Fleet Financing

Bitfarms Partners with Foundry, Joins U.S. Mining Pool, Expands Fleet to 2,465 Bitcoin Miners – Mining Bitcoin News

On April 23, the Bitfarms publicly traded mining operation revealed a partnership with Digital Currency Group (DCG) subsidiary Foundry Digital LLC. Bitfarms will join Foundry’s US mining pool and the two Bitcoin mining companies have revealed the joint purchase of 2,465 Whatsminer M30S ASIC mining machines.

Bitfarms partners with Foundry’s US operations

In late March, mining company Hut 8 explained that the bitcoin mining operation was joining Foundry’s US mining pool. At the time, Hut 8 CEO Jaime Leverton explained that it was important to “have a formidable bitcoin mining pool based and operated entirely in North America.”

Now, another mining operation has announced a partnership with the DCG-owned smelter, as Bitfarms (TSXV: BITF) explained on Friday that it was joining the company’s U.S. operations. The two companies revealed the joint purchase of 2,465 machines and 1,465 had previously been installed at Bitfarms’ facilities in Sherbrooke for hosting purposes.

The company terminated the hosting deal and “returned 100%,” while the mining rigs added 133 petahash per second to the company’s operational capacity. Bitfarm’s announcement says there is a semiconductor shortage in the world and purchases of ASIC mining rigs require a 50% to 100% deposit.

Adding 90 Petahash: Bitfarms Plans To Fund Another 1,000 Bitcoin Mining Platforms

Foundry’s efforts are aimed at making things more convenient for US bitcoin miner mining facilities. The DCG subsidiary claims to have “helped buy nearly half of the Bitcoin mining machines installed in North America in 2020”.

With the latest purchase of mining rigs, Bitfarms believes they can get their deposit back in less than a month and profit from it a few years later. The company plans to secure funding to purchase another batch of 1,000 Whatsminer M30S bitcoin miners.

The additional 1,000 Microbt Whatsminers will provide around 90 PH / s for the company’s mining operations.

Mike Colyer, CEO of Foundry, said DCG is supposed to push this technology forward. Foundry provides “equipment financing and a mining pool that has been designed to help publicly traded companies such as Bitfarms expand their operations locally and in a fully compliant manner,” Colyer said upon announcing the partnership .

What do you think of the partnership between Bitfarms and Foundry and the acquisition of 2,465 ASIC mining machines? Let us know what you think of this topic in the comments section 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 facility, US Mining Pool, US operations

Image credits: Shutterstock, Pixabay, Wiki Commons, Microbt, Whatsminer,

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