Tag: Foundry Digital

HIVE Buys 3,019 New Bitcoin Mining Rigs, Joins Foundry USA Pool

by Bitcoin Magazine

Bitcoin mining firm HIVE has announced a purchase of 3,019 rigs to increase its hash rate by 46%, and will be joining Foundry USA Pool.

Bitcoin mining company HIVE Blockchain has announced a purchase of 3,019 MicroBT WhatsMiner M30S mining rigs, with the ability to increase its hashing power by nearly 46%. The rigs are being purchased from Foundry Digital and are already onsite at HIVE’s facilities.

“We are pleased to be executing on a transaction that dramatically increases our mining capacity without any logistics delays,” said Frank Holmes, executive chairman of HIVE, in the announcement. “Our entry into a North American mining pool furthers our goal of increased transparency and accountability with our partners. Mining power is shifting from East to West, and we’re excited to be involved.”

With the purchase, HIVE is forming a partnership with Foundry that reaches further than the monetary contract. As part of the collaboration, the mining company will contribute part of its bitcoin hash power to Foundry USA Pool.

Mike Colyer, CEO of Foundry, also commented on the arrangement. He shared that he and his company are “excited to have HIVE as a partner for the Foundry USA Pool” as they continue playing their part in securing the Bitcoin network.

Once the 3,019 new rigs are fully deployed into HIVE’s operations, the company might enjoy a significant boost in hashing power capacity. Currently at around 566 petahashes per second (PH/s), per the announcement, it could climb to as high as 830 PH/s. If the company’s plans are realized, this hash power increase could give HIVE a top-15 hash rate capacity in the world in present terms. However, it is unclear how much of this hash rate could be directly attributed to HIVE, since part of its hash rate will be geared toward Foundry’s mining pool.

Furthermore, HIVE also shared how the new machinery will allow the company to increase its bitcoin reserves more quickly. The company, which recently received approval to list its common shares on the Nasdaq, has apparently adopted a HODL mentality with its mined BTC since the beginning of 2021. A trend appears to be forming among bitcoin miners, which are increasingly choosing to hold onto their BTC and resorting to strategies such as bitcoin-backed fiat currency loans to cover their operating expenses in the short term.

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Bitfarms To Join Foundry USA Pool, Will Boost Mining Performance Up To 15%

by Bitcoin Magazine

Bitfarms, an institutional bitcoin mining company, has partnered with Foundry USA Pool, in a partnership that will “Expand [Bitfarms’] Bitcoin Mining Fleet…Instantly Boosting Operating Hashrate By 15%,” according to a press release shared with Bitcoin Magazine today.

Bitfarms operates one of the most significant mining operations in North America, and together with Foundry Digital—a subsidiary company of Digital Currency Group, (also the parent company of Grayscale)—will improve the scale of the mining industry in the continent.

Foundry offers a suite of services that include the procurement of bitcoin miners for interested companies. Using Foundry, Bitfarms intends to purchase and finance the latest cryptomining machines, 2,465 of them per the release. The first 1,465 of these have been installed at Bitfarms’ Sherbrooke facility. Once they’re operational, they should bring Bitfarms hash rate up by a stunning 133PH/s.

The partnership between Foundry and Bitfarms isn’t the first Foundry has undertaken, after announcing they will accept institutional clients back in March 2021. They have partnerships with BitDeer and Hut 8. These partnerships provide a solution to the shortage of miners and help develop the mining space.

Per the press release, Emiliano Grodzki, CEO of Bitfarms, says that his firm is “excited to partner with an industry-leading provider of equipment financing to secure timely and reliable access to the latest generation of Bitcoin mining machines, and to continue to grow our business.” This sentiment was also shared by Mike Colyer, CEO of Foundry, who said, “We are pleased to provide Bitfarms, which is a leading Bitcoin mining company in North America, with equipment financing and a mining pool that has been designed to help publicly traded companies such as Bitfarms scale their operations locally and in a fully compliant manner.”

