Binance to Shut Bitcoin Mining Pool on November 10 After Hashrate Falls About 65% to Under 1% of the Network
Crypto exchange Binance is shutting the bitcoin mining pool it launched in April 2020, with the computing power directed at the service down nearly two-thirds from the end of last year, CoinDesk reported on October 15. The exchange said earlier this week that Binance Pool, Pool Savings, Cloud Mining, its transaction accelerator and related services will close at 7 a.m. UTC on November 10, citing an ongoing review of its products and services. It gave no financial explanation for the decision.
Binance Pool had an estimated 26 exahashes per second, or 2.3% of Bitcoin's network, in December, according to Hashrate Index. Its latest table puts the pool at about 9.2 EH/s, under 1% and ranking 11th — a decline of roughly 65%. Miners have about four weeks to direct their machines elsewhere; after the cutoff, Binance will stop crediting mining shares, the records of work used to calculate payouts. Pool Savings users must redeem their positions, while anyone awaiting a final payout should complete required identity checks by 11:59 p.m. UTC that day. Pool pages will disappear permanently on November 24. The pool used a payout model known as full pay-per-share, or FPPS, paying miners for their work while taking on the risk that the pool found fewer blocks than expected.
Binance follows SBI Crypto, which shut its pool on July 31 after accounting for roughly 2% of Bitcoin's computing power; crypto exchange OKX ended its mining pool services in February 2024. Four years ago, Binance was offering to finance miners' expansion: in October 2022 it announced a $500 million lending program through the pool, offering secured loans for 18 to 24 months at interest rates of 5% to 10%. The closure notice does not address that program or disclose any outstanding loan balance, CoinDesk said.
Published by GSM · USA (original Chinese edition)
Photo: 图：比特币矿场资料照片。照片：Marko Ahtisaari，CC BY 2.0，Wikimedia Commons。File photo: a bitcoin mining farm. Photo by Marko Ahtisaari, CC BY 2.0, via Wikimedia Commons.
