Binance decides to shut down Its Bitcoin Mining Pool

[Bitcoin_Arena]

In a recent announcement, Binance says it will discontinue Binance Pool, Pool Savings, Cloud Mining, and other related services.

Fellow Binancians,

As part of our ongoing review of products and services, Binance will discontinue Binance Pool and related services on 2026-11-10. The services to be discontinued are Binance Pool, Pool Savings, Cloud Mining, Transaction Accelerator, as well as other Binance Pool-related features such as Telegram hashrate alerts, email notifications, and mining pool API services.

Timeline

2026-11-10 07:00 (UTC): All Binance Pool-related services will be discontinued.
After 2026-11-10 07:00 (UTC): Eligible outstanding rewards, balances, refunds, or settlements, where applicable, will be processed.

More to the story: https://decrypt.co/380870/binance-shutting-down-bitcoin-mining-pool

The other exchange-related mining pools are long dead.

I wonder what they might be trying to focus on. AI data centers and shit?

[BitMaxz]

Binance has 59.15 EH/s based on total hashrate stats; it's a huge hashrate that will be cut once Binance decides to close their mining pool.

They think maybe the pool is not profitable; that is why they are going to stop the pool.

I wonder what they might be trying to focus on. AI data centers and shit?

It looks like you are right that they are going to shift business, but they haven't mentioned yet which one. However, we know most of the mining business switches to AI business, so Binance might be similar.

[NotFuzzyWarm]

The article linked by the OP explains it all. No AI.
They are moving into trading more traditional stocks, bonds and EFT's. Doing that means keeping SEC happy and divesting from the crypto markets to avoid any further possible conflicts of interest does just that.

[philipma1957]

Binance has 59.15 EH/s based on total hashrate stats; it's a huge hashrate that will be cut once Binance decides to close their mining pool.

They think maybe the pool is not profitable; that is why they are going to stop the pool.

I wonder what they might be trying to focus on. AI data centers and shit?

It looks like you are right that they are going to shift business, but they haven't mentioned yet which one. However, we know most of the mining business switches to AI business, so Binance might be similar.

well even if they have 60eh on the pool the real question is how much is their own hash and how much is Joe-blow-from-kokomo's hash.

Maybe 20 or 30eh will simply switch to viabtc. and only 30eh drop off.

[joker_josue]

The article linked by the OP explains it all. No AI.
They are moving into trading more traditional stocks, bonds and EFT's. Doing that means keeping SEC happy and divesting from the crypto markets to avoid any further possible conflicts of interest does just that.

Do you want to become an "XTB"?
In fact, the market is quite open to new players in this sector. So we'll see what happens.

well even if they have 60eh on the pool the real question is how much is their own hash and how much is Joe-blow-from-kokomo's hash.

Maybe 20 or 30eh will simply switch to viabtc. and only 30eh drop off.

Will Binance really have this 30EH?
Perhaps it won't even have that. Most of the hash will be from users.

Now, we will see in the coming days which pool will significantly increase the hash. It will probably spread across several pools, but there will always be one that benefits more.

[Kalchef]

Are people using Binance pool? I did use it for ETH mining in the past but I don't like the results I was getting and I switch to another, does pool needs to profitable to stay alive? I'm surprised because Binance has the resources to keep it running.

[FP91G]

According to miners, the Binance pool was losing hashrate and had begun to incur losses. The company's management likely concluded that maintaining such infrastructure was no longer sufficiently profitable, and therefore shut down the project to focus resources on more lucrative ventures.

[Bitcoin_Arena]

Binance has 59.15 EH/s based on total hashrate stats; it's a huge hashrate that will be cut once Binance decides to close their mining pool.

I think some websites are exaggerating the stats, or maybe the hashrate has already dropped that hard because right now I am seeing just about 10 EH/s or lower
1. https://hashrateindex.com/hashrate/pools
2. https://bitref.com/pools/\
3. https://mempool.space/graphs/mining/pools#24h

According to miners, the Binance pool was losing hashrate and had begun to incur losses. The company's management likely concluded that maintaining such infrastructure was no longer sufficiently profitable, and therefore shut down the project to focus resources on more lucrative ventures.

Binance is aggressively profit-driven. I remember when they started acquiring promising startups left and right, and they also created so many platforms. As we speak most of them are defunct.

[joker_josue]

According to miners, the Binance pool was losing hashrate and had begun to incur losses. The company's management likely concluded that maintaining such infrastructure was no longer sufficiently profitable, and therefore shut down the project to focus resources on more lucrative ventures.

Binance is aggressively profit-driven. I remember when they started acquiring promising startups left and right, and they also created so many platforms. As we speak most of them are defunct.

I was thinking. Could it be that they never considered selling the operation?
Or is it that this type of transaction has no buying interest?

[BitMaxz]

I think some websites are exaggerating the stats, or maybe the hashrate has already dropped that hard because right now I am seeing just about 10 EH/s or lower
1. https://hashrateindex.com/hashrate/pools
2. https://bitref.com/pools/\
3. https://mempool.space/graphs/mining/pools#24h

Weird. I don't know which site is actually giving the right stats, but I check the miningpoolstats.stream again, and the hash rate rises to 74.89 EH/s
These sites might be have different sources to take the current total hash rate.

For now I don't see any drops yet in hash rate; instead, it rises. If the Binance pool is going to shut down, it is supposed to be dropping right now because I believe miners will end up moving to another pool instead before the Binance pool is totally closed.

[FinneysTrueVision]

Weird. I don't know which site is actually giving the right stats, but I check the miningpoolstats.stream again, and the hash rate rises to 74.89 EH/s
These sites might be have different sources to take the current total hash rate.

For now I don't see any drops yet in hash rate; instead, it rises. If the Binance pool is going to shut down, it is supposed to be dropping right now because I believe miners will end up moving to another pool instead before the Binance pool is totally closed.

The higher number is what Binance reports on their own website.
https://pool.binance.com/en

There isn’t any information provided about how they measure their hashrate and the number of unidentified blocks mined is too low to explain such a large difference. Maybe some other pools are renting their hashrate from them and using a different coinbase identifier.