Binance will shut its Bitcoin mining pool and associated services on 10 November, giving remaining miners about four weeks to transfer their computing power to another provider.
The closure comes after Binance Pool’s hashrate fell from 26 exahashes per second (EH/s) in December to about 9 EH/s. Its current computing power is estimated at roughly 9.2 EH/s, representing less than 1% of the Bitcoin network.
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Binance Pool once accounted for 2.3% of the network, but its hashrate has declined by about 65% since December. Miners still using the service must move their operations before the 10 November deadline.
The decision follows other exits from the mining industry and could increase the concentration of Bitcoin block production among the largest remaining pools.
Foundry USA, AntPool and F2Pool already account for about 64% of the network’s total computing power. A further reduction in the number of active providers could leave those pools with an even larger share of Bitcoin mining activity.
The shutdown applies to Binance Pool and its related services, with users required to select an alternative provider before the cutoff date.
