Binance, one of the world's largest cryptocurrency exchanges, will shut down its Bitcoin mining pool and related services on November 10, 2026, following a sharp decline in the computing power directed to the platform as miners increasingly move their operations elsewhere.

The cryptocurrency exchange said the closure follows an ongoing review of its products and services, but it did not provide a financial explanation for the decision. In a separate Reality Check, BitcoinKE examined why Binance is shutting down its mining pool.

Hashrate Fell From 26 EH/s to 9.2 EH/s

Binance Pool's hashrate, the combined computing power miners direct to a pool, fell from about 26 exahashes per second (EH/s) in December 2025 to roughly 9.2 EH/s, according to Hashrate Index data cited in the report — a decline of approximately 65% over the period. Hashrate Index tracks the computing power connected to major Bitcoin mining pools. The pool's share of Bitcoin's total computing power dropped from about 2.3% to less than 1%, pushing it down to 11th place among mining pools.

The figures suggest Binance was losing its position as a destination for miners well before announcing the shutdown. However, the exchange has not disclosed whether the decision was driven by operating costs, profitability, or broader strategic priorities.

A Retreat From Mining Finance

Mining pools allow individual miners to combine their computing power and receive more regular payouts than they would by mining independently. Operators compete for miners through payout structures, fees, and the reliability of their services.

Binance Pool was introduced in April 2020 as a way to mine and stake Bitcoin and other cryptocurrencies using a Binance account. The pool used a full pay-per-share (FPPS) payout model, under which the operator pays miners for their contributed work while assuming the risk associated with fluctuations in block production. Maintaining such a service requires managing payout obligations and operational risks, although Binance has not said whether these factors contributed to its decision.

The shutdown also marks a retreat from Binance's earlier push into mining finance. In October 2022, the exchange announced a $500 million lending programme through Binance Pool to support Bitcoin miners, offering secured loans with terms of 18 to 24 months and interest rates of 5% to 10%. The closure announcement did not clarify whether any loans associated with that programme remain outstanding.

November 10 Deadline for Miners

Miners using the pool have until November 10, 2026, to redirect their computing power to another provider. Binance will also discontinue Pool Savings, Cloud Mining, its transaction accelerator, and related services.

Part of a Broader Industry Trend

The decision follows other exits from the mining pool business. SBI Crypto closed its pool in July 2026, while OKX discontinued its mining pool services in February 2024. Poolin, once one of the industry's largest operators, also experienced a collapse in its market share after financial difficulties and operational problems, and later filed for bankruptcy.

These exits have coincided with a broader shift in mining economics: BitcoinKE has separately reported that Bitcoin is bleeding mining power to artificial intelligence as crypto revenue shrinks.

The departures are narrowing miners' choice of established pool operators, potentially increasing the concentration of Bitcoin block production among the largest providers. Foundry USA, AntPool, and F2Pool together accounted for about 64.2% of Bitcoin's network hashrate in Hashrate Index's latest figures, up from a combined 61.4% in December 2025 — meaning the three largest pools have expanded their footprint over the period.

Where Binance Pool's remaining miners redirect their computing power will help determine whether that concentration increases further. Moving to another pool does not necessarily mean miners are leaving the Bitcoin network, but a shift towards the largest operators could give a smaller number of pools greater influence over transaction ordering and block production.

Binance has not identified which providers are likely to absorb its remaining hashrate.