According to a note that was sent out to customers and published by Bloomberg, Foundry, the Bitcoin mining division of Digital Currency Group, would discontinue offering its services without charging customers any fees.
Since 2019, the firm has provided its mining pool services at no cost, which has led to its enormous growth. As a result of this expansion, the company currently holds the biggest proportion of the estimated hash rate, which is greater than thirty percent.
In the announcement, it is stated that the mining pool fees would be graded according on the average hash rate of the preceding quarter. It is anticipated that the adjustment would go into effect between April 19 and April 22.
As one of the final dominoes to fall as a result of the failure of Sam Bankman-Fried’s FTX exchange, DCG’s crypto lending subsidiary, Genesis, has just just filed for bankruptcy protection.
Bitcoin mining firms had a challenging environment in 2022, with experts from Bitcoin Magazine PRO describing many of them as “fighting for survival.” But despite essential measures such as public mining behemoth Marathon Digital selling bitcoin for the first time in the history of the firm, positive news has come out of the sector as 2023 gets underway. This includes the announcement that Terawulf’s nuclear plant will begin operating, the anticipated expansion of 50MW for CleanSpark, and other developments.
This action taken by Foundry may be a fortification effort aimed to better resist the effects of seasons like the one that occurred in the late 2022.