Authored by Foundry OptiFleet™ Senior Product Manager Ann Willmott.

The Bitcoin mining industry has grown from basement setups to full-scale enterprise operations — and few people embody that journey better than Maverick Muff, Site Operations Manager at Foundry. I sat down with Maverick to talk about how he got started, what it takes to run large-scale mining sites, and how tools like OptiFleet™ help keep things running smoothly — even through blizzards and heatwaves.

From GPUs to Gigawatts

Maverick’s journey started humbly: a few GTX 1070s in his garage mining Ethereum. Now, he manages large sites across Nebraska for the Foundry Site Operations team.

“It’s wild,” he says. “Crypto was originally designed for everyday people, decentralized and grassroots. But now we’re running enterprise-scale infrastructure — still grounded in those same decentralized principles.”

The leap from home hobbyist to managing multiple megawatts of load isn’t just about scaling hardware — it’s about professionalizing every part of operations, from diagnostics to logistics. And for that, he leans on OptiFleet™.

Running a Site: Every Day is Different

Each morning starts with the basics: checking the weather.

“People don’t realize how much weather impacts mining,” Maverick says. “You might be dealing with 100-degree heat one day, or even a dust storm. And yeah — we’ve deployed in blizzards, too.”

The team uses OptiFleet™ daily to keep things on track.

“It’s our source of truth,” Maverick explains. “From uptime to repair status, everything we need is there. You check in the morning and get answers to questions like, ‘Which machines didn’t recover overnight? What containers are underperforming? What’s the lowest hashrate?’ Then we triage.”

Each site has its quirks — even two identical setups can behave differently even if they’re just miles apart.

“Nothing’s cookie cutter. Even a site 10 miles down the road brings new challenges.”

Using tools within OptiFleet™ like the issues list, site map, and miner diagnostics, Maverick and his team can spot problems fast.

“We’ve gotten good at reading patterns and visual indicators in OptiFleet™. If we see a certain pattern on the site map of machines down in a container, it’s probably a fuse, a breaker, network switch, etc. OptiFleet™ shows that visually. We don’t even need to call an electrician half the time — we’ve got the parts and can handle it ourselves. That’s the difference between hours of downtime and a 10-minute fix.”

Some of the key features Maverick uses include:

• Site Overview: A high-level look at performance, hashrate, and uptime per container.
• Issues List: Easy diagnostics with error codes.
• Site Map: A visual layout of containers and racks, used to spot issues like overheating, low hashing or offline units.

Daily diagnostics are a big part of keeping things running smoothly.

“We check for low or non-hashing machines, identify error codes — like overheating, fan or PSU failures — and decide what needs a reboot or needs additional repair. OptiFleet™ makes it visual, clear, and actionable.”

Managing Curtailment: Balancing the Grid

Curtailment is a huge part of Maverick’s world — and often misunderstood.

“People think Bitcoin mining adds stress to the power grid,” he says, “but it’s the opposite. We’re a flexible, dispatchable load.”

In Nebraska, Maverick works closely with power providers to support local grid needs.

“When the irrigation pumps turn on in the summer or people crank up their AC, we curtail. In winter, when furnaces go full blast, we curtail. We’re not causing the load — we’re helping manage it.”

That’s where OptiFleet™ plays a critical role.

“We use the Curtailment Management System to plan and automate shutdowns. And when we curtail, we track it. In OptiFleet™, it becomes an excused event, so it doesn’t count against our performance metrics. Customers see exactly when and why their machines were offline.”

OptiFleet’s™ excused events, curtailment scheduling, and real-time tracking ensure that downtime is transparent, documented, and tied to contractual agreements. That’s vital for maintaining trust with clients, investors, and power providers.

“We’ve even used OptiFleet™ to coordinate with utilities,” Maverick says. “They need to know if we’re pulling or shedding megawatts. That’s real infrastructure load — they don’t want surprises. This level of visibility helps everyone.”

Reporting, Transparency, and Customer Trust

Foundry Site Operations manages sites on behalf of many customers, each with different needs. Maverick’s team sends daily reports that pull directly from OptiFleet™: Miner Statuses, Online vs. Offline Counts, Repair Queues, and Hashrate Per Client.

“We can break it down by client or sub-client. Some want to stockpile broken machines and ship in bulk. Others need faster turnarounds. OptiFleet™ lets us track it all — and show it clearly.”

Clients also have their own access to the system. From the site overview, they can see how efficiently their miners are running, where there’s capacity, and what conditions (like weather) might be affecting performance.

“We want our clients to feel like they’re in the room with us — even if they’re miles away.”

Built for Real Miners, by Real Miners

Maverick has used other software tools — but OptiFleet™ stands out.

