Binance Pool.

Binance’s mining poolMining poolA group of miners who share the work of finding blocks and split the rewards, so each gets paid steadily instead of rarely. found its first block, 627,434, on 24 April 2020, before it had opened to the public. “The first block ever mined by the @Binance Mining Pool. Still in closed-beta. Going live soon,” posted Changpeng Zhao, Binance’s founder and then its chief executive. Most block explorers at first listed the block’s miner as Unknown, the crypto news site ForkLog noted, but the pool’s name was there in the block’s coinbase transactionCoinbase transactionThe first payment in every block, created by its miner. It has no inputs and pays out the block reward., the first transaction, which pays out the reward. Binance launched the pool for all its users three days later, on 27 April 2020, starting with Bitcoin.

The pool was meant to “complement the existing Binance exchange”, Binance said at the launch. In a traditional pool, it explained, rewards go to each miner’s own address; in an exchange’s pool they go straight into the miners’ exchange accounts, where they can be traded. For Bitcoin, Binance pays by full pay per share, or FPPS: a set amount for the work each miner sends, whether or not the pool finds a block, added up each day and paid into their Binance accounts by 10:00 UTC the next day. So each Binance Pool block’s first transaction pays the block rewardBlock rewardWhat a block's miner earns: new bitcoin from the subsidy, plus the fees of every transaction in the block. to the pool, not to its miners. That reward is separate from the transactions the block confirms, and a block found by Binance Pool doesn’t mean the transactions in it went through Binance.

The pool went on to mine about ten other coins, such as Litecoin and Kaspa, though only its Bitcoin blocks appear here. In Bitcoin it grew fast: in 2022, its busiest year, it found more than one block in ten. From 2023 its share fell, to about one block in 50 by 2025. That December Luxor’s mining-data site, Hashrate Index, called Binance Pool “the last surviving pool from the exchange-led expansion era”, the years when several exchanges started pools of their own.

Researchers who track mining pools have tied Binance Pool closely to AntPool, one of Bitcoin’s biggest pools. From April 2022, the mining-industry publication TheMinerMag found, Binance Pool’s block rewards were moved in the same transactions as AntPool’s; by December 2023 it was the second largest of the pools doing so. In April 2024 mononaut, a developer at the block explorer mempool.space, reported that one custodian, a firm that looks after cryptocurrency for others, held the keys to the reward addresses of both pools and several others.

That year 0xB10C, a researcher, found Binance Pool sending its miners the same block templates as AntPool, the draft blocks that miners work on, and he counts it in a group he calls “AntPool & friends”, while noting that it isn’t proven one company runs them all. Binance said in 2022 that UltimusPool, another pool in that group, provided “technical services” for Binance Pool; it hasn’t said what its arrangement with AntPool is, if it has one.

On 13 October 2026 Binance said it would close the pool “as part of our ongoing review of products and services”, giving no other reason; the news site Decrypt noted that it followed Binance’s closure of its NFT service in July. At 07:00 UTC on 10 November 2026 the pool will start disconnecting its miners and stop counting their work, and its transaction acceleratorTransaction acceleratorA service, usually run by a mining pool, that tries to include a stuck payment in its next block, sometimes for a charge., a service for getting slow Bitcoin transactions confirmed sooner that it launched in June 2023, will close too. Its pages will stay open until 24 November so that miners can check their records. The blocks it has already found will stay in the blockchainBlockchainBitcoin's shared record of every payment since 2009, stored in blocks that each link to the one before — which is what makes it a chain. like any others, and each new block, whichever pool finds it, adds a confirmation to the transactions in them.