Tag: Foundry Usa Pool

CleanSpark Transitions One Exahash Of Bitcoin Mining Power To Foundry USA Pool

by Bitcoin Magazine

All of CleanSpark’s hashrate is now up and mining on Foundry USA Pool, with plans to double it by the end of the year.

Bitcoin mining company CleanSpark announced today that it had moved all of its one exahash (EH/s) hashrate power to the Foundry USA Pool, a mining pool owned by Foundry Digital, a bitcoin mining financing and advisory firm. Upon joining the pool, CleanSpark said it plans to expand its mining fleet to reach 2 EH/s by the end of 2021.

“Our relationship with Foundry is meaningful for our continued growth and productivity,” said Zach Bradford, CleanSpark’s CEO and President, in a press release sent to Bitcoin Magazine. “We will continue to pool our hashrate with Foundry as more of our machines are deployed in the coming months because we share a commitment to empowering decentralized networks.”

The Foundry USA Pool is geared for institutional miners who seek an integrated suite of services ranging from treasury management and bitcoin custody to derivatives products to BTC collateralized lending and yield earnings. Other miners in the pool include HIVE, Hut 8, Greenidge, Core Scientific, Bitfarms, and Foundry itself.

“We are excited to have publicly traded companies such as CleanSpark join Foundry USA Pool, which is designed to provide its customers with institutional standards of transparency, compliance and services,” said Mike Colyer, Foundry’s CEO, per the release.

Bitcoin mining pools are a coordinated way in which different miners can “pool” their resources together and increase their total hashing power. If the pool manages to successfully mine a block, the coinbase reward is split equally between integrants, according to the number of shares they contribute to the pool. According to the release, the Foundry USA Pool pays its members through the full-pay-per-share (FPPS) payout method without relying on an external party, increasing stability and decreasing the risk of the payouts.

“Mining pools historically have not been as transparent in the way they calculate their miners’ earnings,” said Bernardo Schucman, senior vice president of mining for CleanSpark, per the release. “Foundry USA Pool is an exception, however. Being an American mining pool with transparent and compliant methods, it provides all stakeholders with full disclosure of their earnings.”

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Greenidge Partners With Foundry To Acquire 8,300 Bitcoin Mining Rigs, Joins Foundry USA Pool

by Bitcoin Magazine

Bitcoin miner Greenidge has partnered with Foundry Digital to buy 2,300 WhatsMiners and finance 6,000 Antminers, plus join Foundry USA Pool.

According to a press release sent to Bitcoin Magazine, bitcoin mining company Greenidge Generation has announced a purchase of 2,300 WhatsMiner M30S mining rigs and a financing deal to acquire 6,000 Antminer S19 machines, both via Foundry Digital. Additionally, the mining firm shared that it will join the Foundry USA bitcoin mining pool.

“Foundry has been a longtime hosting customer of Greenidge and this partnership expands our existing relationship as Greenidge grows outside of New York,” said Jeffrey Kirt, CEO of Greenidge, in the announcement.

The bitcoin mining company plans to increase its hash rate capacity with the new rigs, and some of them are already operational, the company said. Foundry has sold 1,800 of the WhatsMiner machines to Greenidge and expects to deliver the remaining rigs in Q4 2021. Of the financed Antminer units, around 5,000 units are deployed, and the other 1,000 are scheduled to arrive in Q3 2021.

Greenidge also shared that it will add approximately 800 petahashes per second (PH/s) of hash power to the Foundry USA Pool upon joining. According to the release, other bitcoin miners who are already part of the pool include Blockcap, Hut 8, Bitfarms, Hive, BitDeer, Bit Digital and Foundry itself.

“Greenidge has pioneered the integration of a clean power plant operation and carbon-neutral cryptocurrency mining in North America with its operation in Upstate New York,” said Mike Colyer, CEO of Foundry, in the release. “We look forward to providing Greenidge with our best-in-class services that are tailor-made for institutional companies in the cryptocurrency mining industry.”

Bitcoin mining company HIVE also recently joined the Foundry USA Pool. Some of the services Foundry provides for its pool members include treasury management services, bitcoin collateralized lending and yield earnings on BTC holdings — likely facilitating a HODL mentality among interested bitcoin miners.

Greenidge, which in May committed to fully offsetting its operational carbon emissions, also announced the development of a new carbon-neutral facility last week. Greenidge’s second farm is planned to be built in South Carolina, leveraging a site previously used by a printing plant.

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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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Interview: Foundry’s Mike Colyer On Bitcoin Mining In North America

by Bitcoin Magazine

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On this episode of the “Bitcoin Magazine Podcast,” host Christian Keroles sat down with Mike Colyer, the CEO of Foundry, a wholly-owned subsidiary of Digital Currency Group that’s focused on bitcoin mining in the U.S. Foundry is making a massive effort to bring hash rate to North America, both with physical hardware as well as by building the Foundry USA mining pool.

Colyer is extremely proud of how much hash rate is flowing into the U.S. and the fact that Foundry’s pool has peeked into the top-five BTC mining pools of the world, as well as the fact that Foundry was one of the very first mining pools to signal for the Taproot upgrade of Bitcoin.

One of the key ways that Foundry is building out a competitive mining environment in the U.S. is by financing other operations to acquire energy contracts and mining equipment. Foundry understands that nation states will have to build a strategy around Bitcoin mining and he wants to make sure that the hash rate is as evenly distributed around the globe as possible.

Additional topics discussed include:

  • Mining in North America

  • The cost of mining per kilowatt in the best geographies

  • The role of mining in geopolitics

  • Volatility in Bitcoin’s hash rate and what that means

  • The players in the ASIC game and the nature of the ASIC market

  • Foundry financing self-mining or equipment in North America

  • How the mining ecosystem is evolving over the course of this year

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Bit Digital Brings 5,679 Bitcoin Miners, 280 PH/s To Foundry USA Pool

by Bitcoin Magazine

Bit Digital, a Bitcoin mining company based in New York and owned by Digital Currency Group (DCG), is now mining bitcoin as part of Foundry USA Pool, adding some 5,679 mining rigs and 280 peta hashes per second to the pool.

Foundry USA Pool, which is also a subsidiary of DCG, is currently ranked within the top 10 of all mining pools in the world by hash rate, per BTC.com, contributing 6.74 exa hashes per second with a 3.98% network share. It is often the highest-ranked pool based in the U.S. and the addition of Bit Digital’s capacity is a move to raise its status in the global rankings.

“With Bit Digital’s addition, Foundry USA Pool is now a step closer to Foundry’s ultimate aim of securing a permanent spot among the world’s top five Bitcoin mining pools,” according to a press release shared with Bitcoin Magazine.

Earlier this month, Bit Digital began colocating in facilities operated by Compute North, which can switch between power sources and offer more flexibility to grids and better leverage renewable energy sources.

Meanwhile, Foundry USA has been focused on onboarding more institutional clients, announcing the addition of Blockap, Inc in March. Later that month Hut 8 Mining Corp. joined the pool and then, in April, Bitfarms did likewise.

This recent series of additions to Foundry USA Pool certainly position it to be the biggest contributor of Bitcoin hash rate from North America, as well as one of the biggest in the world. 

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