Binance Pool to Shut on Nov. 10 After Hashrate Drop

Binance said earlier this week it will shut Binance Pool, Pool Savings, Cloud Mining and related services at 7 a.m. UTC on Nov. 10 as part of an ongoing review of its products and services. Miners have about four weeks to redirect their machines elsewhere before the exchange stops crediting mining shares, while pool pages will disappear permanently on Nov. 24.

The exit adds to a string of pullbacks from exchange-linked mining services. SBI Crypto shut its pool in July after accounting for roughly 2% of Bitcoin’s hashrate, and OKX ended mining pool services in February 2024. Poolin, once the world’s largest pool, later filed for bankruptcy after its share had already dwindled.

The immediate market effect is less about bitcoin ownership than about network structure. If Binance’s remaining computing power migrates to the biggest pools, Foundry USA, AntPool and F2Pool could together push their share to roughly 65% of total network hashrate, heightening concerns over concentration even though miners can switch providers and pool shares do not equal hardware ownership.

For miners, the closure removes another outlet in a business that has been squeezed by competition, financing costs and the economics of Bitcoin production. For listed miners such as Riot Platforms and Marathon Digital, the broader takeaway is that network power is consolidating even as bitcoin price volatility and weak risk appetite continue to shape the sector’s profitability.

Bitcoin itself remains sensitive to macro forces, including Treasury real rates, while Adalytica’s Bitcoin Fear & Greed Index shows sentiment deep in “Fear” territory at 17. The next test for the mining industry will be whether Binance’s stranded miners reassemble quickly at alternative pools or further accelerate the industry’s move toward a handful of dominant operators.