Binance Shuts Down Bitcoin Mining Pool After Six Years as Hashrate Drops 65%

Binance, the world’s largest cryptocy exchange by trading volume, has announced it will permanently shut down Binance Pool, its Bitcoin mining pool, along with cloud mining, savings and transaction acceleration services on November 10, 2026. The decision ends more than six years of mining operations as the exchange shifts its focus toward artificial intelligence-powered trading tools and traditional financial products. The shutdown follows a reported 65% decline in Binance Pool’s computing power, raising questions about the future distribution of Bitcoin mining activity.

Binance Announces November 10 Mining Shutdown

Binance Pool, launched in April 2020, allowed cryptocy miners to combine their computing power and share Bitcoin mining rewards.

The exchange confirmed that the shutdown will take effect on November 10 at 7:00 a.m. UTC, ending several products simultaneously.

Services being discontinued include:

• Binance Pool: Bitcoin mining pool operations.

• Cloud Mining: Access to rented mining computing power.

• Pool Savings: Savings products associated with mining rewards.

• Transaction Accelerator: A service designed to help accelerate Bitcoin transaction confirmations.

• Mining tools: Telegram hashrate alerts, email notifications and mining pool APIs.

After the deadline, Binance will stop accepting mining connections and crediting new mining shares.

The company described the decision as part of an ongoing review of its products and services but did not disclose a specific financial reason for the closure.

Binance Mining Power Falls 65% in Less Than a Year

The announcement comes after a significant decline in Binance Pool’s share of Bitcoin’s mining network.

According to data reported by CoinDesk and Hashrate Index, Binance Pool controlled approximately 26 exahashes per second (EH/s) in December 2025, representing roughly 2.3% of Bitcoin’s total network computing power.

By October 2026, that figure had fallen to approximately 9.2 EH/s, representing less than 1% of the network.

Key figures include:

• December 2025: Approximately 26 EH/s.

• October 2026: Approximately 9.2 EH/s.

• Hashrate decline: Approximately 65%.

• Current network share: Less than 1%.

A mining pool combines the processing power of individual miners, allowing participants to receive more consistent rewards rather than competing independently to discover Bitcoin blocks.

The decline suggests that miners had already been moving substantial computing power away from Binance before the shutdown announcement.

Bitcoin Miners Must Move Before November 10

Binance has instructed miners to disconnect their equipment and redirect their computing power to alternative mining pools before the deadline.

Users with active Pool Savings positions must also redeem or unsubscribe from those products.

Important deadlines include:

• November 10, 7:00 a.m. UTC: Mining services permanently shut down.

• November 10, 11:59 p.m. UTC: Deadline for completing any required identity verification to facilitate remaining payments.

• November 24, 7:00 a.m. UTC: Historical mining records and account pages become permanently inaccessible.

Binance says eligible outstanding mining rewards, refunds and settlements will continue to be processed under the applicable product terms and compliance requirements.

The exchange is encouraging users to download transaction histories and mining records before access is removed.

Bitcoin Mining Could Become More Concentrated

The closure also raises concerns about the concentration of Bitcoin mining power.

Three major mining pools currently account for approximately 64% of Bitcoin’s network hashrate, according to figures reported by CoinDesk:

• Foundry USA

• AntPool

• F2Pool

As miners leave Binance Pool, they will need to redirect their equipment toward other providers or operate independently.

If a large portion of that computing power moves to the biggest existing pools, mining activity could become more concentrated.

Mining pool concentration matters because pools coordinate the creation of Bitcoin blocks and determine which transactions are included.

However, Binance Pool shutting down does not mean Bitcoin mining itself is ending. Individual miners can continue operating by connecting to other pools.

Binance Expands Into AI Trading and Traditional Finance

The shutdown comes as Binance increasingly develops products outside its original cryptocy exchange business.

The company has recently expanded into AI-powered trading tools, stock-linked derivatives and traditional financial market products.

In September, Binance announced plans to offer physically settled options on more than 1,000 U.S.-listed stocks and exchange-traded funds through Nest Trading, a broker-dealer regulated in Abu Dhabi Global Market.

The exchange also reported significant growth in traditional finance-linked perpetual futures trading.

Reported trading volume increased from:

• January 2026: $29.5 billion.

• August 2026: $433.4 billion.

Binance also introduced its AI-powered trading interface to global English-language users in October following a beta test involving approximately 150,000 users.

These developments demonstrate the company’s growing emphasis on trading technology and financial products that extend beyond conventional cryptocy markets.

However, Binance has not explicitly stated that its AI and traditional finance expansion caused the mining pool shutdown.

Binance Ends Another Legacy Crypto Service

The mining pool closure follows other changes to Binance’s product lineup.

Earlier in 2026, Binance discontinued its centralized NFT marketplace services, directing users toward alternative wallet-based options.

The decision to exit Bitcoin mining continues that pattern of consolidating operations while expanding into newer financial technology products.

For Bitcoin miners, the immediate concern is ensuring uninterrupted operations and receiving any outstanding rewards.

For the broader cryptocy industry, the development illustrates how major exchanges are reassessing older business models as competition, technology and market demand evolve.