“Other miner management tools are rigid. With OptiFleet™, we’ve got the features we need, and if we need something new, the team listens. You guys have been on site with us. That matters.”

That close collaboration means OptiFleet™ continues to evolve around real operational needs.

“You can build something that looks cool on paper,” Maverick says, “but what really moves the needle is solving real problems, for real people, on real sites.”

Final Thoughts

At the heart of it, running a Bitcoin mining site is part logistics, part electrical engineering, part emergency management — and 100% driven by data and passion. Tools like OptiFleet™ give site managers like Maverick the visibility and control they need to operate at scale, maintain customer trust, and support grid stability.

Interested in learning more about how Site Operations and OptiFleet™ support real-time diagnostics, curtailment automation, and enterprise-scale transparency? Contact us to request a demo or speak with our product team.

Managing Megawatts: Inside Foundry Site Operations’ Day-to-Day with OptiFleet™ was originally published in Foundry on Medium, where people are continuing the conversation by highlighting and responding to this story.

Authored by Foundry OptiFleet™ Senior Product Manager Ann Willmott.

My Story

I work at Foundry as the Product Manager of OptiFleet™, our miner management software. Let me start by sharing a fun fact about me: I first got interested in bitcoin back in 2013. But until mid-2021, I was a line producer on a daytime soap opera called The Bold and the Beautiful, living and working in Los Angeles. The Bold and the Beautiful is widely seen around the world, and is especially popular in countries like Italy, South Africa and Australia. It’s all about the beautiful people of the fashion world in LA.

As a line producer, I managed a multimillion-dollar budget, negotiated talent contracts, worked with the Hollywood talent unions, and created a ground-breaking safety policy during the pandemic, resulting in our show being the first in Hollywood to return to work. Our team produced a massive 125 hours of television a year. Have you ever insured a live bear? I have.

I loved working in television production. But over the years, as I went down the blockchain rabbit hole, I began to think that I needed to spend more time on it, that there was an opportunity cost to working in any other industry. And bitcoin was my first love.

So, I left a great job in Hollywood to pursue my next adventure. I jumped off a cliff — and the parachute opened. I was very lucky to find my way to Foundry in the process.

Why Bitcoin

I am broadly interested in blockchain technology, having spent some time in DAOs and DeFi. I remain interested in all the possibilities, but I’ve become much more of a bitcoiner during my time at Foundry.

I believe that a censorship-resistant, permissionless, decentralized currency can promote freedom for people around the world. This is what I want to advance, and I’m proud to work in a corner of the bitcoin mining universe.

Bitcoin mining is an interesting and essential business. Miners secure the Bitcoin network by mining. They produce new bitcoin, keep the network resilient, and help sustain its decentralization. Navigating the complex economics of mining every day helps ensure that the network grows stronger and more robust, enabling more miners to join, which fosters healthy competition.

As Michael Saylor pointed out in his recent “Bitcoin for America” speech, miners are also supporting cybersecurity. “Cyber power requires Bitcoin miners operating ASICs.”

This is the work: transmitting the Bitcoin idea to the future a quadrillion hashes at a time.

The Daily Drama

Let’s get real: the day-to-day of mining operations isn’t as glamorous as a soap opera. There’s no red carpet. But there’s still plenty of drama, ranging from site buildouts to extreme weather, shipping issues, hashprice volatility and energy management. Tumbleweeds in the filters. Forklift training. Installing ASICs in a blizzard. You know, “just a Tuesday” in bitcoin mining.

If I had to pick who to be with in an apocalypse, it would be mining technicians. They solve problems — managing ASICs, infrastructure, people, safety, logistics, and much more, every day.

Unlike in a soap opera, they never cry and they hardly ever slap anyone. Impressive.

Why OptiFleet™

I’ve spent the last few years working with an incredible team to develop this software. In industrial-scale bitcoin mining, “operational excellence” isn’t just an ivory-tower goal — it’s a day-to-day survival strategy. And that has guided us throughout the development process.

OptiFleet™ helps miners deliver operational excellence, providing tools to handle daily challenges and execute their unique and competitive strategies. Here are a few things you may not know about OptiFleet™:

• Battle-Tested: OptiFleet™ has been developed over the last 2+ years, with invaluable collaboration with Foundry’s Site Operations team and with our sister company Fortitude Mining. It’s been honed with real-world experience. Today it’s running on 30+ sites across various power regions, with a range of miners and firmware.
• User-Centered Design: At Foundry, we’ve focused on creating a top-notch user experience (UX). We work with a product designer on UI/UX, with the goal of making the data clear, the functions easy-to-use, and to pack in the ability to take fast action at every level of the application. We developed and continue to enhance the software by listening closely to our customers to create features that have the greatest impact.
• Firmware Integration: Foundry will be rolling out a Firmware product that integrates seamlessly with OptiFleet™, offering flexibility to respond to a wide array of conditions with granular control. Fleet tests are showing promising results, and we’re excited to start rolling it out in the coming months.
• Curtailment: OptiFleet™ helps manage energy with automated curtailment. Miners can set curtailment triggers, such as price and system demand, as well as scheduled shutdowns. OptiFleet™ integrates with demand response providers like Voltus and cPower, as well as directly with power providers and customers who have their own systems for calculating curtailment criteria. OptiFleet™ delivers curtailment reliably, based on strategies miners set. It has successfully handled 4CP in Texas for Fortitude Mining for two years running, allowing them to meet 100% of their 4CP goals.

