Binance to Shut Down Mining Pool by November 2026

This discontinuation affects approximately 2.3% of the global Bitcoin hashrate, potentially increasing concentration risks among remaining mining pools.

• Binance announced it will discontinue Binance Pool and related mining services on November 10, 2026.
• Miners must redirect their hashrate and redeem Pool Savings positions before the cutoff.
• No immediate market reaction was observed in BTC USD pricing following the announcement.

• Binance Pool launched in April 2020 as part of Binance's expansion into cryptocurrency infrastructure.
• The closure follows other significant pool exits in 2026, including SBI's shutdown and Poolin's bankruptcy.
• Binance is shifting focus to traditional finance products, including U.S. stocks and ETFs, without explicitly linking this to the mining exit.

On October 13, 2026, Binance issued a notice detailing the discontinuation of Binance Pool, Pool Savings, Cloud Mining, and associated features. This decision requires miners to redirect their hashrate before 07:00 UTC on November 10, 2026, when Stratum URLs and endpoints will be disabled. Post-cutoff shares will not be credited, and outstanding rewards will be processed subject to compliance checks. Pool Savings users must redeem their positions, while account pages will remain accessible until November 24, 2026, for record retrieval.

Binance Pool had mined over 137,000 BTC during its operation, representing a significant portion of the Bitcoin network's hashrate. At the end of 2025, Binance Pool accounted for approximately 26 EH/s, or 2.3% of the global Bitcoin hashrate, according to Hashrate Index data. The closure of Binance Pool is part of a broader trend in the cryptocurrency mining sector, where several pools have exited the market this year, raising concerns about the concentration of mining power among fewer operators.

Despite the closure, there was no immediate governmental response or significant price movements in BTC following the announcement. Industry commentary from operators like Braiins highlighted the increased concentration risk among remaining pools, with offers extended to displaced miners. Binance has cited routine product reviews as the reason for the shutdown, but has not elaborated on the strategic rationale behind this decision.

The shift in Binance's focus towards traditional finance products, including equities and tokenized assets, suggests a strategic pivot that may not be directly linked to the mining sector. However, the implications for Bitcoin miners are clear: they must quickly adapt to the changing landscape and find alternative mining pools to maintain their operations.

• Bitcoin miners using Binance Pool will need to migrate their operations to other pools.
• Pool Savings users must redeem their positions before the cutoff.
• Cloud Mining participants will be affected as related services are discontinued.

• Hashrate distribution: Monitor how the hashrate shifts among remaining pools post-Binance Pool closure, as this will indicate potential concentration risks.
• Market reactions: Watch for any price movements in BTC as miners transition to new pools, which could signal market sentiment.
• Regulatory responses: Keep an eye on any regulatory changes or responses from governments regarding the concentration of mining power.