Bitcoin mining company Foundry, owned by the embattled Digital Currency Group (DCG), will begin charging fees for its services.
It is believed that DCG took this decision considering the difficult times the industry is going through. The mining company is now stopping its free services.
DCG’s Mining Firm Foundry Stops Free Services
Bitcoin mining company Foundry, owned by the embattled Digital Currency Group, will begin charging fees for its services. The company, which owns the largest Bitcoin mining pool by computational power, has been providing its services for free since launching the mining pool in 2019. However, Foundry has indicated in a recent announcement to its clients that it will begin charging pool fees from April 19 to April 22.
Most cryptocurrency mining service providers charge a fee to pool miners’ processing power and increase their chances of earning Bitcoin rewards. Foundry’s zero-fee pricing structure has helped it become a large Bitcoin mining pool with around 36 percent of the network hashrate, according to data from btc.com.
Foundry and other mining service providers often use software to “pool” miners’ processing power and help increase their chances of earning Bitcoin rewards. Because pool maintenance is a significant operating cost for providers, many charge a fee. Foundry’s decision to begin charging fees comes after its parent company, Digital Currency Group, came under investigation by US authorities earlier this year for various internal financial deals.
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