Crypto News

Digital Currency Group's crypto mining arm enters top 10 global mining pools

Foundry entered the cryptocurrency mining game in August 2020.

Foundry, a wholly owned cryptocurrency mining subsidiary of Digital Currency Group, or DCG, has entered the top 10 largest Bitcoin (BTC) mining pools in the world.

The firm’s CEO, Barry Silbert, announced the news on Tuesday, predicting that Foundry will soon break into the top five mining pools list.

At publishing time, Foundry has a total hash rate of 2.74 exahashes per second, according to data from block explorer BTC.com. The mining pool is responsible for 1.85% of the total global hash rate.

Source: Btc.com

The news comes shortly after Silbert announced that global Bitcoin miners will be able to join the Foundry pool starting in February. The CEO also expressed optimism about the United States’ mining power, predicting that Foundry will “soon become the largest U.S.-based bitcoin mining pool.”

Officially introduced by DCG in August 2020, Foundry is still far from the world’s top mining pools like F2Pool and Binance Pool in terms of hash rate. China-based F2Pool — the largest mining pool, comprising 18% of the total hash rate — is generating a hash rate of more than 24 EH/s at publishing time.

Launched by Binance in April 2020, Binance Pool is now the second-largest mining pool, responsible for nearly 13% of total global Bitcoin mining power. The pool’s hash rate amounts to 19.16 EH/s at publishing time.

As Cointelegraph reported on Friday, F2Pool’s activity was likely a major reason behind Bitcoin’s recent sell-off, resulting in its price dipping below $29,000.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of CoinChapter and CoinChapter does not assume any responsibility or liability for the same.

(This story has not been edited by CoinChapter staff and is auto-generated from a syndicated feed.)
0 Comments
Inline Feedbacks
View all comments
CoinChapter

Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.

Related Crypto News

66 Million XRP(Ripple) Moved On Coinbase And Kraken
Over the past 24 hours there has been 66 million XRP transferred on two major crypto exchanges. Whale Alert...
Bitfinex Launches New Cryptocurrency Payment System
Cryptocurrency trading platform Bitfinex has launched a new payment system known as Bitfinex Pay. The service aims to help...
Ethereum Price Outlook: Inverse H&S Hints Breakout Towards $1,900
Ethereum (ETH/USD) is forming a bullish pattern that could push its market bids towards $1,900. Key Ethereum Takeaways Ethereum...
JPMorgan Tests Blockchain Technology In Space
JPMorgan recently tested blockchain technology between satellites orbiting the earth. This proved that digital devices could use the technology...
Oracle Wants To Make Blockchain, Crypto More Mainstream
Oracle is the latest company to take advantage of the benefits blockchain technology has to offer. It plans to create a...
PayPal Reportedly Buying Cryptocurrency Custody Firm Curv
PayPal reportedly is set to acquire cryptocurrency custody firm Curv. With price estimates ranging between $200 to $500 million....

Featured Crypto News

66 Million XRP(Ripple) Moved On Coinbase And Kraken
Over the past 24 hours there has been 66 million XRP transferred on two major crypto exchanges. Whale Alert...
Bitfinex Launches New Cryptocurrency Payment System
Cryptocurrency trading platform Bitfinex has launched a new payment system known as Bitfinex Pay. The service aims to help...
Ethereum Price Outlook: Inverse H&S Hints Breakout Towards $1,900
Ethereum (ETH/USD) is forming a bullish pattern that could push its market bids towards $1,900. Key Ethereum Takeaways Ethereum...
JPMorgan Tests Blockchain Technology In Space
JPMorgan recently tested blockchain technology between satellites orbiting the earth. This proved that digital devices could use the technology...
Oracle Wants To Make Blockchain, Crypto More Mainstream
Oracle is the latest company to take advantage of the benefits blockchain technology has to offer. It plans to create a...
PayPal Reportedly Buying Cryptocurrency Custody Firm Curv
PayPal reportedly is set to acquire cryptocurrency custody firm Curv. With price estimates ranging between $200 to $500 million....