Bitcoin mining pool once handling 2.3% of network shuts after hashrate falls 65%

Introduction

Binance announced that its Bitcoin mining pool, launched in April 2020, will cease operations on Nov 10, 2026. The decision comes after the pool’s hash‑rate fell from roughly 26 EH/s in December 2025 to about 9 EH/s, a drop of roughly 65% and a share of less than 1% of the Bitcoin network. Miners using Binance Pool now have roughly four weeks to move their equipment to other providers.

Why the pool’s hash‑rate collapsed

• Competitive pressure: Larger pools such as Foundry USA, AntPool and F2Pool now control about 64% of the network’s total computing power, squeezing out smaller operators.
• Previous exits: The market has seen several exchange‑run pools disappear in recent months, including SBI Crypto (July 2024) and OKX (February 2024), further concentrating hash‑rate.
• Product review: Binance cited an internal review of its products and services as the reason for the shutdown, without providing a specific financial rationale.

What this means for miners

1. Deadline to relocate: After 7 a.m. UTC on Nov 10, Binance will stop crediting mining shares. Miners must transfer their rigs to another pool before this cut‑off to avoid losing future payouts.
2. Pool Savings and Cloud Mining: Users of these ancillary services must redeem their positions and complete any required identity verification by the same deadline.
3. Data access: Binance will keep pool‑related pages online until Nov 24, allowing miners to download performance records and verify payout status.
4. Potential re‑concentration: If most of Binance’s remaining hash‑rate migrates to the three dominant pools, their combined share could rise to roughly 65%, further narrowing miner choice and increasing the influence of a few operators on block production.

Broader market context

• Industry consolidation: The decline of Binance Pool mirrors a broader trend where exchange‑run pools are exiting, leaving a handful of large, independent pools to dominate block creation.
• Impact on decentralization: Fewer pools mean less diversity in transaction selection and fee market dynamics, which could affect network resilience and censorship resistance.
• Future outlook: Miners may seek smaller, niche pools to preserve decentralization, or they might join the dominant players for stability and higher payout certainty. The shift will be closely watched by analysts monitoring Bitcoin’s mining centralization metrics.

Practical steps for affected miners

• Identify alternative pools: Evaluate payout models (PPS, PPLNS, FPPS) and fee structures. Popular options include Foundry USA, AntPool, F2Pool, and emerging community‑run pools.
• Transfer hardware promptly: Follow the new pool’s onboarding guide to configure your ASICs and ensure they begin submitting shares before the Nov 10 cut‑off.
• Secure records: Download all mining‑share logs and payout statements from Binance before the Nov 24 page removal.
• Monitor loan obligations: If you participated in Binance’s earlier lending program, contact the exchange to clarify any outstanding balances or repayment terms.

--- The closure of Binance’s mining pool underscores the ongoing consolidation within Bitcoin’s mining ecosystem. Miners must act quickly to safeguard their operations and consider the long‑term implications of a more concentrated hash‑rate landscape.