On April 23, the listed mining company Bitfarms announced a partnership with the subsidiary Foundry Digital LLC of the Digital Currency Group (DCG). Bitfarms will join Foundry’s American mining pool, and the two Bitcoin mining companies have announced the joint purchase of 2,465 Whatsminer M30S ASIC mining machines.
Bitfarms works with Foundry’s US operations
In late March, mining company Hut 8 announced that Bitcoin mining had been added to Foundry’s U.S. mining pool. At the time, Hut 8 CEO Jaime Leverton stated that “it is important to have an impressive bitcoin mining pool that operates entirely in North America.”
Now another mining company has announced a partnership with DCG’s own foundry when Bitfarms (TSXV: BITF) announced on Friday that it is joining the company’s US operations. The two companies announced a joint purchase of 2,465 machines, and 1,465 had previously been installed at Bitfarms’ Sherbrooke facility for hosting purposes.
The company terminated the hosting contract and returned “100% back” while the mining equipment increased the company’s operating capacity by 133 petahash per second. Bitfarm’s announcement indicates that there is a global semiconductor shortage and ASIC mining rigs purchase requires a 50% to 100% deposit.
Adding 90 Petahash: Bitfarms plans to fund another 1,000 Bitcoin mining rigs
The foundry’s efforts are aimed at making the operations of U.S. Bitcoin miners more convenient. The DCG subsidiary claims it “helped source nearly half of the bitcoin mining equipment installed in North America in 2020”.
With the recent acquisition of mining equipment, Bitfarms believes it can get its deposit back in less than a month and benefit from it a few years later. The company plans to get funding to buy another batch of 1,000 Whatsminer M30S bitcoin miners.
The additional 1,000 Microbt Whatsminers will supply the company’s mining operations with around 90 PH / s.
Mike Colyer, CEO of Foundry, says the DCG company was meant to keep this technology moving. Foundry provides “equipment finance and a mining pool designed to help public companies like Bitfarms scale their businesses locally and in a fully compliant manner,” said Colyer during the announcement of the partnership.
What do you think of Bitfarms and Foundry’s partnership and acquisition of 2,465 ASIC mining machines? Let us know what you think on this matter in the comments section below.
Photo credit: Shutterstock, Pixabay, Wiki Commons, Microbt, Whatsminer,
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