Binance shuts down its Bitcoin mining pool after hashrate drops by 65%

Binance will close its Bitcoin mining pool and related services on Nov. 10, giving miners about four weeks to relocate their computing power. The pool's computing power has fallen by roughly 65% since December, from an estimated 26 exahashes per second (2.3% of Bitcoin's network) to about 9.2 exahashes per second (under 1%). This closure follows exits by other pools like SBI Crypto and OKX, potentially concentrating block production among Foundry USA, AntPool, and F2Pool, which together control about 64% of the network’s computing power.