Foundry Launches Miner Donation Program to Support Bitcoin Ecosystem
Foundry and Core Scientific have donated 1.4 BTC
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Foundry Digital LLC, the mining subsidiary of Digital Currency Group, has launched Foundry Donate allowing bitcoin mining operations to donate funds to support bitcoin core developers.
Foundry said in a release on Tuesday that miner operators who are connected to the Foundry USA Pool can choose the amount and frequency of their donations to entities that are approved by the IRS as 501(c)(3) and vetted by Foundry.
In the initial phase, Foundry is partnering with two nonprofit organizations: Brink and OpenSats. Both are 501(c)(3) charities that offer grants to bitcoin core developers and open-source projects advancing the bitcoin ecosystem.
“Our mission at Foundry is to empower decentralized infrastructure,” said Mike Colyer, CEO of Foundry. “Creating a user-friendly feature that enables pool members to support the network’s backbone aligns perfectly with this mission. We are committed to the success of Bitcoin and continually seek ways to strengthen its ecosystem.”
Foundry said it has committed 0.2 BTC from its own mining operations to each of the two nonprofits. Core Scientific, currently one of the top three public bitcoin mining operations by realized hashrate, has also donated 1 BTC through Foundry Donate, according to the release.
“As miners, we understand the importance of supporting the developers working tirelessly behind the scenes to secure and ensure the longevity of the bitcoin network,” said Russell Cann, Chief Development Officer of Core Scientific.
Foundry is the latest company providing funding to support bitcoin core developers and community projects. Earlier this year, asset manager VanEck said it would donate 5% of the profits from its bitcoin ETF to Brink in a bid to show commitment to the bitcoin industry.
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