The largest mining pool by hash rate will no longer offer its services for free, according to a notice sent to customers.
Foundry, the Bitcoin mining arm of Digital Currency Group, will stop providing its services for free, according to a notice distributed to clients as reported by Bloomberg.
The company has been offering its mining pool services for free since 2019, which contributed to its significant growth, and now has most of the estimated hash rate at over 30%.
The notice states that mining pool fees will be tiered based on the average hashrate of the previous quarter. The change is expected to take effect between April 19 and 22.
Recently, DCG’s crypto lending unit Genesis filed for bankruptcy as one of the latest dominoes resulting from the collapse of the Sam Bankman-Fried FTX exchange.
Bitcoin mining companies faced a rocky 2022, with many “fighting for survival”, as Bitcoin Magazine PRO analysts put it. But despite necessary moves like public mining giant Marathon Digital selling bitcoin for the first time in company history, good industry news has emerged as 2023 takes off, such as the announcement of the operation of the nuclear facility. Terawulf, the expected 50MW CleanSpark expansion and more.
This move from Foundry may be a reinforcing effort designed to better mitigate the impacts of seasons like late 2022.
