Barry Silbert’s Foundry to expand mining capacity with Hut 8 equipment

Barry Silbert’s Foundry Digital, a subsidiary of Digital Currency Group (DCG), announced the inclusion of a park of devices owned by the Canadian firm Hut 8 into the Foundry USA pool for Bitcoin mining.

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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

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— Foundry (@FoundryServices) March 23, 2021

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Foundry aims to strengthen the Bitcoin ecosystem through geographic decentralisation of hashrate.

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\”The integration with Hut 8 will bring us closer to the top five among mining pools in the world\”, said Foundry head Mike Colyer.

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Hut 8 added 14,400 units of equipment for Bitcoin mining to the pool. Their total hash rate amounts to 0.88 EH/s. By August 2021 they plan to launch an additional 5,000 miners and raise the hash rate to at least 1.2 EH/s.

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The move was influenced by Foundry USA’s \”mining-company finance-management services\” offering. It stems from the seamless integration of the pool with Genesis, another DCG subsidiary.

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The service envisages the ability to generate yields from mined coins, secure storage, Bitcoin-backed lending, the use of derivative products, and a ‘smooth’ liquidation.

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Earlier in March this year Foundry Digital announced the invitation of institutional clients to the Foundry USA pool for Bitcoin mining.

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In January, announcing the launch of the mining pool, Silbert said that he will become the largest in the USA.

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Recently about the creation of the pool, SBI Holdings, a Japanese financial conglomerate, also announced.

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