September 27, 2021

CleanSpark Mining Company Becomes Foundry USA Pool Client

CleanSpark Mining Company Becomes Foundry USA Pool Client

Nasdaq-listed mining company CleanSpark announced that it has transferred all of its bitcoin mining processing capacity to the Foundry USA pool and plans to triple it within a year.

CleanSpark's hash rate is 1 EH/s, generated by 10,000 ASIC devices. The firm plans to ramp up to 2 EH/s by the end of this year and 3.2 EH/s by next fall.

In April, Cleanspark announced the purchase of 22,680 miners. In August, the firm purchased its second data center in Georgia for $6.6 million and announced plans to invest $145 million in the facility. Cleanspark expects it will have an additional 20 MW of capacity, enough to power 6,000 miners.

A subsidiary of DCG's Barry Silbert, Foundry, through strategic relationships with bitcoin mining device makers, allows customers early access to ASIC devices.

Foundry USA also provides "financial management services for mining companies." These stem from the pool's seamless integration with Genesis, another DCG subsidiary.

The service includes the ability to generate returns based on mined coins, high-security storage, secured bitcoin lending, the use of derivative products and "smooth" liquidation.

Recall that Foundry USA customers include Bit Digital, Bitfarms, Hive, BitDeer, Core Scientific, Greenidge and Foundry.

As a reminder, in January, when founding the subsidiary, Barry Silbert stated that Foundry would become the largest mining pool in the United States.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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