Binance Pool, once responsible for around 2.3% of Bitcoin network computing power, is winding down after a steep drop in hashrate. Its capacity has fallen from 26 EH/s in December to roughly 9 EH/s, leaving miners with only a few weeks to move their machines to another provider.
The shutdown sets firm deadlines for users and comes as Bitcoin mining becomes more concentrated among a handful of large pool operators. If Binance Pool’s remaining hashrate were to migrate mainly to the biggest existing pools, their collective share of the network could increase further.
Key dates for miners and users
Binance Pool miners must redirect their hardware before Nov. 10, when the service will stop crediting mining shares. That gives participants about four weeks to switch to another mining pool if they want to avoid interruptions in payouts.
The same Nov. 10 deadline also applies to Pool Savings users, who need to redeem their positions before the cutoff. Users waiting for a final payout are also required to complete any needed identity verification by 11:59 p.m. UTC that day.
Binance Pool’s webpages will remain accessible for a limited period after operations stop. The company plans to remove them permanently on Nov. 24, giving customers two additional weeks to download records and review payout status.
Hashrate decline before closure
The pool’s shutdown follows a pronounced contraction in activity. In December, Binance Pool was operating at 26 EH/s, but that figure has since dropped to about 9 EH/s, a decline of roughly 65%.
At its earlier size, the pool accounted for about 2.3% of Bitcoin’s total network hashrate. The latest figures show a much smaller role, underscoring how far its presence has diminished ahead of the closure.
What the closure means for network concentration
The exit could add to the concentration of Bitcoin block production among the largest mining pools. Foundry USA, AntPool and F2Pool already control about 64% of the network’s computing power, according to the source material.
If Binance Pool’s remaining 9 EH/s were to flow entirely to those three operators, their combined share would rise to roughly 65%, assuming the rest of the network remains unchanged. That would be only a modest increase, but it would still further narrow activity among the top providers.
Pool operators traditionally decide which transactions the participating machines are assigned to help confirm. For that reason, the closure reduces the number of provider options available to miners even though it does not change ownership of the underlying hardware.
Miners still have alternatives
The shutdown does not mean Binance Pool’s miners are leaving the Bitcoin network. Mining pool membership reflects where machines point their work, and those operators can redirect equipment to smaller competing pools instead of the dominant providers.
That distinction matters because pool share is not the same as control over mining hardware. What changes immediately is the service layer through which miners coordinate work and receive payouts, not ownership of the machines themselves.
Next confirmed steps
The confirmed timeline is now clear: Binance Pool will stop crediting mining shares on Nov. 10, Pool Savings positions must be redeemed by the same date, and pending final payouts require identity checks to be completed by 11:59 p.m. UTC.
After that, users will have until Nov. 24 to retrieve records and verify payout information before the pool pages are removed permanently. Where the remaining hashrate ultimately goes, and whether it strengthens the largest pools or is dispersed among smaller rivals, will become clearer after the cutoff passes.
Source: www.coindesk.com