Binance Pool Closes Nov. 10 as Top Three Pools Hold 64%

Binance will close its bitcoin mining pool at 07:00 UTC on Nov. 10, along with Pool Savings, Cloud Mining, its transaction accelerator and related features. Miners get about four weeks to point their machines somewhere else.

For someone holding bitcoin rather than hashrate, the direct effect is small: what is left of the pool is 8.7 EH/s, or 0.84% of the network, per Hashrate Index. What the closure changes is who gets a say over which transactions end up in a block. Pool operators make that call for the machines pointed at them, and without Binance the three largest pools produce about 64% of Bitcoin's blocks.

Binance Pool's Pages Disappear on Nov. 24

The deadlines matter more than the announcement. After the 07:00 UTC cutoff on Nov. 10, Binance stops crediting mining shares, the records of work used to calculate payouts. Pool Savings users must redeem their positions, and anyone waiting on a final payout should complete identity checks by 11:59 p.m. UTC that day.

The pool's pages stay reachable for another two weeks, so customers can download records and check payout status, then they become permanently inaccessible on Nov. 24.

"As part of our ongoing review of products and services, Binance will discontinue Binance Pool and related services on 2026-11-10."

That is the explanation, in full. The notice gives no financial reason for the closure, and Binance has published no results for the pool. The exchange opened it in April 2020 and is now ending the six-year run, as our earlier coverage of the shutdown set out.

A 2.3% Share Fell to Less Than 1% Before the Closure

This is the end of a decline, not the start of one. In December, Hashrate Index put Binance Pool at about 26 EH/s, or 2.3% of Bitcoin's network, ninth by size. Its live table now lists the pool at 8.7 EH/s, 0.84% and 12th place, against total network hashrate of 1012.76 EH/s on the same page.

The economics explain why pool businesses are hard to run now. Hashprice, the daily revenue per unit of computing power, sat at $38.68 per petahash per day, with bitcoin at $81,604 on Hashrate Index's page, roughly the levels our look at mining cash costs described for the sector. Binance is not the first to go: SBI Crypto shut its pool earlier this year and Poolin, once one of the largest, filed for bankruptcy.

Three Pools Produce About 64% of Blocks

Foundry USA sits at 256.9 EH/s and 24.93% of the network, AntPool at 217.4 EH/s and 21.1%, and F2Pool at 176.1 EH/s and 17.09% on Hashrate Index's latest table, about 64% between them. In December the three largest held 61.4%, with ViaBTC in third place instead of F2Pool. The top of that table has already changed hands once this year.

Miners leaving Binance have smaller options. ViaBTC is at 111.6 EH/s and 10.83%, MARA Pool at 5.88%, SpiderPool at 5.32%, Luxor at 3.92% and OCEAN at 1.77% on the same table. Pool shares do not establish ownership of the hardware, and a miner can repoint a machine at any operator.

That choice matters because pools pick the transactions their miners work to confirm. Fewer pools means fewer operators deciding which bitcoin payments make it into a block, even though blocks keep arriving at the same pace either way.

What Binance Has Not Said

Binance has not said where the displaced computing power should go, and no destination pool or migration date has been published. With under 1% of the network to place, the difference between the three big pools absorbing it and the smaller ones splitting it is the difference between concentration rising and holding roughly steady.

For anyone with skin in this, both practical dates fall on Nov. 10: 07:00 UTC if a machine is still pointed at the pool, 11:59 p.m. UTC if a Pool Savings position is still open. Everything after that is a question about where the hashrate lands.