DCG Owned Cryptocurrency Mining Arm, Foundry, to Open Bitcoin Mining Pool to the Public
Foundry, a North America-based mining firm, announced on Thursday it is launching its mining pool to institutional clients following a successful five-month beta phase testing. The firm, owned by Digital Currency Group (DCG), welcomed Texas-based Blockcap to its clients' list using roughly 10,000 mining machines provided by Foundry.
The U.S. bitcoin mining firm has seen tremendous growth in Bitcoin) mining since launching its beta phase in October last year. With 1.4% of the total Bitcoin hashrate or 2.77 exahashes per second, Foundry USA ranks as the 12th largest mining pool, stats from BTC.com shows.
The pool supports Bitcoin and Bitcoin Cash (BCH) mining through its Full-Pay-Per-Share (FPPS) model that payout block rewards and transaction fees according to a user’s contribution.
In the announcement released on Thursday, Foundry also confirmed Blockcap would join as the first institutional client. According to a statement from Mike Colyer, CEO of Foundry, the company is working on “tailor-made solutions to fit the needs of institutional mining companies.”
Blockcap, a Texas-based mining operator, purchased nearly 10,000 mining machines from Foundry, increasing its hashrate by about 0.9 exahashes of computing power. Notwithstanding, Blockcap also ordered an extra 8,400 miners from Caanan and 10,000 Antminer rigs from Bitmain.
Once delivered and installed, the hashrate contributed by Foundry USA is expected to boost, which could see the mining pool break into the top 10 largest mining pools.
Blockcap’s Executive Chairman Darin Feinstein praised Foundry USA’s efforts to build a US-based mining pool to compete with China-based pools' growing influence. In a statement to newsrooms, Feinstein said,
“Mining on a pool that is made and based completely in the US, 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.”
The rush in Bitcoin mining across North America is growing at an astonishing pace. Recently, Bitfury’s US mining offshoot company, Cipher Mining, announced its plans to list on NASDAQ in a $2 billion valuation public sale.