{"id":41313,"date":"2021-04-23T17:28:51","date_gmt":"2021-04-23T14:28:51","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=41313"},"modified":"2025-08-30T18:14:57","modified_gmt":"2025-08-30T15:14:57","slug":"bitfarms-becomes-a-client-of-the-foundry-usa-mining-pool","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitfarms-becomes-a-client-of-the-foundry-usa-mining-pool\/","title":{"rendered":"Bitfarms becomes a client of the Foundry USA mining pool"},"content":{"rendered":"<p>The Toronto-listed Bitfarms <a href=\"https:\/\/www.globenewswire.com\/news-release\/2021\/04\/23\/2215897\/0\/en\/Bitfarms-Partners-with-Foundry-to-Expand-Bitcoin-Mining-Fleet-and-Join-Foundry-USA-Pool-Instantly-Boosts-Operating-Hashrate-By-15.html\" target=\"_blank\" rel=\"noreferrer noopener\">has joined<\/a> the Foundry USA mining pool, a subsidiary of Barry Silbert&#8217;s DCG.<\/p>\n<p>As part of the deal, Foundry USA will help Bitfarms acquire 2,465 Whatsminer M30S devices for Bitcoin mining.<\/p>\n<p>1,465 of the 2,465 miners were installed in Q3 2020. After the deployment, Bitfarms&#8217; hashrate rose by 11% (by 133 PH\/s).<\/p>\n<p>Foundry, thanks to strategic relationships with manufacturers of Bitcoin mining devices, enables mining companies to gain early access to miners. This is critical in the face of <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-mining-difficulty-hits-a-new-record-as-miner-revenues-rise-and-equipment-shortages-bite\">observed shortage<\/a> of chips, which has led to delivery delays of 8\u201312 months and prepayment demands of 50\u2013100% of the equipment cost.<\/p>\n<p>According to Foundry representatives, the company was responsible for almost half of the North American hashrate growth in 2020.<\/p>\n<p>Bitfarms took delivery of the first batch after paying a 10% down payment (~$1 million) of the order value. With current Bitcoin prices, the company expects to recoup the initial investment in less than a month and to generate positive cash flow over three to five years.<\/p>\n<p>Under similar terms, Bitfarms will obtain financing to purchase another 1,000 Whatsminer M30S with a total hashrate of 90 PH\/s in three tranches during September\u2013November.<\/p>\n<p>In early 2022, Foundry will extend Bitfarms a loan of $10 million to further boost hashrate.<\/p>\n<p>Foundry USA also offers &#8216;mining-company financial-management services&#8217;. This arises from the seamless integration of the pool with Genesis, another DCG subsidiary. <\/p>\n<p>The service includes the ability to generate revenue from mined coins, secure storage, bitcoin-collateralised lending, use of derivatives, and &#8216;smooth&#8217; liquidation.<\/p>\n<p>In March 2021, Canadian mining firm Hut8 <a href=\"https:\/\/forklog.com\/en\/news\/barry-silberts-foundry-to-expand-mining-capacity-with-hut-8-equipment\">joined<\/a> Foundry USA.<\/p>\n<p>In January 2021, Digital Currency Group founder Barry Silbert <a href=\"https:\/\/forklog.com\/en\/news\/barry-silbert-foundry-set-to-become-the-largest-mining-pool-in-the-united-states\">promised<\/a> to propel Foundry to the top among U.S. mining pools.<\/p>\n<p> Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog Feed<\/a> \u2014 full news feed, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news, infographics and opinions <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Toronto-listed Bitfarms has joined the Foundry USA mining pool, a subsidiary of Barry Silbert&#8217;s DCG.<\/p>\n","protected":false},"author":1,"featured_media":41314,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1184,1137,1506],"class_list":["post-41313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitfarms","tag-cryptocurrency-mining","tag-foundry"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/41313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=41313"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/41313\/revisions"}],"predecessor-version":[{"id":41315,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/41313\/revisions\/41315"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/41314"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=41313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=41313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=41313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}