Binance will shut down its mining pool and related services on November 10 2026 as it reviews its product portfolio against a backdrop of deteriorating Bitcoin mining economics that has pushed parts of the industry toward artificial intelligence infrastructure.
The exchange has not disclosed a specific financial or operational reason for the closure. However, the wider mining sector has faced pressure from
lower Bitcoin prices,
rising production costs, and
competition for block rewards following the April 2024 halving.
CoinShares reported that publicly-listed Bitcoin miners faced an average cash cost of approximately $75,500 to produce one Bitcoin in the second quarter of 2026 while the average price of Bitcoin fell to $58,400 by quarter-end. Mining revenue per unit of computing power, measured by hash price, hit a record low of $27.70 per petahash per second per day in June 2026 leaving the listed sector below aggregate cash breakeven according to the report.
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The squeeze has encouraged some mining companies to redirect computing capacity toward artificial intelligence and high-performance computing where they see potentially more attractive returns. CoinShares estimated that AI computing could generate annualised profits of about $1.5 million per megawatt, compared with roughly $500,000 for Bitcoin mining, based on its analysis.
The industry pressures provide context for Binance’s decision but there is no evidence that unprofitable mining, rising costs, or an AI pivot directly prompted the shutdown. Binance has cited only its ongoing review of products and services, leaving the specific commercial rationale undisclosed.
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