Binance Mining Pool Hashrate Falls 65% Ahead of November 10 Shutdown

Binance Mining Pool's hashrate has fallen roughly 65% over the past ten months, dropping from about 26 EH/s in December 2023 to approximately 9.2 EH/s in October, according to a November 9 report by crypto outlet Odaily. The decline precedes the pool's scheduled shutdown at 3 p.m. UTC+8 on November 10.

The operational numbers point to a service already in terminal wind-down. Binance Mining Pool mined just one of the roughly 925 Bitcoin blocks generated over the past week, according to the report — a market share of about 0.11%. To put that in perspective: at its December hashrate, the pool commanded on-chain computing power nearly three times its current level, enough to compete for blocks at a materially higher frequency.

The deterioration accelerated in the final days. The pool mined no new blocks in the 24 hours before the report. Its last successful block came at 9:15 a.m. UTC+8 on November 6, at block height 974,743.

What does the shutdown change for miners?

For practitioners, the immediate question is displacement. Binance Mining Pool has been one of the named fixtures among Bitcoin's pooled mining operators, and its exit removes one venue where individual and industrial hashers could direct computing power in exchange for pooled rewards. Miners still pointing rigs at the pool after the November 10 cutoff will need to redirect hashrate to competing pools before the service goes offline.

The competitive consequence is redistribution rather than loss. Bitcoin's total network hashrate does not shrink because one pool closes; the exahashes simply migrate. Competing pools — the operators that absorb Binance's residual share — will see their block-attribution percentages rise correspondingly in the weeks after the shutdown.

A decline measured in exahashes and blocks

The numbers frame how quickly a pool's position can erode once an exit is underway:

• Hashrate: approximately 26 EH/s in December 2023 down to about 9.2 EH/s in October — a 65% decline.
• Weekly block production: one block out of roughly 925 mined network-wide, a 0.11% share.
• Last block: mined November 6 at 9:15 a.m. UTC+8, at block height 974,743.
• Shutdown: 3 p.m. UTC+8 on November 10.

A 17 EH/s decline over ten months means the pool was shedding computing power at an average pace of roughly 1.7 EH/s per month — capacity that other pools have absorbed while the wider network kept producing blocks at its normal cadence of roughly 925 per week.

The practical deadline

Miners who have not yet migrated face a hard cutoff. After 3 p.m. UTC+8 on November 10, Binance Mining Pool will no longer operate as a destination for hashrate, and any workers still configured to its servers will stop contributing to reward-bearing work.

The watch item for the weeks ahead is the network's pool distribution data: the share Binance surrenders — currently about 0.11% of blocks — will reappear in the attribution tables of whichever pools capture the departing hashrate.