Foundry Digital announced that Blockap is mining bitcoin in its pool as it opens its doors to other interested institutional participants.
Foundry Digital, a subsidiary of Digital Currency Group, announced today that it is seeking institutional businesses that want to participate in bitcoin mining to participate in its Foundry USA Pool, according to a press release sent to Bitcoin Magazine.
The announcement came alongside a statement that Blockcap, Inc, a North American bitcoin mining company, has joined the pool and is mining with roughly 10,000 latest generation mining rigs contributing more than 0.91 exhashes of computing power.
The release highlighted the range of services that Foundry’s bitcoin mining pool provides to appeal to institutional clients.
“Foundry USA Pool is focused on institutional mining businesses and is seamlessly integrated with DCG-owned cryptocurrency prime broker Genesis Trading to provide users with various treasury management services, including high-security custody, bitcoin-collateralized lending, yield earnings on BTC holdings, derivative products and seamless liquidation,” according to the release.
Foundry’s opening to these clients offers a new avenue for North American institutional investment into bitcoin mining.
Since its creation in 2020, Blockcap has become one of the largest bitcoin mining operations in North America, and its addition to the Foundry USA Pool enhances the pool’s ability to compete in a Chinese-dominated industry.
“Mining on a pool that is made and based completely in the U.S., and offers institutional miners payouts at par with the world’s biggest pools was an obvious choice on our mission to make North America a global hub for digital-asset mining,” stated Darin Feinstein, Blockcap’s executive chairman, according to the release.
Growing interest in bitcoin mining in the United States has been matched with continued investment, and this announcement may precede further entries into the mining pool. The accumulation of clientele could contribute to more widespread desires to join, and it is this momentum which Foundry Digital doubtlessly hopes to capture in competing with China-based mining pools.