The Big Picture

This industry is by necessity both competitive and collaborative. Miners compete every ten minutes to create blocks and win a mining reward, and everyone is looking for an edge. When profitability is high, more miners enter the space, creating greater competition — but also bringing a greater number of nodes onto the network, for better security. We collaborate on network security and create new bitcoin, advancing Satoshi’s original, and radical, idea.

“What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.”

If you spend some time learning about Bitcoin, you will start to see just how profound these ideas are. You can learn the basics of Bitcoin in a relatively short time, but you can also spend the rest of your life learning about it. We are creating a resilient network and carving the path for the future of Bitcoin. This is the road we’re on, together.

Disclaimer

The contents of this post have been provided by Foundry Digital LLC (“Foundry” or “we”) for informational purposes only, and should not be construed as giving legal, financial or any other kind of advice. Although we strive to provide quality information, we do not guarantee or warrant any particular results from the use of this information or any opinions provided. Foundry accepts no liability whatsoever for any damages, costs or any other consequences resulting from any actions taken on the basis of the information or opinions provided. Furthermore, Foundry has no control over information provided in any third-party sites linked herein, and Foundry accepts no liability whatsoever over any consequences resulting from any actions taken on the basis of that information. Foundry reserves the right to make changes to this information at any time without prior notice and makes no commitment to update the information contained in this post.

Operational Excellence: It’s Not Just a Job, It’s a Mission was originally published in Foundry on Medium, where people are continuing the conversation by highlighting and responding to this story.

Authored by Thermal and Electrical Engineer Steve Kozak.

A New Era of Crypto Mining

In the fast-evolving world of cryptocurrency mining, staying ahead is essential. With an increasing hashrate and shrinking economic returns, success in this competitive landscape relies on continuous innovation. Miners that fail to innovate risk becoming obsolete.

Over the past eight years, purchasing new rigs has been a reliable strategy for mining more Bitcoin and improving efficiency — however, the landscape has shifted. The cost of new ASICs has risen, while efficiency gains from previous models have drastically declined — from a 400% improvement with the S9 eight years ago to, based on Foundry’s research, just a 20% increase with the S21. It’s no surprise that new rigs no longer offer the quick payback they once did.

With escalating rig costs, a growing network hashrate, and the halving of rewards, miners now face extended ROI periods of up to two years. As a result, miners must rethink their strategies and explore new approaches to remain profitable in today’s environment.

Upgrade to Better Cooling and Cable Management

Optimizing operations through data-driven strategies is crucial to succeeding in this new era of crypto mining. Simple adjustments, such as optimizing miner location and immersion orientation, can significantly enhance performance. Innovations such as Foundry’s Immersion Optimization Kit have emerged, addressing industry heat rejection inefficiencies, and offering miners a more efficient cooling and cable management solution.

However, the effectiveness of immersion innovations is dependent on thoughtful design. Systems built with a scientific approach — such as those incorporating Computational Fluid Dynamics (CFD) modeling and precise temperature measurements — consistently deliver better results. By investing in well-engineered immersion systems, miners can achieve substantial gains in efficiency, profitability, and uptime, making it a smart long-term strategy for protecting high-cost, long-ROI rigs.

These ongoing efforts to optimize heat rejection and power consumption highlight the critical role of data-driven decisions in mining success.

Empower Profitability with Power Cost Reduction

Like the data-driven development of cooling solutions, further analyses have revealed inefficiencies within the miner power supply market, calling for better options than the OEM standard. Implementing a high-efficiency power supply unit, such as Foundry’s PSU, can provide up to 150 W of savings or approximately $65 in annual profit per unit, translating to an approximately 4% reduction in power costs. Adopting three-phase power systems can reduce operational expenses through efficiency gains and improved energy management.

• The testing completed in the development process of the Foundry PSU was outlined in our latest blog: Why Your Bitcoin Miner PSU Choice Matters.

