Binance's mining pool exit can add less than one point to the top three pools' 64%
Binance will close its bitcoin mining pool on Nov. 10 after its hashrate fell about 65% to roughly 9.2 EH/s, leaving miners four weeks to move. Foundry USA, AntPool and F2Pool hold 64.2% of hashrate, and the 9.2 EH/s left is under 1% of it.
The Investor · Invest desk
Key figures: the top three pools' combined share rose 2.8 percentage points since December, when the top three held 61.4% with ViaBTC instead of F2Pool. Moving all of Binance's remaining hashrate to the top three would add about 0.8 percentage points.
| Figure | Value | Note | Claim |
|---|---|---|---|
| Rise in top three pools' share since December | 2.8 points | December three had ViaBTC, not F2Pool | 16 |
| Most Binance's exit could add, about | 0.8 points | if all its hashrate goes to the top three | 17 |
| Top three's share in December | 61.4% of hashrate | 8 |
What happened
- Binance said Pool Savings, Cloud Mining and its transaction accelerator close at 7 a.m. UTC with the pool, citing an ongoing review of its products and services.
- Pool pages disappear permanently on Nov. 24, which gives customers two more weeks to download records and check payout status.
- SBI Crypto shut its pool on July 31 after handling roughly 2% of Bitcoin's computing power, and OKX ended its pool services in February 2024.
- Poolin, once the largest pool with nearly a fifth of global hashrate, filed for bankruptcy in July owing about $173 million.
Why it matters
- What it costs cost Machines still pointed at the pool after 7 a.m. UTC on Nov. 10 earn no credited shares, so the working deadline for miners is Nov. 10, two weeks before the pool pages go.
- Who has to decide decision A miner leaving an FPPS pool has to check the next pool's payout model, because Binance carried the risk of the pool finding fewer blocks than expected.
- What it limits constraint Fewer pools leave fewer operators choosing which transactions their machines confirm; a pool share does not establish who owns the hardware.
Next story · Invest · 3d ago
Binance gives miners 28 days to leave its pool before shares stop countingConfirmed6 publishers
Take the ceiling first. If every miner still pointed at Binance moved to Foundry USA, AntPool or F2Pool, their combined share would reach roughly 65%, assuming the rest of the network stays unchanged [9], from 64.2% in Hashrate Index's latest table [8], a gain of about 0.8 points [17]. Miners can also redirect to smaller providers [10], and each one that does leaves the top three with less than that. We think the closure is a minor event for block production on those numbers, and we would revise that if the first table after the cutoff puts the top three well above 65%, because Binance's remaining miners cannot account for more.
Most of the pool's hashrate has already left. Hashrate Index estimated the pool at 26 EH/s in December [2] and now puts it at about 9.2 [3], so 16.8 EH/s is gone [15]. Over the same months the top three's combined share rose from 61.4% to 64.2% [8], or 2.8 points [16], although the comparison is loose because ViaBTC held third place in December and F2Pool holds it now [8]. Set against that rise, the 0.8-point ceiling is about 29% of it [18].
In Hashrate Index's December report, Binance Pool was the only pool still running from the years when exchanges branched into mining [14]. Binance cited an ongoing review of its products and services [1]. Under FPPS the pool paid miners for their work and took the risk that it found fewer blocks than expected [11], and once Binance stops crediting shares on Nov. 10 [4] we would expect that exposure to end with the product.
Four years ago Binance was offering to fund miners' growth: in October 2022 it unveiled a $500 million program for lending to miners via the pool, with secured loans of 18 to 24 months at interest rates of 5% to 10% [6]. A loan written on the day of the announcement would have come due by October 2024 [19]. The closure notice does not address the program or disclose any outstanding loan balance [7].
What to watch
- Whether Binance discloses any outstanding balance on its October 2022 lending program for miners.
- Whether another pool announces a shutdown after SBI Crypto and Binance.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence62
- Adoption
- Not scored
- Hype gap+15
- Incentives
- Not scored
- Confidence68
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
Binance said Binance Pool, Pool Savings, Cloud Mining, its transaction accelerator and related services will close at 7 a.m. UTC on Nov. 10, citing an ongoing review of its products and services.
- [2]
Binance Pool had an estimated 26 exahashes per second, or 2.3% of Bitcoin's network, in December, according to Hashrate Index.
- [3]
Hashrate Index's latest table puts Binance Pool at about 9.2 EH/s, under 1% of Bitcoin's network and ranking 11th, a fall of roughly 65% since December.
- [4]
After the Nov. 10 cutoff Binance will stop crediting mining shares, the records of work used to calculate payouts; Pool Savings users must redeem their positions, and anyone awaiting a final payout should complete identity checks by 11:59 p.m. UTC that day.
- [5]
Pool pages will disappear permanently on Nov. 24, giving customers another two weeks to download records and check payout status.
- [6]
In October 2022 Binance announced a $500 million lending program through the pool, offering secured loans for 18 to 24 months at interest rates of 5% to 10%.
- [7]
The closure notice does not address the lending program or disclose any outstanding loan balance.
- [8]
Foundry USA, AntPool and F2Pool together represented about 64.2% of hashrate in Hashrate Index's latest table; December's three largest held 61.4%, with ViaBTC in third place instead of F2Pool.
- [9]
If all of Binance's remaining computing power moved to the three largest pools, their combined share would reach roughly 65%, assuming the rest of the network stays unchanged.
- [10]
Pool operators choose which transactions their participating machines work to confirm; miners can redirect their machines to smaller providers, and pool shares do not establish ownership of the hardware.
- [11]
Binance used a full pay-per-share (FPPS) payout model, paying miners for their work and taking on the risk that the pool found fewer blocks than expected.
- [12]
SBI Crypto shut its mining pool on July 31 after accounting for roughly 2% of Bitcoin's computing power, and OKX ended its mining pool services in February 2024.
- [13]
Poolin, once the largest pool with nearly a fifth of global hashrate, filed for bankruptcy in July owing about $173 million; its pool share had already been near zero for years.
- [14]
Hashrate Index's December report described Binance Pool as the last surviving pool from the period when exchanges expanded into mining.
- [15]
Binance Pool lost 16.8 EH/s between December and the latest table.
- [16]
The top three pools' combined share rose 2.8 percentage points, from 61.4% to 64.2%, though the December three included ViaBTC rather than F2Pool.
- [17]
Moving all of Binance's remaining hashrate to the top three would add about 0.8 percentage points to their share.
- [18]
The 0.8-point ceiling is about 29% of the 2.8-point rise in the top three's share since December.
- [19]
A loan written on the October 2022 announcement date at the longest 24-month term would have matured by October 2024.
Sources
2 independent publishers whose own reporting we read for this story.
- coindesk.comBitcoin mining pool once handling 2.3% of network shuts after hashrate falls 65%
1 article · October 14, 2026
- crypto.newsBinance Pool is closing. Where will its Bitcoin miners go?
1 article · October 15, 2026
Topics and entities
Topics
- Hashrate Concentration
- Bitcoin mining
- Crypto Exchanges