The hashrate of Binance’s Bitcoin mining pool, which Binance has decided to shut down, has fallen by about 65% since December, and its closure comes as miners face a period in which they will have fewer service providers to choose from.
According to a report by CoinDesk citing Hashrate Index data, Binance Pool had a hashrate of 26 EH/s in December, representing 2.3% of the Bitcoin network. In the latest figures, its hashrate has fallen to 9.2 EH/s, its share of the network has dropped below 1%, and the pool has fallen to 11th place.
Hashrate refers to the capacity of the calculations miners perform to produce Bitcoin blocks. Pools let many miners combine their computing power so they can receive more regular payouts rather than waiting to find a block on their own.
November 10 deadline for Binance Pool
In an announcement earlier this week, Binance said that related services, including Binance Pool, Pool Savings, cloud mining, and the transaction accelerator, will close at 10:00 a.m. Turkey time on November 10. The exchange attributed the decision to its regular review of products and services; it did not cite the decline in hashrate as the reason for the closure.
Miners need to redirect their devices to other pools by that date. After the closure, mining contribution records used to calculate payments will no longer be processed. Pool Savings users need to withdraw their positions, while users awaiting their final payment must complete the required identity verification by 2:59 a.m. Turkey time on November 11.
The pool pages will be permanently removed on November 24. Users should download their records and check their payment status before that date.
Three major pools stand out in Bitcoin mining
Binance’s exit follows other shutdowns in the sector. The SBI Crypto pool shut down on July 31, while OKX ended its mining pool services in February 2024.
In Hashrate Index’s latest figures, Foundry USA, AntPool, and F2Pool account for a combined 64.2% of block production. In December, the three largest pools had a 61.4% share; at the time, ViaBTC ranked third instead of F2Pool.
This concentration also matters for the confirmation of Bitcoin transactions, since pool operators determine which transactions are included in the blocks participating miners work on. However, miners can redirect their devices to smaller providers.
If all of Binance’s remaining hashrate moves to the three largest pools and the rest of the network remains unchanged, the group’s combined share could reach about 65%. This is not a distribution that has occurred yet; it is a scenario that depends on which pools miners choose after the closure.
Not investment advice.