Opt-In to Hashrate and Efficiency Optimization

Industry ASIC chip tuning inefficiencies have left miners with an all-or-nothing choice between hashrate or efficiency. With the implementation of the Foundry Control Board, an innovative solution that allows for the precise tuning of chips, miners can unlock up to 15% more hashrate while simultaneously improving efficiency by roughly 5%.

In addition to these performance gains, the Foundry Control Board provides users with flexible operational modes, including normal stock hashrate, maximum hashrate (high power mode), and maximum efficiency (low power mode). These drop-down menu options are available across all supported miner models, offering a customized and simplified approach to optimizing performance based on specific operational needs.

This level of fine-tuning provides miners with the tools needed to maximize hashrate and energy efficiency.

Choose a Trusted Partner

Working with companies that offer scientifically substantiated solutions, like Foundry’s immersion Optimization Kits, high-efficiency PSUs, and Control Boards, can help you navigate mining complexities and find success in this new mining era.

Data-Driven Approach to Enhancing Mining Operations

Bitcoin mining success requires more than just upgrading equipment — it demands innovation across all aspects of operations. By embracing the scientific method, optimizing key components, and partnering with knowledgeable providers, you can enhance your mining efficiency.

Disclaimer

The contents of this post have been provided by Foundry Digital LLC (“Foundry” or “we”) for informational purposes only, and should not be construed as giving legal, financial or any other kind of advice. Although we strive to provide quality information, we do not guarantee or warrant any particular results from the use of this information or any opinions provided. Foundry accepts no liability whatsoever for any damages, costs or any other consequences resulting from any actions taken on the basis of the information or opinions provided. Furthermore, Foundry has no control over information provided in any third-party sites linked herein, and Foundry accepts no liability whatsoever over any consequences resulting from any actions taken on the basis of that information. Foundry reserves the right to make changes to this information at any time without prior notice and makes no commitment to update the information contained in this post.

Hardware Optimization and Bitcoin Miner Success was originally published in Foundry on Medium, where people are continuing the conversation by highlighting and responding to this story.

Authored by Global Sourcing Manager Young Chao.

Contrary to popular belief, a mining power supply unit (PSU) is not just a generic commodity replacement item. Choosing the right PSU could increase profits by $100/miner annually or more, depending on the cost of power and increased uptime.

Efficiency

A high-efficiency PSU will save money in the long run.

With power costs impacting miner profitability, a highly efficient power supply can create savings where a general power supply falls short. Compared to 91% efficiency with OEM manufacturers, Foundry’s Power Supply boasts 95% efficiency, saving ~$65/rig per year in power costs¹, and even more compared to third-party PSU replacements which are typically 87%-90% efficiency.

As a testament to the quality of the Foundry PSU, we’ve gone through the certification process for UL, FCC, and CE, and are pending approval for the 80 PLUS® Platinum certification. This will be the industry’s first 80 PLUS® Platinum certified PSU — a leading market standard certification with high-standard requirements for power supply units across all industries.

The charts above indicate an average of 150W savings per miner for both the k Pro and XP when using the Foundry PSU versus OEM PSUs. With these models, a Foundry PSU saves $65 a year¹ compared to the OEM PSU configuration.

Durability and Capacity for 4000 Watts

A durable PSU will lessen the need for replacement parts and increase uptime.

To help miners avoid failures from extreme ambient and higher power draw, the Foundry PSU is built with a robust, heavy-duty design, featuring smaller casing for better airflow. We ran oven stress testing at 140°F for 24 hours with no hardware errors or component failures. A separate test was run with blocked intake fans at 77°F ambient, and the PSU maintained 94% efficiency.

It’s a well-known fact that rigs draw more power as ambient temperatures increase. Foundry’s PSU is rated at 4000 Watts and can provide 14–20% more power than OEM PSUs. Combined with durability and additional headroom for power, the Foundry PSU will help you keep mining and can provide additional uptime where other PSUs would fail due to heat and excessive power draw.

What does this all mean?

Combining the added efficiency and 2% additional uptime due to units overheating in hot climates, a typical S19 XP miner may produce an additional $75-$100/year for each machine, assuming a $65K Bitcoin price.

Wide Voltage Range

A PSU that doesn’t require a stepdown transformer adds additional system efficiency.

Eliminating the need for step-down transformers, Foundry’s PSU simplifies infrastructure and increases miner capacity through electrical efficiencies. It supports a 200V-300V range while OEM PSUs support 220V-277V. Including a P13 4-pin plug that’s standard for Bitmain’s JXP, S21, and future single-phase models, Foundry’s PSU is compatible with a wide range of Bitmain units — simplifying inventory.

Flexibility for Firmware tuning

A PSU built for firmware tuning enables efficiency and hashrate optimization.

Foundry PSU is designed for firmware tuning to give miners the highest efficiency or hashrate. Compared to OEM PSUs’ output voltage of 12V-15V, Foundry’s PSU has a wider voltage capability, running as low as 10.5V for maximum efficiency and as high as 15.5 for overclocking.