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Bitfarms To Join Foundry USA Pool, Will Boost Mining Performance Up To 15%

by Bitcoin Magazine

Bitfarms, an institutional bitcoin mining company, has partnered with Foundry USA Pool, in a partnership that will “Expand [Bitfarms’] Bitcoin Mining Fleet…Instantly Boosting Operating Hashrate By 15%,” according to a press release shared with Bitcoin Magazine today.

Bitfarms operates one of the most significant mining operations in North America, and together with Foundry Digital—a subsidiary company of Digital Currency Group, (also the parent company of Grayscale)—will improve the scale of the mining industry in the continent.

Foundry offers a suite of services that include the procurement of bitcoin miners for interested companies. Using Foundry, Bitfarms intends to purchase and finance the latest cryptomining machines, 2,465 of them per the release. The first 1,465 of these have been installed at Bitfarms’ Sherbrooke facility. Once they’re operational, they should bring Bitfarms hash rate up by a stunning 133PH/s.

The partnership between Foundry and Bitfarms isn’t the first Foundry has undertaken, after announcing they will accept institutional clients back in March 2021. They have partnerships with BitDeer and Hut 8. These partnerships provide a solution to the shortage of miners and help develop the mining space.

Per the press release, Emiliano Grodzki, CEO of Bitfarms, says that his firm is “excited to partner with an industry-leading provider of equipment financing to secure timely and reliable access to the latest generation of Bitcoin mining machines, and to continue to grow our business.” This sentiment was also shared by Mike Colyer, CEO of Foundry, who said, “We are pleased to provide Bitfarms, which is a leading Bitcoin mining company in North America, with equipment financing and a mining pool that has been designed to help publicly traded companies such as Bitfarms scale their operations locally and in a fully compliant manner.”

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Hut 8 Joins Foundry USA Bitcoin Mining Pool

by Bitcoin Magazine

Hut 8 Mining Corp., one of North America’s largest institutional bitcoin miners, announced today that it will be joining the Foundry USA Pool, becoming the largest bitcoin mining operation to do so.

“Hut 8 has added a portion of its total fleet; 14,400 bitcoin mining machines, and over 0.81 exahashes of compute power to Foundry USA Pool,” according to a press release sent to Bitcoin Magazine.

Foundry USA Pool, run by Digital Currency Group’s (DCG) wholly-owned subsidiary Foundry LLC, began accepting institutional clients earlier this month. Existing clientele within the pool include Blockcap and Foundry itself.

Hut 8 will be the largest client in the Foundry USA Pool after joining, according to the press release. The pool offers competitive fees and payouts, making it a compelling North American alternative to an industry dominated by China-based operations. While bitcoin mining continues to progress in the traditional finance world, North America-centered operations serve to offer onshore investment opportunities.

“We are pleased to welcome them to our pool as we work towards securing North America’s

place among the world’s top-five bitcoin mining pools,” said Mike Colyer, CEO of Foundry, per the release.

As institutional investment in North American Bitcoin mining operations rises, the competition to acquire hash power continues to drive interest in mining pools. Foundry USA Pool is an excellent example of the potential benefit of pooling hashpower on large scale. 

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Foundry Digital’s Bitcoin Mining Pool Is Welcoming Institutional Clients

by Bitcoin Magazine

Foundry Digital, a subsidiary of Digital Currency Group, announced today that it is seeking institutional businesses that want to participate in bitcoin mining to participate in its Foundry USA Pool, according to a press release sent to Bitcoin Magazine.

The announcement came alongside a statement that Blockcap, Inc, a North American bitcoin mining company, has joined the pool and is mining with roughly 10,000 latest generation mining rigs contributing more than 0.91 exhashes of computing power.

The release highlighted the range of services that Foundry’s bitcoin mining pool provides to appeal to institutional clients.

