Binance Pool closes November 10 – What happens to Bitcoin miners?
Binance will discontinue Binance Pool and related mining services on November 10, raising questions about Bitcoin's hashrate distribution, miner profitability and potential BTC price impacts.
Just recently, Binance has made an announcement that it will close Binance Pool mining service operations by November 10, 2026, at 07:00 UTC. As a result, affected miners will have to join other companies. The company tweeted:
As part of our ongoing review of products and services, Binance will discontinue Binance Pool and related services on 2026-11-10 at 07:00 UTC. This includes Pool Savings, Cloud Mining, Transaction Accelerator, and related features.
In accordance with the news, the termination will stop all mining connectivity and mining share submissions after the specified date. The other services like Pool Savings, Cloud Hashrate, Transaction Acceleration and mining pool API services provided by Binance will also be terminated.
Even though Binance Pool is going to close down, it does not mean that the mining of bitcoin will cease. This is mainly because Miners can contribute mining computing power in other competing pools.
Will Binance Pool’s Closure Affect BTC Prices?
The immediate impact on Bitcoin (BTC) prices could remain limited if miners migrate successfully and maintain their operations. Since the announcement, BTC miners’ activity has not changed as such.
Bitcoin miner outflows have just slightly increased but there is no notable landslide move or behavioural change. The distribution is still conforming to normality. However, the analysis is based on the recent data, just hours after the announcement.
As per the announcements, miners can join mining pools to pool their computational power and get more reliable payouts. In this regard, the shutdown of Binance Pool will likely lead to a redistribution of the hashrate between competing pools rather than its total elimination.
Nevertheless, some delays during switching to another pool can cause idle time of the mining hardware and decrease profits of the corresponding miners. In case of increased pressure on miners financially, some may be forced to sell their Bitcoins, which will result in additional selling pressure.
Either way, the above-mentioned situation cannot be considered confirmed by the announced news. Time will tell.
As it stands, Binance’s announcement has not resulted to any significance change on either BTC or its native token, BNB. At the time of writing BTC has just booked a 0.05% drop while BNB has dropped by 1.48%.
