CleanSpark Inc (NASDAQ:CLSK). and Foundry Digital LLC, a wholly-owned subsidiary of Digital Currency Group Inc. (DCG), have jointly announced that CleanSpark has transitioned all of its bitcoin mining power to Foundry USA Pool.
CleanSpark has now added computing power of more than 1 exahash (EH/s), generated by over 10,000 latest-generation bitcoin mining machines, to the Foundry USA Pool.
In a statement, the Utah-based company added that it plans to continue to deploy machines to reach its goal of 2 EH/s by the end of 2021 and 3.2 EH/s by fall 2022.
READ: CleanSpark working with Partnership Gwinnett as it announces $145 million investment into the Georgia county
Mining pools are an important component of the bitcoin ecosystem because they allow miners to combine their mining power and increase the frequency as well as the probability of earning bitcoins.
Backed by its parent company DCG, CleanSpark said Foundry USA Pool is the first North American cryptocurrency mining pool that pays its users through the Full-Pay-Per-Share (FPPS) payout method without relying on an external party, guaranteeing stable, risk-free payouts.
"Mining pools historically have not been as transparent in the way they calculate their miners' earnings," said Bernardo Schucman, senior vice president of mining for CleanSpark. "Foundry USA Pool is an exception, however. Being an American mining pool with transparent and compliant methods, it provides all stakeholders with full disclosure of their earnings."
CleanSpark said its decision to direct all of its bitcoin mining computing power to Foundry's US-based pool is also a step towards greater decentralization of the mining pool landscape, which experts say is good for the overall health of the bitcoin network.
"Our relationship with Foundry is meaningful for our continued growth and productivity," said CleanSpark CEO Zach Bradford. "We will continue to pool our hashrate with Foundry as more of our machines are deployed in the coming months because we share a commitment to empowering decentralized networks."
Foundry USA Pool is focused on institutional mining businesses and is seamlessly integrated with DCG-owned cryptocurrency prime broker Genesis to provide institutional customers with various treasury management services, including high-security custody, bitcoin collateralized lending, yield earnings on bitcoin holdings, derivative products, and seamless liquidation. The pool's other major customers include Bit Digital, BitDeer, Bitfarms (TSX-V:BITF), Core Scientific, Greenidge, HIVE, Hut 8, and Foundry itself, among others.
Contact the author: patrick@proactiveinvestors.com
Follow him on Twitter @PatrickMGraham