Bitfarms, an institutional bitcoin mining company, has partnered with Foundry USA Pool, in a partnership that will “Expand [Bitfarms’] Bitcoin Mining Fleet…Instantly Boosting Operating Hashrate By 15%,” according to a press release shared with Bitcoin Magazine today.
Bitfarms operates one of the most significant mining operations in North America, and together with Foundry Digital—a subsidiary company of Digital Currency Group, (also the parent company of Grayscale)—will improve the scale of the mining industry in the continent.
Foundry offers a suite of services that include the procurement of bitcoin miners for interested companies. Using Foundry, Bitfarms intends to purchase and finance the latest cryptomining machines, 2,465 of them per the release. The first 1,465 of these have been installed at Bitfarms’ Sherbrooke facility. Once they’re operational, they should bring Bitfarms hash rate up by a stunning 133PH/s.
The partnership between Foundry and Bitfarms isn’t the first Foundry has undertaken, after announcing they will accept institutional clients back in March 2021. They have partnerships with BitDeer and Hut 8. These partnerships provide a solution to the shortage of miners and help develop the mining space.
Per the press release, Emiliano Grodzki, CEO of Bitfarms, says that his firm is “excited to partner with an industry-leading provider of equipment financing to secure timely and reliable access to the latest generation of Bitcoin mining machines, and to continue to grow our business.” This sentiment was also shared by Mike Colyer, CEO of Foundry, who said, “We are pleased to provide Bitfarms, which is a leading Bitcoin mining company in North America, with 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.”