Bitfarms announced at the public mine auction on 23. Avril has announced a partnership with a Digital Currency Group (DCG) subsidiary, Foundry Digital LLC. Bitfarms joins US mining pool Foundry. The two bitcoin mining companies have announced the joint purchase of 2,465 Whatsminer M30S ASIC mining machines.
Bitfarm US Foundry Partners
In late March, mining company Hut 8 said the bitcoin company would join US mining pool Foundry. At the time, Jaime Leverton, CEO of Hut 8, said it was important to have a good bitcoin mining pool that was exclusively based and operated in North America.
Now another mining company has announced a partnership with DCG-owned Foundry, as Bitfarms (TSXV:BITF) said on Friday it was joining the company’s US operations. The two companies announced the joint purchase of 2,465 machines and 1,465 machines previously installed at Bitfarms’ Sherbrooke facility for hosting.
The company completed the hosting agreement and received 100% in return, while the extraction units increased operating capacity by 133 petahash per second. Bitfarm’s announcement cites a global shortage of semiconductors, and ASICs require between 50% and 100% of deposits to acquire mining units.
Addendum 90 Petahash: Bitfarms plans to fund another 1,000 bitcoin mining devices.
Foundry’s efforts are aimed at making it easier for U.S. bitcoin miners. A subsidiary of DCG claims to have helped purchase nearly half of the bitcoin mining machines that will be installed in North America by 2020.
With the recent purchase of mining equipment, Bitfarms believes it can rebuild its mine in less than a month, with profits in a few years. The company plans to raise funds to buy another batch of 1,000 Whatsminer M30S bitcoin harvesters.
Whatsminers’ additional 1,000 microbits will provide approximately 90 PH/s per second for the company’s mining operations.
Mike Colyer, CEO of Foundry, believes that promoting this technology is something DCG should have done. The smelter provides funding for equipment and a mining pool designed to help publicly traded companies like Bitfarms grow locally, Colyer said in announcing the partnership.
What do you think about the partnership between Bitfarms and Foundry and the acquisition of 2,465 ASIC mining machines? Let us know what you think in the comments below.
Tags in this story
Bitcoin (BTC), bitcoin mining, Bitfarm, BTC Mining, DCG, Digital Currency Group, Foundry, Hut 8, Jaime Leverton, Mike Colyer, Petahash, Sherbrooke, U.S. Mining Pool, an American company.
Photo credit: Shutterstock, Pixabay, Wiki Commons, Microbt, Whatsminer,
Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of a product, service or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.
foundry bitcoin mining stockbitcoin hashrate distributionfoundry mining poolhow much bitcoin does f2pool havebitcoin mining newshow many btc does f2pool have,People also search for,Privacy settings,How Search works,foundry bitcoin mining stock,bitcoin hashrate distribution,foundry mining pool,how much bitcoin does f2pool have,bitcoin mining news,how many btc does f2pool have,dcg foundry stock,bitcoin mining stats