Binance Shuts Its Bitcoin Mining Pool as Computing Power Drops by Two Thirds

Binance is closing the bitcoin mining pool it launched in 2020, after the hashrate directed at the service fell sharply over the past year.

Binance Pool Closure Date and Miner Deadlines

Binance will end Pool Savings, Cloud Mining, its transaction accelerator and related services at 7 a.m. UTC on Nov. 10, citing a review of its products. No financial reason was given. After that time, mining shares will no longer be credited, and Pool Savings users must redeem their positions. Anyone waiting on a final payout needs to complete identity checks by 11:59 p.m. UTC the same day. Pool pages will vanish for good on Nov. 24, leaving two more weeks to download records and check payouts.

Binance Pool Hashrate Decline

The pool held about 26 EH/s in December, or 2.3% of the Bitcoin network, according to Hashrate Index. It now sits near 9.2 EH/s, under 1% and ranked 11th, a drop of roughly 65%.

Binance follows SBI Crypto, which closed its pool on July 31 with roughly 2% of hashrate, and OKX, which ended pool services in February 2024. Poolin, once holding nearly a fifth of global hashrate, filed for bankruptcy in July owing about $173 million. Foundry USA, AntPool and F2Pool now hold about 64.2%, up from 61.4% in December. If Binance’s remaining power moved to those three, their share would reach roughly 65%, which narrows miner choice in a business that shapes which transactions get included in blocks.