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Binance is scheduled to shut down its Bitcoin mining pool on November 10, according to AMBCrypto. The closure marks the end of operations for a pool that has seen its network share fall below 1% and its block production drop to zero in the 24 hours preceding the announcement.
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As of 17:25 UTC, Bitcoin traded at $74,742, -1.2% over 24 hours, with $34.1 billion in 24-hour volume.
Decline in Network Share
Launched in April 2020, Binance Pool allowed independent miners to combine computing power to receive more predictable rewards. However, data from mempool.space indicates a significant contraction in the pool’s activity over the past year. The pool’s hashrate index fell from approximately 26 exahashes per second (EH/s) in December 2025 to 9.2 EH/s in October 2026. This represents a decline of roughly 65%.
Consequently, Binance Pool’s estimated share of the Bitcoin network hashrate dropped from 2.3% to less than 1%. In the seven-day period prior to the report, the pool mined just one block, accounting for approximately 0.11% of the 925 blocks discovered across the Bitcoin network. In the latest 24 hours, the pool recorded zero blocks. To date, Binance Pool has mined 22,213 blocks, which represents approximately 2.28% of all Bitcoin blocks ever mined.
Industry Economic Pressures
The shutdown occurs against a backdrop of broader economic challenges within the Bitcoin mining industry. Following the April 2024 halving, the block subsidy was reduced from 6.25 BTC to 3.125 BTC, decreasing the amount of newly issued Bitcoin miners receive for producing blocks. Competitors including Foundry USA, AntPool, and F2Pool have become particularly dominant, together accounting for a substantial share of recent Bitcoin block discoveries.
Several publicly traded Bitcoin miners have also begun exploring artificial intelligence (AI) and high-performance computing (HPC) infrastructure as alternative revenue sources. Bitcoin miner outflows fluctuated throughout 2026, with most daily readings remaining between 5,000 and 10,000 BTC. November 2026 has been notable for the absence of a sustained surge in selling activity, with the daily outflow index standing at 6,800 BTC at press time. During the same period, Bitcoin’s price weakened from around $80,000 in late October to approximately $74,200.
Core Scientific Exit
Core Scientific, once the largest Bitcoin miner, has also announced plans to shut down its Bitcoin mining operations by the fourth quarter of 2026. This decision comes despite the company reporting Q3 revenue of $233 million. The closure of Binance Pool is not indicative of Binance exiting Bitcoin mining altogether, but rather a strategic adjustment in response to the shifting dynamics of the mining sector.
Source: AMBCrypto