“Foundry USA Pool is focused on institutional mining businesses and is seamlessly integrated with DCG-owned cryptocurrency prime broker Genesis Trading to provide users with various treasury management services, including high-security custody, bitcoin-collateralized lending, yield earnings on BTC holdings, derivative products and seamless liquidation,” according to the release.

Foundry’s opening to these clients offers a new avenue for North American institutional investment into bitcoin mining.

Since its creation in 2020, Blockcap has become one of the largest bitcoin mining operations in North America, and its addition to the Foundry USA Pool enhances the pool’s ability to compete in a Chinese-dominated industry.

“Mining on a pool that is made and based completely in the U.S., and offers institutional miners payouts at par with the world’s biggest pools was an obvious choice on our mission to make North America a global hub for digital-asset mining,” stated Darin Feinstein, Blockcap’s executive chairman, according to the release.

Growing interest in bitcoin mining in the United States has been matched with continued investment, and this announcement may precede further entries into the mining pool. The accumulation of clientele could contribute to more widespread desires to join, and it is this momentum which Foundry Digital doubtlessly hopes to capture in competing with China-based mining pools.

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Hut 8 Partners With Foundry Digital To Secure 475 PH/s In Bitcoin Mining Capacity

by Bitcoin Magazine

Hut 8 Mining Corp. has announced a partnership with financial services firm Foundry Digital to secure $11.8 million in financing, which it will put toward 5,400 new MicroBT Whatsminer M30S mining rigs, adding 475 petahashes per second (PH/s) to its mining capacity over the next six months. 

The financing is structured as a 12-month term with an annual interest rate of 16.5 percent.

In the recently-published announcement, Hut 8 CEO Jaime Leverton acknowledged that securing new mining equipment is a big challenge for everyone in the business right now.

“This partnership builds on Hut 8’s ongoing commitment to shareholders by mitigating supply constraints and reducing our capital expenditure with a proactive fleet management strategy,” said Leverton.

Once the new equipment is installed, the total hash power coming from Hut 8 (named after Hut 8 in London’s Bletchley Park, where Alan Turing broke the Nazi’s enigma code) is expected to rise from 825 PH/s before the agreement  to 1,300 PH/s. Hut 8 has two mining farms in Alberta, Canada, in Medicine Hat and Drumheller. Most of its energy supply comes from natural gas, which is often vented as a byproduct of oil production.

New York State-based Foundry Digital, a subsidiary of Digital Currency Group, partnered with MicroBT in September 2020 to secure access to its mining equipment. As a result, despite a worldwide shortage in new mining equipment that can include months-long waiting times, the parties involved are hopeful that the first of Hut 8’s new machines will arrive by the end of January.

North American Listing Is Good For Business

Hut 8 is one of only two Bitcoin companies and the only bitcoin mining company listed on the Toronto Stock Exchange (TSX) “senior board.” (Financial services firm Galaxy Digital is also listed on the TSX senior board).

Bitcoin mining company Bitfarms is listed on the Canadtian Venture Exchange (CVE), while NASDAQ lists Riot Blockchain, Marathon Patent Group and HIVE Blockchain Technologies.

See Also

With some of its highest hash rates ever, the Bitcoin mining industry has weathered a harsh 2020 and increasingly moved away from China.


Hut 8 cofounder and former CEO Andrew Kiguel told Bitcoin Magazine in a phone interview that going public had helped the company in securing capital funding, such as this recent partnership with Foundry.

“Hut 8 is well positioned to attract new investors as a result of its listing on the Toronto Stock Exchange, Canada’s largest senior exchange and that it has cleared the ability to file a prospectus with the Ontario Securities Commission,” Kiguel said. “Hut 8 was the first blockchain entity to obtain a listing on the senior exchange and to use a short-form prospectus to raise capital.”

CoinDesk reported that Hut 8 shares have gained over 190 percent in the past year, but are currently down over 40 percent from their peak near $8.50 in early January.  Foundry Digital also recently partnered with another mining leader, Compute North, to help them secure 14,000 new M30Ss through its partnership with MicroBT.

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