Hut 8 Mining Corp. announced Tuesday that it has joined U.S. mining pool Foundry. The listed mining company said it has added 14,400 machines to its Foundry mining operation and plans to add another 5,000 miners by August.
Shack8 joins US Foundry Tank adding 14,400 bitcoin mining devices with, close to Exahash’s capacity.
Toronto-based Hut 8 (TSX:HUT) has announced that it has joined the U.S. Mountain Pool, referenced by Foundry Digital LLC. The Foundry is a wholly owned subsidiary of Digital Currency Group (DCG) and the company specializes in cryptocurrency mining and storage services.
The announcement states that Hut 8 is currently prospecting in the Foundry USA pool and that some of Hut 8’s prospectors will move to the Foundry pool. It adds about 0.81 hash power, or 14,400 bitcoins.
With every decision we make, we focus on increasing shareholder value, Jaime Leverton, CEO of Hut 8, said in the announcement. Having a large bitcoin mine located entirely in North America is important to us as we continue to operate as one of the largest and most innovative bitcoin producers in the Western Hemisphere, Leverton added.
Hat 8 Aim to deploy an additional 1.20 ha of escapement by the end of summer
Hut 8 plans to deploy a further 5,000 mining units by August 2021. A press release to Bitcoin.com points out that Foundry’s mining pool is a strong alternative to the China-dominated pool industry in the US.
According to Foundry CEO Mike Kohler, the Hut 8 team is also a customer of the hardware funding company. We are excited to welcome them to our pool as we strive to make North America one of the top five bitcoin mining pools in the world, Colyer said.
By August 2021, when another 5,000 miners are connected to the US smelter pool, this will amount to about 1.20 exahash of hash. The smelter states that the pool provides cash management services to the miners, which consist of services related to Genesis, a subsidiary of DCG.
These services include the ability to generate bitcoin (BTC) revenue from mined BTC, allowing customers to maximize total BTC revenue from their transactions, according to the press release. Other Genesis products include high security custody, BTC collateralized loans, derivatives and hassle-free liquidation.
What do you think about Shack 8 joining the US bitcoin mining pool in Lisbon? Let us know what you think in the comments below.
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