After the 2008 financial crisis exposed the vulnerabilities of traditional banking, Bitcoin was created as a long-term solution and new asset class built to restore what was lost in 2008 – trust.
As a peer-to-peer electronic cash system, Bitcoin eliminates the need for centralized intermediaries, using blockchain technology to support transactions between users on a decentralized network.
Transactions are authenticated through Bitcoin’s proof-of-work consensus mechanism – a way to reach agreement among a distributed network with no single entity in control. It rewards Bitcoin miners for confirming and adding blocks of new transactions to the blockchain.
With security at the forefront, as Fidelity describes it, proof-of-work’s properties “produce and strengthen the core value proposition of Bitcoin, creating a beautiful alignment of incentives and self-reinforcing characteristics”.
As the Bitcoin network and blockchain industry continue to strengthen and gain popularity, future-focused companies such as Foundry enter the space to help institutions participate in the revolutionary ecosystem.
Founded in late 2019, Foundry has emerged as a leader in the global digital asset infrastructure industry. Its offerings empower institutions to participate in the ecosystem with the tools they need to succeed in the market.
The company’s core focus, its suite of mining services, supports institutions through every phase of the mining cycle.
Its mining-focused verticals, such as Site Operations (site management service), Foundry USA Pool (the number one Bitcoin mining pool), FoundryX (Bitcoin miner marketplace), Foundry Academy (mining technician training program), Foundry Logistics (shipment and storage solutions), and Foundry Deploy (equipment installation services) are all among the most recognizable offerings in their respective fields.
“As self-miners, we understand the demands of mining, and we’re in a great position to help institutions navigate the market,” Foundry CEO Mike Colyer says. “With miners looking to scale their operations, and new entrants joining the space, our dedicated team provides end-to-end mining services to help them along their journey.”
However, as Foundry continues to serve the mining ecosystem, changes in the regulatory environment pose challenges to Bitcoin miners.
With a dedicated public policy team, Foundry also focuses on helping educate policymakers on the crypto industry, especially around Bitcoin mining and its environmental narrative.
Despite media headlines around the environmental impact of Bitcoin mining, the truth about its energy consumption and carbon footprint is something Foundry is actively working to share with politicians and the general public.
As controllable loads, Bitcoin miners can serve as a valuable grid resource and are part of the solution to the existing energy infrastructure. As more uncontrollable renewable energy sources come online, controllable loads (such as Bitcoin miners) will play a crucial role in stabilizing the electricity grid.
Mining machines can be powered on and off to level the energy supply in proportion to demand at any given moment.
With its firm belief that Bitcoin mining is going to be the bridge to get the United States to the future of renewable energy, Foundry is lobbying in Washington, D.C., working directly with energy companies, joining industry associations, and publishing educational pieces.
All of these efforts further support miners and the industry at large – an industry Foundry is bullish on.
For more information on Foundry, please visit foundrydigital.com.
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