Foundry Digital, a subsidiary of Barry Silbert’s Digital Currency Group (DCG), has announced the inclusion of a fleet of devices owned by Canadian firm Hut 8 in the Foundry USA Bitcoin mining pool.
We welcome a new institutional miner to the Foundry USA Pool. @ Hut8Mining will enjoy our seamless integration into @GenesisTrading services for maximized #Bitcoin mining yield, among other benefits of using a US-based, enterprise-focused pool. https://t.co/RPKSOVFBtb
– Foundry (@FoundryServices) March 23, 2021
Foundry aims to strengthen the Bitcoin ecosystem by geographically decentralizing the hashrate.
“The merger with Hut 8 will bring us closer to the top 5 mining pools in the world ,” said Foundry CEO Mike Collier.
Hut 8 added 14,400 pieces of equipment to the pool for the first cryptocurrency mining. Their total computing power is 0.88 EH / s. It is planned to launch an additional 5,000 miners by August 2021 and bring the hashrate to at least 1.2 EH / s.
Hut 8’s decision was influenced by Foundry USA’s offering of “financial management services for mining companies.” It stems from the seamless integration of the pool with Genesis, another DCG subsidiary.
The service implies the possibility of generating profitability on the basis of mined coins, storage with a high level of security, lending against bitcoins, the use of derivative products and “smooth” liquidation.
Earlier in March of this year, Foundry Digital announced that it was inviting institutional clients to the Foundry USA Bitcoin mining pool .
In January, when announcing the launch of the mining pool, Silbert announced that it would become the largest in the United States .
The pool was recently announced by the Japanese financial conglomerate SBI Holdings.