Bitcoin mining pool once handling 2.3% of network shuts after hashrate falls 65%
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Crypto exchange Binance will shut down its bitcoin mining pool and related services on November 10, 2026, after its computing power declined by about 65% since December 2025 to roughly 9.2 exahashes per second, less than 1% of Bitcoin’s network. Binance Pool previously handled about 2.3% of the network hashrate at the end of 2025. The closure follows similar exits by other exchanges and may further consolidate mining power among major pools like Foundry USA, AntPool, and F2Pool.
Why it matters
The shutdown reduces the number of bitcoin mining pools, potentially concentrating block production among fewer large operators. This consolidation may affect which transactions get confirmed as traditional pools select transactions for block inclusion. The source does not fully explain other market or user impacts.
Key context
Binance Pool launched in April 2020 and previously ran a payout model called full pay-per-share (FPPS), assuming the risk for miners. Binance also offered a $500 million secured lending program for miners via the pool in 2022, but the closure notice does not disclose status or balances related to this program. Other recent exits include SBI Crypto and OKX pools, while Poolin filed for bankruptcy in mid-2026. Foundry USA, AntPool, and F2Pool now control over 64% of the Bitcoin network’s computing power.
Key numbers and entities
Binance Pool’s hashrate fell from about 26 exahashes per second (2.3% of network) in December 2025 to 9.2 exahashes per second (under 1%, ranked 11th) in October 2026. Foundry USA, AntPool, and F2Pool jointly hold approximately 64.2% of Bitcoin’s mining power. The closure deadline for services is November 10, with pool pages disappearing on November 24. SBI Crypto, OKX, and Poolin are other named mining pools that have ceased services or declared bankruptcy.
What remains unclear
Binance has not provided a financial explanation for the closure or disclosed how outstanding loans from its earlier lending program will be handled. The destination of the remaining Binance Pool miners' computing power remains unspecified. The broader implications for Bitcoin transaction confirmation, decentralization, or user impacts beyond pool consolidation are not detailed.