Binance to Cease Mining Operations Amid Industry Challenges
- Binance will shut down its mining services, including Binance Pool, on November 10, ending a six-year operation.
- Since April 2020, Binance Pool has mined a total of Bitcoin blocks numbering at least 22,188 and accumulated approximately 137,059 BTC in rewards.
- The pool is currently the ninth-largest by hashrate, contributing around 19.7 exahash per second (EH/s) to the Bitcoin network.
- Other mining pools like SBI Crypto Pool and Poolin have also ceased operations or filed for bankruptcy due to tightening profits in the industry.
Binance’s decision to close its mining services comes as part of an ongoing review of its products amid challenging market conditions for mining operations. The closure reflects broader industry pressures that have led other major players like SBI Crypto Pool and Poolin to exit or restructure their operations.
The shutdown of Binance Pool marks a significant shift as it was one of the top contributors to the Bitcoin network’s computational power, having mined over $11 billion worth of BTC since its inception in April (Source)
