Foundry Expands Operations with Rootstock Merge Mining
Foundry, recognized as the world’s largest Bitcoin mining pool by hashrate, has announced a strategic expansion of its operations. The company is set to enhance the security of the Bitcoin layer-2 network, Rootstock, through the innovative process of merge mining.
Merge mining allows miners to mine multiple cryptocurrencies simultaneously, utilizing the same hashing algorithm. This method enables miners to maintain their efficiency while also diversifying their mining operations.
This significant move will inject an impressive 740 exahashes per second into the network—accounting for approximately 80% of the total computing power currently safeguarding the Bitcoin network. By doing so, Foundry aims to bolster the security of Rootstock transactions, providing increased reliability for users.
For Foundry, this initiative opens up new revenue streams. Mining pools that opt for merge mining can earn a substantial 79% of Rootstock’s transaction fees, which are paid in rBTC. This allows Foundry to leverage its existing Bitcoin mining infrastructure while creating additional income opportunities.
Through the process of merge mining, Foundry not only enhances the security of Rootstock but also does so without incurring extra energy costs. This contributes to a more robust and innovative Bitcoin ecosystem. Rootstock serves as a Bitcoin layer-2 network, utilizing Bitcoin’s security features while introducing smart contract functionality and compatibility with the Ethereum Virtual Machine.
