U.S.-Based Bitcoin Mining Firm, Foundry is Now the Fifth Largest Mining Pool
- The U.S. is finally challenging the Chinese Bitcoin mining dominance, and it may be a matter of time before a full flipping happens, Digital Currency Group founder and CEO Barry Silbert reckon.
Foundry USA, a wholly-owned subsidiary of Digital Currency Group (DCG), ranked as the fifth-largest BTC mining pool at some point on Thursday – becoming the first non-Chinese pool to break the milestone. As of writing, the pool has dropped back to eighth, with Binance, Huobi, and BTC.com pools overtaking the American mining pool.
On Thursday, data from BTC.com showed Foundry USA as the fifth largest pool with its daily hashrate surpassing 10.10 Exahashes per second, or nearly 8% of the total Bitcoin mining hashrate. The daily hashrate has since dropped to 5.54 Eh/s or 4.13% of the total hashrate.
“Incredibly proud to announce that the Foundry the USA bitcoin mining pool from Foundry Services just became at top 5 pool in the world,” Barry Silbert, CEO at DCG, wrote on Twitter. “Bitcoin hashrate is quickly shifting from China to North America.”
The U.S based mining firm has witnessed exponential growth since launching its beta phase in October 2020. Only in March, the firm announced they would be opening their mining services to the public following a successful beta launch phase – and the news seems to have further boosted Foundry’s hash power.
At the time, Foundry was the 12th largest mining pool with only 1.4% of the total hashrate power or 2.77Eh/s.
Bitfarms Ltd. is the latest company to join the Foundry USA pool purchasing 2,465 Whatsminer M30S Bitcoin mining machines through Foundry’s services. This marks the first time Bitfarms has joined a North American-based pool, showing the growth of Bitcoin mining across the continent.
According to a post, the additional machines are set to increase Bitfarm’s operating hashrate by 133 petahashes per second. Emiliano Grodzki, CEO of Bitfarms said,
“We are 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.”
The partnership will see Bitfarm also receive other upgrades and rehabilitation to its older mining machines.