A completely machine stitched binding is the most efficient way of doing potholder bindings. If fact when it comes to potholder I do the binding in reverse . I sew the bindling on the back side first , then bring over the fold to the right side and top stitch it down. It is the fastest way I know to do a potholder binding.
If you want even more speed once the binding is sewn on the back ..use a skinny strip of fusible ( light) on the right side ..in what would be the seam area ( use 1/4 inch strip or less) to hold the binding in place, then just zip around it with the edge with a top stitch. The fusible beats the heck out of pinning.