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Hut 8, a mining company located in Canada, is now mining with Foundry USA Pool, a wholly owned subsidiary of Digital Currency Group (DCG). The mining company announced that it has added a portion of its overall fleet, about 14,400 Bitcoin mining machines, and more than 0.81 exahashes to Foundry USA Pool.
Hut 8 can also deploy an additional 5,000 computers by August of this year, bringing Foundry USA Pool computing capacity to more than 1.20 exahashes by August.
Hut 8 had finalised a loan to buy 5,400 units of MicroBT’s mining equipment at the start of the year, which was expected to boost the firm’s capacity to mine Bitcoin by 475 petahashes per second (PH/s). Foundry Digital’s equipment funding loan of more than $11 million has been completed by the mining firm.
Hut 8, a publicly traded Bitcoin miner, is said to own the most self-mined Bitcoins of any mining entity. Foundry USA Pool’s other clients include Blockcap, a major institutional miner headquartered in North America. The company claimed that by providing “competitive payouts, rates, and services,” Foundry USA Pool would be able to act as a “strong US-based alternative” to mining pools that are otherwise dominated by China.
Additionally, CEO of DCG Barry Silbert noted on Twitter:
One by one, all of the major North American bitcoin miners are switching from Chinese mining pools to the Foundry USA pool https://t.co/utlqeHXnYP
— Barry Silbert (@BarrySilbert) March 23, 2021
Jaime Leverton, CEO of Hut 8, reflected on the announcement, stating that the mining business was based on “growing shareholder value,” and added:
Having a formidable bitcoin mining pool based and operated entirely in North America is important to us, as we continue our momentum as one of the largest and most innovative Bitcoin miners in the western hemisphere.
While the Bitcoin mining industry is booming, its reliance on high energy use has concerned industry leaders. Bill Gates, the founder of Microsoft, acknowledged that he was “not optimistic” on Bitcoin because of its environmental implications. While the news has received little coverage, chip price inflation has been attributed to crypto mining.