The Free Mining Service At DCG’s Foundry Is Ending (Report)
Foundry’s free model, which helped it get to the top, will now be a paid service.
Due to Genesis’ bankruptcy due to FTX deals, the Digital Currency Group will change its Bitcoin mining strategy.
Freeing Up Revenue
Even though Genesis and its creditors came to an agreement, and DCG, the parent company of the crypto trading platform, was one of them, Genesis is set to be sold as soon as a buyer comes along.
The agreement between DCG and its subsidiary was a good step forward. But DCG is still in a tough situation and seems to be trying to find new ways to make money.
Foundry USA, a branch of DCG that mines Bitcoins, will start charging users for their service around the middle of April.
Since Foundry went online in 2019, it has been free to use. Since then, it has quickly become the largest mining pool in the world in terms of computing power.
According to btc.com, Foundry is in charge of 33.49 percent of the global Bitcoin mining pool. F2Pool is in second place with 14.06 percent, and Binance Pool is in third place with 11.16 percent.
DCG said that the service would no longer be free because nothing lasts forever.
Gradual Subscriptions
To be fair, most mining pool services charge a fee. Foundry is just starting to charge for what everyone else is already charging for.
But some fans of the service are disappointed by the decision, which makes sense.
Foundry’s new business model will be a tiered list of mining service subscriptions. The price will change each quarter based on the hash rate of the previous quarter.
“As the Foundry USA Pool continues to scale, we are implementing tiered fees that will further allow us to expand our feature set and continue operating within our FPPS [Full Pay Per Share] payout model. The pricing tiers for each quarter will be based on the previous quarter’s average hash rate – a measure of computing power.”
Even though it’s a shame that the biggest mining pool will stop doing what made it the biggest, it wasn’t a total surprise.
At the moment, it’s not clear how much current users will have to pay for the first quarter. Foundry’s new way of doing business will start in about two weeks, between April 19 and April 22.
