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Bitcoin & Crypto DEVELOPING

Binance's Bitcoin mining arm nears closure with almost no blocks found

First reported Source: CoinDeskLast editorial activity Write a comment ↓
Close-up of a golden Bitcoin coin partially buried in soil, illustrating digital currency mining concept.
Illustrative photo.Photo by https://kaboompics.com/ on Pexels

Binance's Bitcoin mining pool has nearly disappeared from the network's block-production rankings, according to CoinDesk, as the exchange prepares to shut it down on November 10.

Output has fallen to a trickle

CoinDesk reports that the exchange's mining operation, which once ranked among the notable contributors to Bitcoin's block production, has all but dropped out of the rankings. In the week the report examines, the pool found a single block.

The fall comes ahead of the operation's scheduled closure on November 10.

Background on the exchange

Binance is a cryptocurrency exchange and finance company based in the United Arab Emirates and founded in 2017. The mining business is described by the report as having once been a substantial presence on the network, a position it has largely lost.

Open questions

  • Will the pool's output recover before it closes on November 10?

Key facts

  • Binance's once significant Bitcoin mining operation has nearly dropped out of block-production rankings.
  • The operation is set to close on November 10.
  • Binance is a cryptocurrency exchange and finance company based in the United Arab Emirates, founded in 2017.

Sources & evidence

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