DCG Subsidiary Foundry to Acquire 2 “Turnkey” Bitcoin Mining Facilities from Compute North – Bitcoin News

DCG Subsidiary Foundry to Acquire 2 “Turnkey” Bitcoin Mining Facilities from Compute North – Bitcoin News

Digital asset mining and staking firm Foundry has agreed to purchase two “turnkey” bitcoin mining facilities from Compute North, a bitcoin miner that has filed for bankruptcy protection under the chapter 11 on September 22, 2022. Foundry says the two data centers have a total power capacity of approximately 17 megawatts (MW), and the company also has the right to purchase a third site from the mining company of troubled bitcoins. The Foundry acquisition announcement follows speculation surrounding Genesis Global Capital, another venture owned by the company’s parent company, Digital Currency Group.

DCG-owned Foundry Digital plans to acquire 2 turnkey facilities from Compute North, Foundry has option to purchase third site

On Tuesday, mining and staking company Foundry Digital announced plans to acquire two data centers from Compute North. The two “turnkey sites” are located in North Sioux City, SD, and Big Springs, TX. The sites will give Foundry 17MW of operational capacity and “a fleet of mining machines owned by Compute North.” In addition, Foundry also has the right to acquire another site owned by Compute North located in Minden, NE.

Compute North filed for Chapter 11 bankruptcy on September 22, 2022, joining a wide range of cryptocurrency firms that have filed for bankruptcy this year. Bitcoin mining operations that have come so far are facing difficulty at an all-time high and BTC prices are below the cost of production.

Digital Currency Group (DCG) subsidiary Foundry also runs the world’s largest bitcoin mining pool, by total hashrate, Foundry USA. With 62.12 exahash per second (EH/s), the three-day stats show that the pool is currently commanding 24.20% of the Bitcoin network’s current hashrate of 256.74 EH/s.

With all eyes on DCG’s genesis, Foundry says it plans to “continue to build on the foundation” built by Compute North

Foundry’s recent acquisition announcement comes at a time when all eyes are on Genesis Global Capital, a company owned by Foundry’s parent company, Digital Currency Group. Genesis revealed on Nov. 16, 2022 that its lending unit would temporarily suspend withdrawals and new lending. A few days later, a New York Times (NYT) report claimed that Genesis Global Capital was exploring restructuring services.

The NYT article detailed that Genesis Global Capital “has engaged investment bank Moelis & Company to explore options, including potential bankruptcy, three people familiar with the situation said.” Despite swirling speculation, reports from The Wall Street Journal and The Block indicate that DCG CEO, Barry Silvertreassured company shareholders, “DCG will continue to be an industry-leading builder.

Foundry’s announcement also follows the company’s launch of a new Bitcoin mining hardware training program. Mike ColyerFoundry’s CEO, clarified that the mining and staking company is eager to continue what Compute North has previously built.

“Our mission has been to strengthen digital asset infrastructure by supporting mining companies through all market cycles,” Colyer said. “Compute North has been our long-time partner and we welcome the opportunity to continue to build on the foundations they have laid over the years while growing the North American mining ecosystem.”

Keywords in this story

17 MW, 2 data centers, 2 facilities, Bankruptcy, Barry Silbert, Big Springs TX, bitcoin mining pool, Foundry CEO, calculate north, DCG, DCG CEO, Digital Currency Group, Foundry, Foundry Digital, Foundry USA, genesis , Genesis Global Capital, Mike Colyer, North Sioux City, shareholders

What do you think of Foundry Digital announcing its intention to acquire two mining facilities from Compute North? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.




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