Binance will close its Bitcoin mining pool on November 10, 2026, after its hashrate fell from 26 EH/s to 9.2 EH/s. Here is what may have prompted the decision and what it means for miners.

Cryptocurrency exchange Binance has announced plans to shut down its Bitcoin mining pool on November 10, 2026, following a nearly 65% decline in its hashrate over the past ten months.

The exchange informed users on October 13 that Binance Pool, along with Pool Savings, Cloud Mining and Transaction Accelerator, will cease operations at 07:00 UTC on November 10. Users will have until November 24 to access their historical mining data.

Binance cited an ongoing review of its products and services as the reason for the closure.

Why is Binance shutting down its Bitcoin mining pool?

Although Binance has not directly linked the shutdown to declining hashrate or financial losses, the pool’s shrinking market presence offers a possible explanation.

Binance Pool’s hashrate fell from approximately 26 exahashes per second (EH/s) in December to 9.2 EH/s in October, a decline of nearly 65%.

Its share of the Bitcoin network’s total hashrate also dropped from 2.3% to below 1%.

Over the past month, Binance Pool mined just 47 of the 4,425 blocks produced on the Bitcoin network, accounting for approximately 1.1% of total block production.

Binance Pool had become a relatively small participant in a market dominated by larger operators, including Foundry USA and Antpool.

Mining pools depend on attracting miners who contribute computing power in exchange for a share of block rewards. Miners can switch between pools based on fees, payout arrangements and service reliability.

With significantly less computing power connected to Binance Pool, continuing the service may have become less commercially attractive.

What does the shutdown reveal about Bitcoin mining?

Binance’s decision comes as Bitcoin mining faces pressure from high operating costs, network difficulty and competition among established mining pools.

Bitcoin’s halving mechanism, which periodically reduces block rewards, also adds pressure on miners to maintain efficient operations.

What should Binance Pool users do before November 10?

Binance has advised affected miners to migrate to another mining pool before the shutdown.

Mining activity submitted through Binance Pool after 07:00 UTC on November 10 will not be credited or paid.

Users should also retrieve any required historical mining records before November 24, when access to the data will end.

Will Binance Pool’s closure affect the Bitcoin network?

The shutdown doesn’t necessarily imply that Bitcoin will lose the hashrate that was mining on Binance Pool before.

Miners may move their machines to other pools and keep mining.

However, the movement of miners towards larger operators could contribute to greater concentration of mining activity.

For now, the impact will depend on where Binance Pool’s remaining miners relocate after November 10.

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