On April 23, the publicly listed mining operation Bitfarms revealed a partnership with the Digital Currency Group (DCG) subsidiary Foundry Digital LLC. Bitfarms will be joining Foundry’s American mining pool and the two bitcoin mining firms have revealed the joint purchase of 2,465 Whatsminer M30S ASIC mining machines.
Bitfarms Partners With Foundry’s US Operations
At the end of March, the mining company Hut 8 explained that the bitcoin mining operation was joining Foundry’s U.S. mining pool. At the time, Hut 8’s CEO Jaime Leverton explained that “having a formidable bitcoin mining pool based and operated entirely in North America is important.”
Now another mining operation has announced a partnership with the DCG-owned Foundry as Bitfarms (TSXV:BITF) explained on Friday it was joining the company’s U.S. operations. The two companies disclosed the joint purchase of 2,465 machines and 1,465 were previously installed in Bitfarms’ Sherbrooke facility for hosting purposes.
The company ended the hosting agreement and “returned 100%,” while the mining rigs added 133 petahash per second to the firm’s operational capacity. Bitfarm’s announcement notes there’s a semiconductor shortage worldwide and ASIC mining rig purchases need 50% to 100% deposit.
Adding 90 Petahash: Bitfarms Plans to Finance Another 1,000 Bitcoin Mining Rigs
Foundry’s efforts aim to make things more convenient for U.S. bitcoin miners operating facilities. The DCG subsidiary claims it has “helped procure nearly half of the Bitcoin mining machines installed in North America in 2020.”
With the latest procurement of mining rigs Bitfarms believes it can recover its deposit in less than a month and from there profit for a few years later. The company plans to obtain financing in order to purchase another batch of 1,000 Whatsminer M30S bitcoin miners.
The additional 1,000 Microbt Whatsminers will provide roughly 90 PH/s to the company’s mining operations.
Mike Colyer, CEO of Foundry says that helping forward this technology is what the DCG company was meant to do. Foundry provides “equipment financing and a mining pool that has been designed to help publicly traded companies such as Bitfarms scale their operations locally and in a fully compliant manner,” Colyer said during the partnership announcement.