Bitcoin mining pool once handling 2.3% of network shuts after hashrate falls 65%
Binance Pool is shutting down its Bitcoin mining services after experiencing a 65% decline in its hashrate. The exchange has instructed users to migrate their machines and complete identity checks before the final service cutoff in November.
Why it matters
The closure of a major mining pool signals consolidation and shifting market dynamics within the cryptocurrency infrastructure sector.
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. That works out to a decline of roughly 65%.
One exahash per second is a quintillion guesses every second at the puzzle that earns a bitcoin block. A mining pool combines work from many machines so their owners receive regular payments instead of waiting to find a block alone.
Binance used a payout model known as full pay-per-share, or FPPS, paying miners for their work and taking on the risk that the pool found fewer blocks than expected.
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