Binance closes its mining pool after its share halved in a year

Binance will close its mining pool on 10 November along with Pool Savings, Cloud Mining, the transaction accelerator, the mining APIs and hashrate notifications, citing a review of its products without naming a reason. Miners have until that date to point their machines elsewhere, Pool Savings holders have to redeem before it, and everyone has until 24 November to pull payout records before deletion.

“An ongoing review of its products and services”

— Binance, Notice on the pool shutdown

The share was already falling

The Binance mining pool had been shrinking for a year before the notice. Over the past twelve months it mined 1,081 of 52,380 blocks, 2.06% of the network and ninth place. Over three months it ran 1.76%, over the last month 48 blocks out of 4,418, or 1.09% and twelfth place, and over the last week 0.85%. The share fell by 47% across those twelve months.

Foundry USA mined 25.6% of the past month's blocks, 23 times the Binance figure, and the top three pools together took 62.45%. About 10.7 EH/s out of a 980 EH/s network now needs a new home, and the pools waiting for it are already bigger.

What the pool earned

The revenue line gives a reason the statement does not. At 3.125 BTC a block, those 1,081 yearly blocks carried about $280m of subsidy at today's price, and a typical 2.5% pool fee turns that into roughly $7m a year, which is our estimate rather than a published number. Binance trades $12bn of spot in a day, so a year of pool rewards equals 2.3% of one trading day on the exchange.

The pool opened in April 2020 and ran more than six years, through two halvings and a full cycle of hosting deals. It closes while bitcoin mining keeps rearranging itself around cheap power and AI tenants, the same shift we measured in August when hashrate moved and the price did not, and again in September when a Michigan operator left the business outright.

What settles in November

Three things settle after 10 November. Whether Foundry and AntPool absorb the share in proportion, which would push the top three past 63%. Whether the miners leaving pick smaller pools instead. And whether anyone counts one fewer exchange-run pool as a win for decentralisation, given who ends up holding the hashrate.

Informational material, not investment advice. Pool shares come from mempool.space on 13 October 2026, and the fee estimate is ours, since Binance publishes no revenue figure for the pool.