Binance Pool Shuts Down After Hashrate Drops 65%
Miners controlling 9 EH/s must find a new pool before a November 10 deadline.
Binance Pool will shut down its Bitcoin mining operations after hashrate collapsed 65%, dropping from 26 EH/s in December 2025 to roughly 9 EH/s as of October 2026, according to CoinDesk Markets.
Why It Matters
At its peak, Binance Pool processed 2.3% of the entire Bitcoin network's blocks — a meaningful share in a sector where routing power determines both payout frequency and profitability. The 65% hashrate decline signals that miners voted with their rigs, migrating to competing pools long before any formal closure announcement. For remaining participants, the November 10 deadline creates real urgency: staying idle means forfeiting block rewards entirely. Smaller miners who used Binance Pool's brand recognition as a proxy for reliability now face a due-diligence exercise they may not have anticipated. Gambling involves risk, and mining is no different — concentration in a single pool always carried counterparty exposure that this closure makes painfully concrete.
Context
Binance Pool launched as part of the exchange's broader infrastructure push, riding the 2020–2021 mining boom when institutional hashrate aggregation seemed like a durable business. As of October 2026, the global Bitcoin network hashrate sits at multi-exahash highs, meaning Binance Pool's exit redistributes its remaining 9 EH/s across a market with ample capacity to absorb it. Competitors including Foundry USA, AntPool, and F2Pool have consistently commanded the largest network shares and stand to be the primary beneficiaries.
What's Next
Remaining Binance Pool miners must migrate to a new provider before the November 10, 2026 cutoff or lose access to block reward payouts. Watch for hashrate flow data on-chain in the coming weeks to see which pools capture the displaced 9 EH/s.
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