decline that pushed it out of the top 10 pools globally. An exahash per second equals a quintillion hash guesses per second in solving the cryptographic puzzle required to mine Bitcoin blocks.
The exchange ran the pool on a full pay-per-share model, meaning Binance assumed the risk if the pool produced fewer blocks than anticipated while miners received consistent payouts based on their contributed computing power.
Mining pools combine processing power from numerous machines, allowing participants to earn regular payments rather than competing independently for block rewards.
Binance cited "an ongoing review of its product offerings" for the closure. The company provided no financial explanation and made no mention of the $500 million lending program it launched through the pool in October 2022, which offered 18- to 24-month secured loans at 5 to 10 percent interest to support mining expansion.
Miners have until Nov. 10 at 7 a.m. UTC to migrate to other providers. Pool Savings users must redeem positions, and anyone expecting final payouts must complete identity verification by Nov. 10 at 11:59 p.m. UTC. Binance will remove the pool's dedicated pages Nov. 24, giving users two additional weeks to download records and verify payout statuses.
Binance's exit marks another retreat by crypto exchanges from mining operations. SBI Crypto shut its pool July 31 after it represented roughly 2 percent of Bitcoin's hashrate. OKX ended mining pool services in February 2024.
The move reflects consolidation accelerating across mining. Foundry USA, AntPool, and F2Pool now control approximately 64.2 percent of network hashrate. Poolin, once the largest pool with nearly a fifth of global hashrate, filed for bankruptcy in July after accumulating roughly $173 million in debt, frozen wallet funds, and stalled mining sites in Texas. Its pool share had been near zero for years before collapse.
The removal of exchange-operated pools narrows options for miners seeking providers at a time when fewer, larger operators dominate block production.
