Bitcoin mining company CleanSpark announced today that it had moved all of its one exahash (EH/s) hashrate power to the Foundry USA Pool, a mining pool owned by Foundry Digital, a bitcoin mining financing and advisory firm. Upon joining the pool, CleanSpark said it plans to expand its mining fleet to reach 2 EH/s by the end of 2021.
“Our relationship with Foundry is meaningful for our continued growth and productivity,” said Zach Bradford, CleanSpark’s CEO and President, in a press release sent to Bitcoin Magazine. “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.”
The Foundry USA Pool is geared for institutional miners who seek an integrated suite of services ranging from treasury management and bitcoin custody to derivatives products to BTC collateralized lending and yield earnings. Other miners in the pool include HIVE, Hut 8, Greenidge, Core Scientific, Bitfarms, and Foundry itself.
“We are excited to have publicly traded companies such as CleanSpark join Foundry USA Pool, which is designed to provide its customers with institutional standards of transparency, compliance and services,” said Mike Colyer, Foundry’s CEO, per the release.
Bitcoin mining pools are a coordinated way in which different miners can “pool” their resources together and increase their total hashing power. If the pool manages to successfully mine a block, the coinbase reward is split equally between integrants, according to the number of shares they contribute to the pool. According to the release, the Foundry USA Pool pays its members through the full-pay-per-share (FPPS) payout method without relying on an external party, increasing stability and decreasing the risk of the 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, per the release. “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.”