Binance Shuts Down Mining Pool After Six Years, Gives Miners Weeks to Migrate

Binance will close its cryptocurrency mining pool on Nov. 10, ending a six-year operation that once ranked among the largest Bitcoin mining collectives globally. The shutdown encompasses Pool Savings, Cloud Mining, Transaction Accelerator services, and all associated APIs and hashrate monitoring tools, the exchange announced Tuesday.

Miners contributing computing power to Binance Pool must redirect their hardware to alternative pools before the cutoff to avoid losing earnings. After Nov. 10, the exchange will cease accepting hashrate submissions, stop crediting mining shares, and disable all mining endpoints. Pool Savings participants have been advised to redeem or unsubscribe positions ahead of the deadline.

The company characterized the decision as part of an ongoing product review but declined to specify what prompted the closure. A Binance spokesperson did not immediately respond to requests for additional details.

The move comes as Binance navigates a broad strategic reset under CEO Richard Teng, who succeeded founder Changpeng Zhao in late 2023 following the exchange’s $4.3 billion settlement with U.S. authorities over anti-money laundering and sanctions violations. Since then, Binance has withdrawn from multiple jurisdictions, delisted numerous trading pairs, and restructured compliance operations — though the mining pool had continued operating without public indication of imminent closure.

Launched in April 2020, Binance Pool initially supported Bitcoin mining using both FPPS (Full Pay Per Share) and PPS+ payout models before expanding to Bitcoin Cash, Bitcoin SV, and other proof-of-work assets. At its peak in 2021, the pool regularly accounted for 8-10% of Bitcoin’s total network hashrate, placing it alongside Foundry USA, Antpool, and F2Pool as a top-tier operator. Recent months saw its share decline below 3%, according to blockchain analytics from BTC.com and Hashrate Index.

Miners now face a compressed migration window. Major alternatives include Foundry USA — the current hashrate leader at roughly 30% of network capacity — alongside Antpool, F2Pool, ViaBTC, and newer entrants like Ocean and Braiins Pool. Each operates different fee structures, payout thresholds, and geographic server distributions that affect latency and orphan rates. Miners with specialized ASIC hardware optimized for Binance’s stratum protocol may need firmware updates to connect efficiently to new endpoints.

Historical mining records and payout data will remain accessible through Nov. 24, after which the pool’s web interface becomes permanently inaccessible. Binance stated that eligible outstanding rewards, balances, and settlements will be processed post-shutdown subject to compliance reviews and product-specific rules.

The closure reflects broader consolidation in the mining pool sector, where regulatory pressure, thinning margins, and the rise of institutional-grade operations have squeezed mid-sized players. Several exchange-operated pools — including those from OKX and Huobi — have similarly shuttered or scaled back since 2022. Meanwhile, the pending Bitcoin halving in April 2024 reduced block subsidies from 6.25 to 3.125 BTC, intensifying competition for transaction fee revenue and pushing smaller pools toward exit or acquisition.

For retail miners, the shutdown underscores counterparty risk in custodial mining arrangements. Unlike self-custodied solo mining or non-custodial pool protocols such as Stratum V2 implementations, exchange pools concentrate both hashrate and fund custody under a single entity — creating single points of failure for both earnings and principal.

Binance’s BNB Chain ecosystem, which the exchange has prioritized for development resources, does not utilize proof-of-work consensus, eliminating a strategic synergy that might have justified the pool’s continued operation.