Binance to Shut Mining Pool After Years of Market Share Losses

Binance will shut its cryptocurrency mining pool on November 10, ending a business launched more than six years ago whose share of Bitcoin blocks has fallen sharply.

The exchange said in an October 13 notice that Binance Pool and related services will stop at 07:00 UTC on November 10. The closure includes Pool Savings, Cloud Mining and its Transaction Accelerator. Binance described the decision as part of an ongoing review of its products and services, without providing a more detailed explanation.

The exit follows a prolonged retreat in the pool’s share of Bitcoin block production. Binance accounted for 78 of the 4,341 blocks recorded in July 2026, or 1.8%, according to TheEnergyMag's monthly dataset. That compares with 13% in November 2022, the highest share since Binance's launch of the pool service in 2020. Its share had dropped to 5.9% by December 2023 and 2.1% a year later.

Binance launched the pool on April 27, 2020, initially offering Bitcoin mining and waiving fees for the first month. The strategy was to connect miners with the exchange’s wider financial services, including trading, lending and staking. Binance also argued at the time that adding another pool operator would help decentralize Bitcoin mining.

The shutdown reverses that expansion and requires participating miners to redirect their machines to another pool. Binance said mining submissions after the cutoff will no longer be credited. Eligible outstanding rewards, balances and refunds will be processed subject to its product rules and account and compliance checks. Historical records will remain accessible until November 24 at 07:00 UTC.