Improve Efficiencies and Reduce Operating Costs

As the industry consistently faces issues such as inventory shortages, high failure rates, and a lack of trust in third-party manufacturers, choosing a multi-certified, high-quality PSU can boost cost and time savings — an essential upgrade to enhance operational efficiency and minimize downtime. Built to exceed current industry standards, the Foundry PSU brings a durable, flexible, optimizable power source to miners looking to maximize their efficiency gains.

It’s available alongside Foundry Hardware’s Immersion Optimization Kits and Control Boards. Foundry products are designed and built to help you manage, maintain, and improve your mining operations. To sign up for Foundry Hardware announcements or to get in touch with our team, visit foundrydigital.com.

¹Using $0.05/kWh power cost.

Disclaimer

The contents of this post have been provided by Foundry Digital LLC (“Foundry” or “we”) for informational purposes only, and should not be construed as giving legal, financial or any other kind of advice. Although we strive to provide quality information, we do not guarantee or warrant any particular results from the use of this information or any opinions provided. Foundry accepts no liability whatsoever for any damages, costs or any other consequences resulting from any actions taken on the basis of the information or opinions provided. Furthermore, Foundry has no control over information provided in any third-party sites linked herein, and Foundry accepts no liability whatsoever over any consequences resulting from any actions taken on the basis of that information. Foundry reserves the right to make changes to this information at any time without prior notice and makes no commitment to update the information contained in this post.

Why Your Bitcoin Miner PSU Choice Matters was originally published in Foundry on Medium, where people are continuing the conversation by highlighting and responding to this story.

In an industry where uptime is key, and margins are thin, understanding how to run efficient Bitcoin mining operations makes all the difference. With several years of industry experience and unique perspectives of how both new and experienced miners encounter challenges when operating their sites, Tim Sandau and Neil Galloway have valuable insights to share.

Describe your background and how you got into this industry:

Tim: I’ve been personally active in the space since 2013 and professionally active in the industry since 2017. I was employee number one at a mining company where I built and designed one of the first large-scale mining operations in the US, then started a consulting company, and later started a hosting provider company where I learned day-to-day operations, scaling up to 150 megawatts. This led me to Foundry, where I oversee the Site Operations business line.

Neil: I have a couple decades of experience with industrial electrical and small electronics. I discovered Bitcoin in 2010 on mIRC (Internet Relay Chat), but I didn’t understand it well. From here, I just kept an eye on things and started mining heavily when the first ASIC miners were released. My career at the time involved troubleshooting control boards. With my electronics background, seeing hardware developed for mining made more sense to me.

I spent several years at other mining companies where I held a variety of roles, including data center technician, business development manager, and then mining operations. After Tim told me about Foundry’s vision and the resources they were going to provide to support Site Operations, I joined with a mission to bring a new sense of professionalism to the industry.

Tell us a little more about Foundry Site Operations.

Tim: We saw a need for it in the market, and realized we had the tools to be effective in the space. Our goal is to optimize operations through correct SOPs, state-of-the-art software, and the knowledge that our team brings. We can offer effective site operations paired with repair, logistics, and spare parts sourcing.

Neil: With extensive resources, we help customers achieve a high uptime, and offer technicians a better onsite experience — all without cutting corners.

Why do people say that being a Bitcoin miner is difficult?

Tim: There are a lot of varying factors that go into being a Bitcoin miner, based on the size and location. There is no copy-and-paste process. You need to understand the unique environment that you’re in, every single time you set up a new operation. There’s a lot to learn and the information changes regularly.

Neil: We’re not only working in a new industry where there is no playbook, but we’re also dealing with equipment that’s newly created. You often don’t know what you’re going to get until the equipment lands on site.

What do miners need to consider, post-halving, in order to succeed?

Tim: In addition to understanding Bitcoin mining, be aware of the power markets, political and regulatory environments, site location and surrounding climates, difficulty, and hashprice. Understanding these factors may help miners succeed post-halving.

Neil: Post-halving, I think that our biggest problem is going to be infrastructure supply shock. As competition increases, it will be difficult to get things like transformers unless you have partners with connections. Trusted partners can help lessen the burden of finding these things on your own.

How do you choose the right mining infrastructure for a mining operation?

Tim: When choosing the right infrastructure, you need to plan your electrical infrastructure around what your local utility is offering you. It’s important to bring in a professional.

Neil: I would also pay attention to what fits your area and climate. This will vary depending on if you’re near a coast or if you’re near a city. In some cases, you will use things like water curtains, and in others, you might go with immersion.

What are the key components needed to set up a Bitcoin mining site?

