Binance Pool Packs It In After Hashrate Slumps 65% ⛏️

Binance will shut down its bitcoin mining pool and a range of related services on Nov. 10, 2026, ending an operation launched in April 2020 that once directed an estimated 26 exahashes per second, or 2.3% of the Bitcoin network's computing power, toward block production. The world's largest crypto exchange disclosed the closure on Tuesday, telling miners they have until 07:00 UTC on the cutoff date to redirect their machines to alternative providers. Hashrate submissions and mining shares received after that time will no longer be accepted, processed or credited, and Binance will disable its mining pool Stratum URLs and endpoints, disconnect miners and stop generating rewards and yields for affected products.

The shutdown covers Binance Pool, Pool Savings, Cloud Mining, Transaction Accelerator, mining pool APIs, email and Telegram hashrate alerts and related features. Eligible outstanding rewards, balances, refunds and settlements will be processed after 07:00 UTC on Nov. 11, 2026, subject to applicable product rules, risk controls, compliance checks and applicable laws. Users with active Pool Savings positions were advised to redeem or unsubscribe before the closure, and identity checks must be completed by 11:59 p.m. UTC on Nov. 10. Pool pages will remain accessible until 07:00 UTC on Nov. 24, 2026, after which historical mining records will become permanently inaccessible.

Binance attributed the decision to "an ongoing review of products and services" and did not provide a specific reason. The pool's computing power has since fallen roughly 65% from its December level to about 9.2 EH/s, ranking 11th and accounting for less than 1% of the network, according to Hashrate Index. The exchange used a full pay-per-share, or FPPS, payout model, paying miners for their work and absorbing the risk that the pool found fewer blocks than expected. In October 2022, Binance announced a $500 million lending program through the pool, offering secured loans for 18 to 24 months at interest rates of 5% to 10%; the closure notice does not address that program or disclose any outstanding loan balance.

The exit follows SBI Crypto, which shut its pool on July 31 after accounting for roughly 2% of Bitcoin's computing power. Remaining miners will need to redirect hashrate elsewhere, and the closure could further concentrate block production among Foundry USA, AntPool and F2Pool, which together control about 64% of the network's computing power. The move comes as Binance expands into traditional finance, having opened access to more than 7,000 U.S. stocks and ETFs for customers outside the United States on June 1 with zero commission and fractional purchases from $5, and after closing its centralized NFT service on July 3.

BNB, the token closely linked to Binance and BNB Smart Chain, traded at $740, down 0.5% over the prior 24 hours with daily trading volume of $561M.