CoinDesk
Binance will close Binance Pool and related services at 7 a.m. UTC on Nov. 10, giving miners about four weeks to redirect their computing power. The pool’s hashrate fell from 26 EH/s in December, when it held 2.3% of Bitcoin’s network, to about 9.2 EH/s, or less than 1%, in Hashrate Index’s latest table.
Why it matters
Binance launched the pool in April 2020. The closure follows other industry exits: SBI Crypto shut its pool in July, and OKX ended its mining pool services in February 2024. Binance cited an ongoing review of its products and services but gave no financial explanation for the decision.
Mining pools combine machines’ work so participants can receive regular payouts. Pool operators also choose which transactions their miners work to confirm, making the range of providers relevant to Bitcoin block production. Pool share does not mean ownership of the underlying hardware, and miners can switch providers.
Market impact
Foundry USA, AntPool and F2Pool together account for about 64.2% of network computing power in Hashrate Index’s latest table, up from 61.4% for the three largest pools in December. 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. Binance has not said where its miners will go.
After the Nov. 10 cutoff, Binance will stop crediting mining shares. Pool Savings users must redeem their positions, and customers can download records before pool pages disappear on Nov. 24.
Frequently asked questions
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How much has Binance Pool’s hashrate fallen?
It declined about 65%, from 26 EH/s in December to roughly 9.2 EH/s in Hashrate Index’s latest table.
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When will Binance Pool stop operating?
Binance says Binance Pool and related services will close at 7 a.m. UTC on Nov. 10.
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How concentrated is Bitcoin mining among the largest pools?
Foundry USA, AntPool and F2Pool together account for about 64.2% of network computing power in Hashrate Index’s latest table.
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Could Binance Pool’s closure increase mining-pool concentration?
If all of its remaining hashrate moved to the three largest pools, their combined share would reach roughly 65%, assuming the rest of the network stayed unchanged.
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What happens to Binance Pool customers after the cutoff?
Binance will stop crediting mining shares after Nov. 10. Pool Savings users must redeem their positions, and pool pages will disappear on Nov. 24.
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