Binance Pool, the mining service operated by the cryptocurrency exchange Binance, will cease operations on November 10, 2026, after its share of Bitcoin’s network hashrate fell by about 65% since December 2025. The pool’s computing power dropped from an estimated 26 exahashes per second—roughly 2.3% of the total network—in December to 9.2 exahashes per second, or less than 1% of the network, according to data from Hashrate Index. The service will stop crediting mining shares and processing payouts at 7 a.m. UTC on the shutdown date, giving miners roughly four weeks to redirect their equipment elsewhere.

The closure follows a broader trend of exchange-affiliated mining operations exiting the market. SBI Crypto shut its pool in July 2026 after it accounted for about 2% of Bitcoin’s hashrate, and OKX ended its mining pool services in February 2024. At the time of the announcement, the three largest pools—Foundry USA, AntPool, and F2Pool—together controlled approximately 64% of the network’s computing power, up from 61.4% in December. If Binance’s remaining hashrate were consolidated into these pools, their combined share could approach 65%, further concentrating block production.

Binance Pool used a full pay-per-share (FPPS) payout model, which compensated miners for their contributed work regardless of whether the pool successfully mined a block. The service also offered Pool Savings, cloud mining, and a transaction accelerator, all of which will be discontinued alongside the pool. Users with active Pool Savings positions must redeem their holdings by the cutoff date, and those awaiting final payouts must complete identity verification before 11:59 p.m. UTC on November 10. All pool interfaces will be permanently removed by November 24, after which users can no longer access related records.

The shutdown does not address Binance’s previously disclosed $500 million lending program for miners, launched in October 2022, which offered secured loans with interest rates between 5% and 10% over 18 to 24 months. The announcement provided no details about outstanding loan balances or repayment plans. The move reflects a strategic shift away from infrastructure tied to proof-of-work mining, as the exchange refocuses on other blockchain-related services. While the exit reduces available pool options for miners, it does not inherently alter the technical mechanics of block validation, as mining power can be redirected to alternative pools without transferring hardware ownership.

The consolidation of mining power among fewer pools raises questions about decentralization, though the network’s consensus mechanism remains unchanged. Miners retain the ability to switch providers, and pool shares do not confer legal ownership of mining rigs. The long-term impact will depend on how remaining operators manage growth and whether new entrants emerge to fill the gap left by Binance Pool’s departure.