Everything in Observer
Business Description
Foundry Digital LLC, a wholly owned subsidiary of Digital Currency Group (DCG), was established in Rochester, New York in 2019 and operates the world's largest Bitcoin mining pool alongside a suite of enterprise software and infrastructure services for institutional miners.
Foundry USA Pool is the company's flagship product and the dominant force in Bitcoin proof-of-work mining. The pool's hashrate grew from approximately 157 EH/s in January 2024 to 280 EH/s by December 2024 (a 68% annual increase), giving Foundry USA Pool a 36.5% share of global Bitcoin hashrate at year-end 2024. By early 2026, its share had stabilized at approximately 30%, still ranking it first globally ahead of rivals AntPool, ViaBTC, and F2Pool. At its July 2024 peak, Foundry USA Pool and AntPool together controlled nearly 60% of the Bitcoin network's combined hashrate. The pool runs a pay-per-last-N-shares (PPLNS) payout model and is purpose-built for public companies and institutions requiring KYC/AML compliance, auditable payout reporting, and 24/7 dedicated support.
Beyond the pool, Foundry provides a full spectrum of operational management and logistics services for institutional mining clients: ASIC equipment procurement, board-level repair, site operations, and Foundry Hardware (a product suite targeting uptime efficiency and long-term hardware reliability, launched in June 2024). Enterprise software tools for real-time monitoring and automation of mining facilities round out the platform. The company added digital asset staking to its service lineup in November 2021.
In January 2025, DCG spun Foundry's proprietary self-mining operations into a newly formed subsidiary called Fortitude Mining, led by former Foundry SVP of Operations and Marketing Andrea Childs. The self-mining unit had been forecast to generate approximately $80 million in revenue in 2024. The separation allowed Foundry to refocus on pool operations and service businesses, while Fortitude Mining pursued additional capital and equipment acquisitions as a standalone DCG entity.
Foundry expanded its pool portfolio in April 2026, launching an institutional-grade Zcash mining pool that debuted with approximately 30% of Zcash network hashrate. Alongside the pool, the company released Zcashinfo.com, a new block explorer for the Zcash network, marking Foundry's first multi-protocol mining pool operation.
DCG initially committed $100 million to fund Foundry through 2021. In December 2024, the company reduced its workforce from approximately 274 to 200 employees (16% of U.S. staff plus a small India-based team) as part of a broader restructuring that transferred roughly 20 employees to DCG's AI-focused subsidiary Yuma. Mike Colyer, Foundry's founding CEO since October 2019, remains in the role and is actively expanding site operations and enterprise software alongside the core pool business.
