Binance will discontinue its Bitcoin mining pool and related services at 7 a. UTC on Nov. 10, ending a service launched in April 2020. The closure includes Pool Savings, Cloud Mining, the Transaction Accelerator, mining-pool APIs and related alerts and notifications.
The pool now accounts for less than 1% of the network and ranks 11th, a decline of about 65%.
An exahash represents one quintillion calculations per second in the search for a valid Bitcoin block. Mining pools combine the work of many machines so participants can receive regular payments rather than wait to find a block independently. Binance used a full-pay-per-share model that paid miners for their work while taking on the risk of finding fewer blocks than expected.
Binance said the shutdown is part of an ongoing review of its products and services and gave no financial explanation. Miners must redirect their machines before the cutoff, when mining connections and endpoints will be disabled and later submissions will no longer be accepted, processed or credited.
Users have been told to redeem or unsubscribe from Pool Savings positions and complete any required account verification by 11: 59 p. Pages containing historical data, account records and payout information are scheduled to remain available until 7 a.
The shutdown follows SBI Crypto’s closure of its mining pool on July 31 and OKX’s exit from mining-pool services in February 2024. Binance Pool had been described as the last surviving pool from the period when cryptocurrency exchanges expanded into mining. Poolin, once responsible for nearly a fifth of global computing power, filed for bankruptcy in July with about $173 million in debt after problems involving frozen wallet funds and stalled Texas mining sites.
If all of Binance’s remaining capacity moved to those three pools, their combined share would reach roughly 65%, assuming the rest of the network stayed unchanged. Binance has not identified where its remaining miners will move.
Pool operators select which transactions participating machines work to confirm, so the closure reduces the number of available providers involved in block production. Miners can still redirect their equipment to smaller pools, and a pool’s share does not establish ownership of the hardware.