Binance Terminates Mining Pool After Hashrate Plunge
Key Summary
Binance confirmed plans to shut down its dedicated Bitcoin mining pool on November 10 following a persistent decline in network participation. Hashrate metrics fell sharply as smaller pools faced compressed operating margins and enterprise operators redirected power capacity toward artificial intelligence infrastructure.
Key Bullets
- Binance confirmed plans to shut down its dedicated Bitcoin mining pool on November 10 following a persistent decline in network participation.
- Hashrate metrics monitored by mempool.space showed computing output falling from 26 EH/s down to 9.2 EH/s by October 2026.
- Core Scientific announced parallel plans to wind down its traditional mining infrastructure despite booking $233M in Q3 revenue.
- Derivative trading desks liquidated leveraged long positions totaling $264M across major spot exchanges during the session.
Binance Terminates Pool Operations
Binance confirmed plans to shut down its dedicated Bitcoin mining pool on November 10 following a persistent decline in network participation. Launched in April 2020 to help independent operators aggregate computing power, the platform saw its network share shrink below 1%. Hashrate metrics monitored by mempool. space showed computing output falling from 26 EH/s in December 2025 down to 9.2 EH/s by October 2026.
The operation recorded zero blocks mined across a recent 24-hour window. Discovery metrics fell to a single block over a seven-day stretch out of 925 total network validations. Total historical output stands at 22,213 blocks mined since inception. Meanwhile, Binance appointed Justin Yek as chief financial officer to stabilize internal operations following a massive security breach.
Industry Consolidation Hits Miners
The closure mirrors wider structural shifts across enterprise proof-of-work validation following the April 2024 halving event. Block subsidies contracted from 6.25 BTC down to 3.125 BTC, squeezing operating margins for smaller pools. Major mining pools including Foundry USA, AntPool, and F2Pool absorbed the remaining hash power.
Core Scientific announced parallel plans to wind down its traditional mining infrastructure despite booking $233M in Q3 revenue. Publicly traded operators continue redirecting power capacity toward artificial intelligence infrastructure. Polygon validators are reviewing a hard fork proposal to recover 70.49M POL tokens stolen from Binance and Polymarket.
Market Outflows And Price Retracement
Spot market valuations for Bitcoin drifted from late October highs near $80,000 down to $74,200 at press time. On-chain monitoring records revealed daily miner outflows holding steady between 5,000 and 10,000 tokens through late 2026. Daily transfer indices rested at 6,800 tokens without triggering panic selling across spot exchanges.
Binance also terminated Signalplus API access at 08:45 UTC following security reviews tied to a $6.34B exploit vector. Derivative trading desks liquidated leveraged long positions totaling $264M across major spot exchanges during the session. Arbitrage desks faced temporary liquidity thinning and workflow disruptions across major trading pairs while engineers secured system endpoints.
Impact score:4 out of 5 | Narrative Tracker:Exchange Operations & Market Liquidity
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