Tim: There are a few steps to consider. First, you need to understand the political climate that you’re mining in. Next, you should have a negotiated Power Purchase Agreement (PPA) and understand your power price. Then, understand the local permit laws and regulations. Finally, after these steps are complete, source your infrastructure and miners.

Once you get started, you need to be able to operate and execute on those miners.

Neil: Additionally, you need to have a training program that includes OSHA certification and electrical safety.

What are some hidden costs or challenges often overlooked when setting up a mining site?

Tim: One thing that some may fail to acknowledge is the cost of time. Most people are building sites in places they aren’t familiar with and often underestimate the logistics. Take remote Nebraska, for example. What will you do when there aren’t any hotels and renting a car costs $4,000/week? A great way to plan is to take the number you think building a site is going to cost, and then increase it by 20% to account for all the unknowns you might encounter along the way.

Neil: Knowing what you’re ordering; each piece of infrastructure comes with different components. For example, some containers come pre-wired, while some will be missing power cables. If you need to order more components later, it can take up to 6 weeks lead time for them to land.

What strategies are used for recruiting talent in small-town America for mining operations?

Tim: Travel there and immerse yourself in the community. This means going to the town hall, visiting the chamber of commerce, eating at local restaurants, and asking around for people who are looking for work. Get involved in the community and talk to people.

Neil: At Foundry, we’re offering an opportunity they wouldn’t usually have. When recruiting and talking to people, I don’t start by asking them about Bitcoin — I ask them about computers and their love for technology.

What factors should be considered when selecting service providers for mining site setup and maintenance?

Tim: While budget is probably the first thing miners are thinking about, selecting a potential partner based on budget alone could mean sacrificing quality. Instead, when evaluating a partner, look at their track record of success — ask for proof. Ask them to show you examples of sites they’ve managed and the historical uptime of miners. Records are a great indicator of reliability.

Neil: You want to ensure the companies you partner with won’t get in between you and your Bitcoin rewards. They should be working out of a sense of service, not out of a sense of greed.

How crucial is network infrastructure in mining site setup, and what steps can be taken to ensure optimal performance and uptime?

Tim: If you think of your operation as a body, the network is your brain. If you have a weak brain, you have a weak body. It all starts with the network. Network infrastructure is the key.

Neil: Infrastructure is important. You don’t run these miners remotely, you run them from the network. If you don’t have a proper network set up, it makes it extremely difficult for the people on the ground. More labor goes into a bad network than a good one.

What role do standard operating procedures (SOPs) play in ensuring efficiency and safety at mining sites?

Tim: To operate efficiently, you need three things: people, processes, and technology. SOPs dictate to people how to act, follow processes, and effectively use the technology. Without SOPs, it is very difficult to create efficiency and scale your operations.

Neil: Standard operating procedures are everything. As you scale and deploy sites, it’s important to understand that you can’t be there to do everything yourselves. You need to have SOPs in order to replicate processes and functions from site to site. This allows your technicians to execute tasks rapidly and efficiently.

What are your thoughts on emerging entrants to the Bitcoin mining space? Who do you see entering the market to establish themselves as miners, and what are the challenges these entrants are going to face?

Tim: Hedge funds, financial institutions, and energy companies. They are the biggest players that are going to be coming into the market. I think they will be looking to establish themselves as large power consumers and looking to monetize that power. I think the challenges we discussed earlier are less for the incoming hedge funds, financial institutions, and energy companies, and more for those already in the space. The days of the Wild West will be over when these guys enter the industry at a large scale; they aren’t just going to bring money, they’ll bring decades of professional business operations and standards. This is another reason having a trusted partner can help you succeed as newer, bigger entrants come into the space.

How long does it typically take to set up a site without a trusted outsourced partner?

Tim: In short, the answer is “longer”. It takes more time, and in this industry, time is money. You should note, is your investment sitting in a box or is it sitting on a rack mining Bitcoin?

Do you have any additional comments?

Tim: It’s important to understand that mining operations are always evolving, and constant education is required. Partnering with the right professional is key to your success. Trust but verify. Anyone who is somebody in this space will have a verifiable background and a proven track record.

Neil: Mining operations require teamwork. Pick your team wisely, ensuring they come with extensive experience — not just in Bitcoin mining but in traditional industries, too.

How can potential Foundry Site Operations clients get started?

Tim: If you’re building or expanding a mining site, we’re here to help you along the way. Fill out the contact form to connect with our team.

