Foundry Ends Bitcoin Mining Pool Beta Phase, Adds More Institutional Clients

CEO Mike Colyer said his company wants to offer an experience "tailor-made to fit the needs of institutional mining companies."

AccessTimeIconMar 11, 2021 at 4:30 p.m. UTC
Updated Aug 19, 2021 at 7:57 a.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Foundry, the cryptocurrency mining firm owned by Digital Currency Group (DCG), is opening its mining pool to additional institutional customers, emerging from a five-month beta phase during which the company has already grown into one of the industry's largest players. (DCG, a cryptocurrency-focused investment conglomerate, also owns CoinDesk.)

Foundry's North America-based pool ranks among the 10 largest with over 4 exahashes per second of mining power, according to network data collected by BTC.com. An exahash represents a quintillion computations, or computer-generated guesses at the cryptographic puzzles that must be solved every 10 minutes or so to keep the Bitcoin blockchain running.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • CEO Mike Colyer said his company wants to offer an experience "tailor-made to fit the needs of institutional mining companies."

    Concurrent with the end of its beta phase, Foundry's pool has added Texas-based Blockcap to its growing list of clients. Using roughly 10,000 mining machines in Foundry's pool, Blockcap represents over 0.9 exahashes of computing power.

    In mid-January, Foundry teamed up with Minnesota-based Compute North to launch a 14,000-machine mining facility, also targeting institutional miners.

    The past six months of growth puts Foundry "a step closer to its ultimate aim of securing a spot among the top 5 pools, which has historically been dominated by strictly China-based pools," according to a statement.

    Last month, Foundry's pool mined 35 blocks, per the website BTC.com, and it's on pace to beat that pace in March, having already mined 22 blocks.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.