Foundry Announces 'Foundry Donate' Initiative to Support Open Source Bitcoin Community

Rhea-AI Summary

Foundry Digital has launched Foundry Donate, an innovative program allowing miners on Foundry USA Pool™ to directly support Bitcoin's open-source development through select nonprofits. The initiative features an automated on-chain system for miners to effortlessly donate a portion of their mined bitcoins to vetted organizations.

Key features include miners' choice of nonprofit, amount, and frequency of donations; vetted 501(c)(3) nonprofits; and full transparency with blockchain-verifiable transactions. Initially partnering with Brink and OpenSats, Foundry has committed 0.2 BTC to each, while Core Scientific (Nasdaq: CORZ) has already donated 1 BTC through the program.

Positive

• Launch of Foundry Donate program to support Bitcoin's open-source development
• Partnership with reputable nonprofits Brink and OpenSats
• Initial commitment of 0.4 BTC from Foundry to kickstart the initiative
• 1 BTC donation from Core Scientific (CORZ) through Foundry Donate

Negative

• None.

The first-of-its-kind program allows miners on Foundry USA Pool™ to directly contribute to bitcoin's open-source development through select nonprofits

ROCHESTER, N.Y., July 23, 2024 /PRNewswire/ -- Foundry Digital LLC ("Foundry" or the "Company"), a decentralized infrastructure company providing mining, staking, and decentralized AI software and services, today unveiled Foundry Donate, an innovative program that connects miners in Foundry USA Pool™ with nonprofit organizations that fund core developers of the Bitcoin network. This initiative features an automated on-chain system enabling miners to effortlessly select from a list of nonprofits and donate a portion of their mined bitcoins.

First-of-its-kind program allows Foundry USA Pool users to donate portion of their mined bitcoins to select nonprofits.

Bitcoin miners have long sought ways to give back to the open-source community that ensures the resilience and continual advancement of Bitcoin. However, until now, there was no streamlined way for miners to find and connect with crucial contributors. Foundry recognized this gap and developed a solution that allows pool members to seamlessly designate recurring donations to vetted nonprofits supporting bitcoin developers.

"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."

Key Features of Foundry Donate:

• Miners Choice: Miners can choose not only the nonprofit they want to donate to but also the amount and frequency of their mined bitcoins for donation.
• Vetted Nonprofits: Donations go to trusted organizations approved by the IRS as 501(c)(3) entities and vetted by Foundry.
• Full Transparency: 100% of designated donations are directed to the chosen nonprofit and the transactions are verifiable on bitcoin's blockchain.

In its initial phase, Foundry has partnered with two nonprofits:

• Brink
• OpenSats

To kickstart the initiative, Foundry has committed 0.2 BTC from its own mining operations to each of these nonprofits, and Core Scientific (Nasdaq: CORZ), one of the largest publicly-traded mining companies in terms of bitcoin production, has already donated 1 BTC through Foundry Donate.

"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 and Core Scientific have worked closely together to develop this capability by leveraging Foundry USA Pool. Foundry Donate opens the doors for miners to easily give back to the broader bitcoin community through a trusted and reliable platform, and we are excited to see this come to fruition."

"It is great to see the bitcoin mining community wanting to support the foundational software development and maintenance work being done on Bitcoin." said Mike Schmidt, Co-founder and Executive Director of Brink. "Brink thanks Foundry for their contribution to our mission and for leading the way on this initiative with their Foundry Donate program so that others can as well."

Founded by DCG in late 2019, Foundry has emerged as a leader in digital asset infrastructure. Foundry's mining-focused business ventures — the FoundryX™ marketplace for mining machines, the Foundry USA Pool™, Foundry Academy™, Foundry Logistics™ and Foundry Site Operations™ — are all among the most recognizable names in their respective fields. For more information about Foundry Donate and to connect with the Foundry team, visit https://services.foundrydigital.com/foundry-donate.

About Foundry

Foundry Digital LLC is a decentralized infrastructure company providing software and services to institutions in all corners of the crypto ecosystem. Headquartered in Rochester, NY, the DCG subsidiary's mining, staking, and decentralized AI services meet the demand for better access, efficiency, and transparency in the digital asset industry. For more information, please visit foundrydigital.com.

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SOURCE Foundry Digital LLC

FAQ

What is Foundry Donate and how does it support Bitcoin development?

Foundry Donate is a program that allows miners on Foundry USA Pool to directly contribute a portion of their mined bitcoins to select nonprofits supporting Bitcoin's open-source development. It features an automated on-chain system for easy donations to vetted organizations.

Which nonprofits are currently partnered with Foundry Donate?

In its initial phase, Foundry Donate has partnered with two nonprofits: Brink and OpenSats. These organizations are approved by the IRS as 501(c)(3) entities and have been vetted by Foundry.

How much has Core Scientific (CORZ) donated through Foundry Donate?

Core Scientific (Nasdaq: CORZ), one of the largest publicly-traded mining companies, has donated 1 BTC through the Foundry Donate program.

What are the key features of Foundry Donate?

Key features of Foundry Donate include miners' choice of nonprofit, amount, and frequency of donations; vetted 501(c)(3) nonprofits; and full transparency with 100% of designated donations directed to the chosen nonprofit and verifiable on Bitcoin's blockchain.