Disclaimer

The contents of this post have been provided by Foundry Digital LLC (“Foundry” or “we”) for informational purposes only, and should not be construed as giving legal, financial or any other kind of advice. Although we strive to provide quality information, we do not guarantee or warrant any particular results from the use of this information or any opinions provided. Foundry accepts no liability whatsoever for any damages, costs or any other consequences resulting from any actions taken on the basis of the information or opinions provided. Furthermore, Foundry has no control over information provided in any third-party sites linked herein, and Foundry accepts no liability whatsoever over any consequences resulting from any actions taken on the basis of that information. Foundry reserves the right to make changes to this information at any time without prior notice and makes no commitment to update the information contained in this post.

Managing Bitcoin Mining Sites: Foundry Site Operations Q+A was originally published in Foundry on Medium, where people are continuing the conversation by highlighting and responding to this story.

Authored by VP of Public Policy Kyle Schneps.

Foundry was founded on the principle of empowering decentralized networks. This is because decentralization, at its core, aims to redistribute access from the privileged few to the marginalized many. As Americans, our access to political power, wealth, information, energy, education, and property, among other things, are all the hard-won results of grassroots movements toward decentralization. Foundry believes in further integrating decentralization into an increasingly digital society — and that blockchain networks, especially Bitcoin, provide a means of doing so.

Yet, despite being a relatively new industry (or perhaps because of it), the primary infrastructure of the Bitcoin network can run the risk of geographical centralization due to various circumstances. Areas with access to cheap and abundant renewable energy, for example, may attract Bitcoin data centers to a single location. On the flip side, negative regulatory environments averse to new technologies may push Bitcoin mining companies and energy innovators away, confining them to the same safe spaces.

Internationalization of Decentralization

With this in mind, we’re seeing a new age of Bitcoin mining where infrastructure providers are seeking out new homes across the globe, perpetuating not only abstract digital decentralization but also creating geographical decentralization that can hedge against isolated government crackdowns.

At Foundry, we’ve been exploring the Bitcoin network’s geographical redistribution for some time now — and while we maintain that the United States can remain the epicenter of the Bitcoin mining industry, we applaud the many companies, entrepreneurs, and individuals who are growing the network’s infrastructure across new global jurisdictions.

By attending new conferences and connecting with colleagues operating internationally, we’ve found that the world is dividing into two distinct political environments: one in which governments take a holistic approach to energy and technology, and one in which governments take an exclusionary approach.

Exclusionary Approach

On one side of the spectrum, we see some nations in Western Europe and North America pursuing an exclusionary approach to energy policy, one which is marked by a scarcity mindset. This policy approach often views energy production through a subjective lens, disfavoring certain forms of energy for the benefit of others. This approach often culminates in a self-fulfilling prophecy of energy scarcity and, counterintuitively, an expanded reliance on the very fossil fuels they seek to eliminate.

In Germany, for example, the banning of nuclear energy (a steady base load provider) has resulted in Germany’s increasing reliance on coal and imported gas for its electricity production. Similarly, New York state — long home to some of the most progressive climate policies in the United States — has also banned nuclear energy and new natural gas development. As a result, New York City’s grid has been supplied by 85% fossil fuels for decades with no decrease in reliance.

Holistic Approach

On the other side, the holistic policy approach embraces all forms of energy, making it more conducive to attracting Bitcoin data centers and obtaining a technological strategic advantage — especially as our collective future becomes more digitized. The holistic approach is marked with optimism and a focus on energy abundance through all forms of production, and is sure to be advantageous in a world where the most advanced technologies are increasingly reliant upon high-capacity compute data centers and the electricity that powers them.

One of the best examples of a holistic policy approach to energy is the Gulf Cooperation Council (GCC) nations on the Arabian Peninsula. Countries like the United Arab Emirates, Oman, and others are seeking out energy abundance by not only taking advantage of their natural fossil fuel endowments, but also investing in a wide range of other energy resources, like solar, wind, and nuclear — many of which are strengthened by Bitcoin mining.

Grassroots Movement Toward Holistic Policy

Along with other miners in the space, Foundry is pursuing opportunities in jurisdictions that leverage the holistic approach to energy policy. The governments that oversee those regions are proving to be forward-looking in terms of energy abundance. They recognize that data centers will be integral to achieving the technological strategic advantage necessary to remain globally competitive in the future.

While we will continue to advocate at both the federal and state levels for policies that will allow the United States to lead in energy and technology, we note the US is at risk of losing its strategic advantage in these fields. It’s becoming clear that most technologically successful nations are now attracting innovators through holistic energy policies, embracing Bitcoin as a tool for reinforcing their energy systems and driving the innovations of a more efficient future.

Disclaimer

The contents of this post have been provided by Foundry Digital LLC (“Foundry” or “we”) for informational purposes only, and should not be construed as giving legal, financial or any other kind of advice. Although we strive to provide quality information, we do not guarantee or warrant any particular results from the use of this information or any opinions provided. Foundry accepts no liability whatsoever for any damages, costs or any other consequences resulting from any actions taken on the basis of the information or opinions provided. Furthermore, Foundry has no control over information provided in any third-party sites linked herein, and Foundry accepts no liability whatsoever over any consequences resulting from any actions taken on the basis of that information. Foundry reserves the right to make changes to this information at any time without prior notice and makes no commitment to update the information contained in this post.

