Binance will discontinue its Bitcoin mining pool on November 10, 2026, following a substantial decline in computing power connected to the service. With Binance Pool's hashrate down approximately 65% since December, the closure raises fresh questions about mining pool concentration, operational reliability and where displaced miners will direct their equipment.
The Bitcoin mining pool industry is preparing for another significant departure.
Binance has confirmed that Binance Pool, the mining service it launched in April 2020, will cease operations on November 10, 2026, at 07:00 UTC.
The closure will also affect several related products, including cloud mining, Pool Savings, transaction acceleration, mining API services and hashrate notifications.
Once the deadline passes, Binance Pool's Stratum endpoints will be disabled, and newly submitted mining shares will no longer be accepted or credited.
A Sharp Decline in Hashrate
Binance Pool was once a recognizable participant in Bitcoin's global mining infrastructure.
According to figures cited by CoinDesk from Hashrate Index, computing power directed to the pool declined from approximately 26 EH/s in December to 9.2 EH/s, a reduction of roughly 65%.
Its estimated network share fell from around 2.3% to less than 1%.
Binance attributed the closure to an ongoing review of its products and services but did not provide a detailed financial explanation. Although the decline in hashrate provides important context, it should not be treated as a confirmed reason for the decision.
Miners Have Until November 10 to Migrate
For miners still using Binance Pool, the immediate priority is ensuring that equipment is connected to another mining pool before the cutoff.
Moving between pools generally requires a change of Stratum connection settings rather than replacing or physically relocating ASIC hardware.
However, miners should also consider connection latency, pool reliability, rejected shares, payment methods, fees and payout policies.
An unsuitable configuration can lead to temporary downtime or an increase in rejected shares, reducing effective mining revenue even while the machines remain powered on.
Binance also stated that eligible outstanding mining rewards will be handled under its applicable settlement rules.
Historical account and payment records are expected to remain accessible until November 24, after which the pool's pages will become unavailable.
Does Closing a Pool Reduce Bitcoin's Hashrate?
Not necessarily.
A mining pool coordinates work from miners operating their own hardware. When those miners point their equipment to another pool, their computing power normally remains part of Bitcoin's network.
The closure therefore does not automatically eliminate 9.2 EH/s of network computing capacity.
Instead, it primarily changes where that hashrate is coordinated and how participating miners receive their rewards.
Temporary connection interruptions during migration may affect individual operators, but a permanent reduction in network hashrate would require actual equipment to go offline.
The Decentralization Question
Binance Pool's departure also brings renewed attention to the concentration of Bitcoin block production.
Figures cited by CoinDesk indicate that Foundry USA, AntPool and F2Pool collectively accounted for approximately 64% of network hashrate in a recent snapshot.
If miners leaving Binance Pool move primarily to these large operators, concentration could rise further.
Alternatively, redistribution across smaller independent pools could diversify the network's pool-level structure.
Pool concentration matters because, under conventional mining arrangements, pool operators generally construct block templates and select which transactions to include.
That does not mean they own their participants' mining equipment, but it does give them an important role in coordinating block production.
A Changing Competitive Landscape
The Bitcoin mining industry has spent much of 2026 focused on electricity prices, ASIC efficiency and rising network difficulty.
Yet the closure of Binance Pool highlights another important consideration: the long-term sustainability of mining pool services themselves.
For miners, reliable infrastructure, transparent payouts, responsive monitoring and clear operational policies remain essential when selecting a provider.
The transition also creates an opportunity for miners to reconsider the trade-offs between large and smaller pools.
Binance Pool's planned exit is not a threat to Bitcoin's ability to operate, but it is another reminder that mining pool diversity and service continuity matter to the health of the wider ecosystem.
