On April 23, publicly listed mining company Bitfarms revealed its partnership with Foundry Digital LLC, a subsidiary of Digital Currency Group (DCG). Bitfarms will join Foundry’s US mining pool, and the two Bitcoin mining companies have revealed that they have jointly purchased 2,465 Whatsminer M30S ASIC mining machines.
Bitfarms and Foundry’s business cooperation in the United States
At the end of March, mining company Hut 8 explained that the Bitcoin mining business was joining Foundry’s US mining pool. At the time, Hut 8’s CEO Jaime Leverton explained: “It’s very important to have a strong Bitcoin mining pool that operates entirely in North America.”
Now, another mining company has announced a partnership with DCG’s Foundry, and Bitfarms (TSXV: BITF) said Friday that it will join the company’s US operations. The two companies revealed that they jointly purchased 2,465 machines, and previously installed 1,465 machines in Bitfarms’ Sherbrooke facility for hosting.
The company terminated the custody agreement and “returned 100%”, while the mining equipment increased the company’s operating capacity by 133 petahash per second. Bitfarm’s announcement pointed out that there is a global shortage of semiconductors, and the purchase of ASIC mining equipment requires a 50% to 100% deposit.
Add 90 Petahash: Bitfarms plans to fund another 1,000 Bitcoin mining equipment
Foundry’s efforts are aimed at facilitating the operating facilities of Bitcoin miners in the United States. The DCG subsidiary claims that it “has helped procure nearly half of the Bitcoin mining machines installed in North America in 2020.”
Bitfarms believes that through the latest mining equipment purchases, Bitfarms can withdraw its deposits in less than a month and profit from there in a few years. The company plans to obtain financing to purchase another batch of 1,000 Whatsminer M30S Bitcoin mining machines.
An additional 1,000 Microbt Whatsminers will provide the company’s mining operations with a speed of approximately 90 PH/s.
Foundry CEO Mike Colyer said it was DCG’s original intention to help advance this technology. The partners stated in the statement that Foundry provided “equipment financing and mining pools to help publicly traded companies such as Bitfarms expand their businesses locally in a fully compliant manner.”
What do you think of the cooperation between Bitfarms and Foundry and the acquisition of 2,465 ASIC mining machines? Let us know your thoughts on this topic in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons, Microbt, Whatsminer,
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