Bitcoin mining pool once handling 2.3% of network shuts after hashrate falls 65%
Source: CoinDesk ·
From the source
Computing power directed at Binance Pool has fallen from 26 EH/s in December to about 9 EH/s. Its remaining miners must choose another provider before a Nov. 10 cutoff. Crypto exchange Binance is shutting the bitcoin mining pool it launched in April 2020, with the computing power directed at the service down nearly two-thirds from the end of last year. Binance Pool had an estimated 26 exahashes per second, or 2.3% of Bitcoin’s network, in December, according to Hashrate Index. Its latest table puts the pool at about 9.2 EH/s, under 1% and ranking 11th. That works out to a decline of roughly 65%. One exahash per second is a quintillion guesses every second at the puzzle that earns a bitcoin block. A mining pool combines work from many machines so their owners receive regular payments instead of waiting to find a block alone. Binance used a payout model known as full pay-per-share, or FPPS, paying miners for their work and taking on the risk that the pool found fewer blocks than…