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Barry Silbert’s company to expand mining capacity with devices from Hut 8

Foundry Digital, a subsidiary of Barry Silbert’s Digital Currency Group (DCG), has announced the inclusion of a fleet of devices owned by Canadian firm Hut 8 in the Foundry USA Bitcoin mining pool.

Foundry aims to strengthen the Bitcoin ecosystem by geographically decentralizing its hashrate.

“Combining with Hut 8 will bring us closer to the top 5 among Bitcoin mining pools in the world”– said the head of Foundry Mike Collier.

Hut 8 added 14,400 pieces of equipment to the pool to mine the first cryptocurrency. Their total computing power is 0.88 EH / s. It is planned to launch an additional 5,000 miners by August 2021 and bring the hashrate to at least 1.2 EH / s.

Hut 8’s decision was influenced by Foundry USA’s offering of “financial management services for mining companies.” It stems from the seamless integration of the pool with Genesis, another DCG subsidiary.

The service implies the possibility of generating profitability on the basis of mined coins, storage with a high level of security, lending against bitcoin collateral, the use of derivative products and “smooth” liquidation.

Recall Foundry digital announced about inviting institutional clients to the Foundry USA pool for bitcoin mining earlier in March this year.

In January, when announcing the launch of the mining pool, Silbert stated that he will become the largest in the United States

Recently about creating a mining pool also announced by the Japanese financial conglomerate SBI Holdings.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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