Timeline
- 7.0
Binance is shutting down its bitcoin mining pool after hashrate crashed 65%
Binance is shutting down its Bitcoin mining pool after the pool's hashrate dropped roughly 65%, ending the exchange's mining-pool service for customers. Miners who directed hashpower to Binance Pool lose that option and must route their machines to other pools, removing one well-known exchange-operated pool from the choices available to them. The roughly 65% decline refers to the Binance pool's own hashrate, not Bitcoin's network-wide hashrate. The pool was marketed as an exchange-integrated service with instant reward access, VIP perks and cloud mining features.
- 7.0
Binance Pool shuts on November 10, with record access ending two weeks later
Binance Pool, the exchange's Bitcoin mining pool service, will shut down on November 10, and miners' access to their records will end two weeks after that date, giving users a deadline to move their operations elsewhere. Miners who direct hashrate to Binance Pool must migrate to another pool before the November 10 shutdown, and the later record-access cutoff means payout and earnings data must be exported within that window. Two separate deadlines apply: the pool itself stops operating on November 10, while access to records continues for two more weeks before ending.
- 7.5
Binance Pool is closing. Where will its Bitcoin miners go?
Binance Pool is winding down its Bitcoin mining pool operation, with reports pointing to a shutdown on Nov. 10 after the pool's hashrate fell roughly 65%. Its miner base must now migrate hardware, payout settings and accounts to alternative pools. The closure forces a redistribution of hash rate among the remaining Bitcoin mining pools, a shift that bears directly on mining concentration and on pool economics as displaced miners choose new operators. The closure notice does not address the $500 million lending program Binance announced through the pool in October 2022, according to Mempool Brief. Alternative pools, including EMCD and OCEAN, are actively courting displaced Binance Pool miners.