Binance Pool To Shut Down After Hashrate Plunges 65%

Crypto exchange Binance is shutting down its bitcoin mining pool and related services on November 10, giving remaining participants four weeks to redirect their computing power elsewhere, according to CoinDesk.

Computing power directed at Binance Pool has declined by approximately 65% since December, dropping from 26 exahashes per second down to roughly 9.2 exahashes per second. The remaining hashing power represents less than 1% of the total Bitcoin network, positioning the pool 11th globally according to Hashrate Index data cited by the report.

Closure Details and Services

Along with Binance Pool, the exchange will close Pool Savings, Cloud Mining, its transaction accelerator, and related services at 7:00 a.m. UTC on November 10. The company cited an ongoing review of its products and services for the decision without providing a financial explanation.

After the cutoff time, Binance will stop crediting mining shares used to calculate payouts. Users awaiting final payouts must complete required identity checks by 11:59 p.m. UTC on November 10, while Pool Savings users must redeem their positions. All pool pages will be removed permanently on November 24.

Market Impact on Mining Concentration

The closure follows previous industry exits, including SBI Crypto shutting down its pool in July and OKX ending its mining pool operations in February 2024. The exit of Binance Pool could further concentrate block production among the largest operators. Foundry USA, AntPool, and F2Pool currently control roughly 64% of the network's computing power.

Four years ago, Binance offered a $500 million lending program through the pool to finance miner expansion, though the closure notice did not address that program or disclose outstanding loan balances.

Key facts

• Binance Pool computing power fell from 26 EH/s in December to roughly 9.2 EH/s.
• The pool and related services will close at 7:00 a.m. UTC on November 10.
• Foundry USA, AntPool, and F2Pool collectively control about 64% of network computing power.
• Pool pages will disappear permanently on November 24.