Hut 8 Joins Foundry’s Institutional Bitcoin Mining Pool With Over 14,000 Machines

Hut 8 plans to add another 5,000 ASICs to Foundry's pool by August.

Mar 23, 2021 at 12:08 p.m. UTC
Updated Sep 14, 2021 at 12:30 p.m. UTC

Publicly traded bitcoin mining firm Hut 8 is now mining through Foundry’s North America-based pool, according to an announcement made Tuesday.

The Toronto-based company added 14,400 machines to Foundry’s pool with plans to deploy an additional 5,000 machines by August, per a statement shared with CoinDesk. 

Foundry, a wholly owned subsidiary of CoinDesk parent Digital Currency Group (DCG), just brought its pool out of a beta testing phase two weeks ago. Already Foundry ranks near the top 10 mining pools worldwide, marking a significant advancement in North American pooled mining activity for a sector historically dominated by the Eastern Hemisphere. 

“Having a formidable bitcoin mining pool based and operated entirely in North America is important to us,” said Hut 8 CEO Jamie Leverton in a statement. 

Hut 8 shares have significantly outperformed bitcoin so far in 2021, climbing nearly 160% to above C$8 per share. Bitcoin gained roughly 85% over the same period.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Crypto Asset Managers Chase Yield With New Investment Products

A cocktail of high inflation and cash-hungry crypto firms are prompting fund issuers like Bitwise and 21Shares to get creative.

A cocktail of high inflation and cash-hungry crypto firms are prompting fund issuers like Bitwise and 21Shares to get creative.

CoinDesk - Unknown
2
CoinDesk - Unknown
First Mover Asia: Bitcoin Dominates but Altcoins Lurk

Although Terra's collapse has raised existential questions about the future of DeFi, some traders appear to be preparing for a return to altcoins; BTC remains rangebound below $30,000 in Tuesday trading.

Although Terra's collapse has raised existential questions about the future of DeFi, some traders appear to be preparing for a return to altcoins; BTC remains rangebound below $30,000 in Tuesday trading.

CoinDesk - Unknown
3
CoinDesk - Unknown
NEAR Protocol

CoinDesk - Unknown
4
CoinDesk - Unknown
MOBOX

CoinDesk - Unknown