Binance to shut down its Bitcoin mining pool – Despite $233M in Q3 revenue

Binance is set to shut down its Bitcoin [BTC] mining pool on the 10th of November. However, the decision in no sense means the crypto exchange is exiting Bitcoin mining altogether.

Launched in April 2020, Binane pool allowed independent miners to combine their computing power and receive more predictable mining rewards. However, its influence has gradually diminished.

Binance Pool dynamics paint a concerning picture

According to data by mempool.space, Binance [BNB] Pool’s hashrate index fell from approximately 26 exahashes per second (EH/s) in December 2025 to 9.2 EH/s in October 2026.

In other words, there was a decline of roughly 65%, taking its estimated share of Bitcoin’s network hashrate from 2.3% to less than 1%.

At the same time, Binance Pool mined just one block in the seven-day period, representing approximately 0.11% of the 925 blocks discovered across the Bitcoin network. In fact, it recorded zero blocks in the latest 24 hours.

However, to date it has mined 22,213 blocks, accounting for approximately 2.28% of all Bitcoin blocks.

Factors behind this…

This comes as there is also a broader economic challenge facing the Bitcoin mining industry. Following the April 2024 halving, the block subsidy dropped from 6.25 BTC to 3.125 BTC, reducing the amount of newly issued Bitcoin miners receive for producing blocks.

Meanwhile, competitors including Foundry USA, AntPool, and F2Pool have become particularly dominant, together accounting for a substantial share of recent Bitcoin block discoveries.

Another important factor is the changing direction of the broader mining industry. Several publicly traded Bitcoin miners have started exploring artificial intelligence (AI) and high-performance computing (HPC) infrastructure as alternative revenue sources.

Bitcoin miner outflows add fuel to the fire

Lastly, Bitcoin miner outflows were also fluctuating throughout 2026, with most daily readings remaining between 5,000 and 10,000 BTC.

However, November 2026 is notable for the absence of a sustained surge in selling activity. Daily outflows have mostly remained moderate, with the index standing at 6,800 BTC at press time.

At the same time, Bitcoin’s price has weakened from around $80,000 in late October to approximately $74,200 at press time.

Together, these figures strongly suggest that Binance Pool’s mining activity had fallen considerably ahead of its scheduled November 10 shutdown.

Besides this, Core Scientific, once the largest Bitcoin [BTC] miner, also announced its plans to shut down its Bitcoin mining by Q4 2026 despite Q3 revenue hitting $233 million.

Final Summary

• The Binance pool recorded zero blocks in the latest 24 hours.
• Bitcoin miner outflows were also fluctuating throughout 2026.