How Policy Fosters Innovation: Holistic vs. Exclusionary Approaches to Energy was originally published in Foundry on Medium, where people are continuing the conversation by highlighting and responding to this story.

Features

Compared to the 2.7 A fans used in all previous units, the T21 boasts 4.5 A fans, offering better airflow and heat tolerance than any previous machine. The T21 is Bitmain’s first unit with this fan type — and from our perspective, it proved to be worth the upgrade with respect to performance.

Further contributing to its performance, the machine’s 3-phase power supply provides automatic phase balancing. Without imbalanced loads on the electricity supply, miners can see less wear and tear on electrical systems and better energy efficiency.

Performance

In Normal mode, the T21 achieved 190 Th/s using 3672 W of power for an efficiency rating of 19 W/Th. In High-Power mode, the T21 achieved 230 Th/s using 5615 W of power for an efficiency rating of 24 W/Th. The machine’s 3-phase power supply provides the 5500 W power that the high-power mode needs.

Maintaining its performance in all modes amid temperatures ranging from 27°F to 65°F, the ambient temperature swings had minimal impact on hashrate and efficiency.

Available Through FoundryX

Overall, the Bitmain Antminer T21 outperformed previous models, showing higher efficiency and hashrate compared to Bitmain’s previously released units. Reach out to the FoundryX team today to acquire this unit.

Disclaimer

The contents of this post have been provided by Foundry Digital LLC (“Foundry” or “we”) for informational purposes only, and should not be construed as giving legal, financial or any other kind of advice. Although we strive to provide quality information, we do not guarantee or warrant any particular results from the use of this information or any opinions provided. Foundry accepts no liability whatsoever for any damages, costs or any other consequences resulting from any actions taken on the basis of the information or opinions provided. Furthermore, Foundry has no control over information provided in any third-party sites linked herein, and Foundry accepts no liability whatsoever over any consequences resulting from any actions taken on the basis of that information. Foundry reserves the right to make changes to this information at any time without prior notice and makes no commitment to update the information contained in this post.

Miner Performance Testing: Bitmain Antminer T21 was originally published in Foundry on Medium, where people are continuing the conversation by highlighting and responding to this story.

Authored by Energy Portfolio Manager Doug Allen.

The Bitcoin mining industry benefited from lower-than-expected energy prices in 2023 amid crypto winter, and current indications point to a potentially similar environment throughout 2024 — but weather and geopolitical situations pose risks to miners. Past trends and forecasted volatility should be considered as they will play a crucial role in miner success with the upcoming halving in April 2024.

2023 Natural Gas Recap

Per the Energy Information Administration (EIA), the Department of Energy’s independent agency that publishes energy-related statistics and information, natural gas is the most significant fuel source for power generation in the U.S., and its price significantly impacts power prices.

The EIA’s December 2022 Short-Term Energy Outlook projected a wide range of possible natural gas price outcomes for 2023, with its actual forecast number falling slightly below the then-current futures contract price, and its one-year strip averaging above the mid-$5.00/MMBtu range, as shown in the following graphic.

In contrast to the EIA’s projections, a mild winter with higher-than-normal temperatures played out in Q1 2023 across much of the U.S., and strong natural gas production and storage levels led to lower power prices.

• For the 2023 calendar year, the average monthly settlement price for the benchmark New York Mercantile Exchange (NYMEX) Henry Hub (Louisiana) futures contract was $2.74 compared to the previous five-year average of $3.66 and the 2022 average of $6.65.
• The only month that settled above the five-year average for the corresponding month was January 2023, which settled at $4.71, above the average of $3.01.

2024 Natural Gas Outlook

As of 12/26/23, the 2024 calendar strip price — the average for each month of the calendar year — for natural gas futures was $2.62, $0.12 less than the 2023 average. The EIA’s December 2023 Short-Term Energy Outlook projected a wide range of possible prices (significantly narrower than their 2023 projection of$2.00 to $18.00) coming in at an average of about $3.00. The graph below illustrates how much prices have fallen since 2022.

Natural gas futures for 2024 are near their 12-year life of contract lows due to strong levels of gas in storage and very mild temperatures across the U.S. for the first two months of the traditional November-March storage season.

The National Weather Service Climate Prediction Center is projecting above or near-normal temperatures for the entire U.S., consistent with the predominant El Nino weather pattern. Despite lower prices, according to the EIA’s Weekly Natural Gas Update, production has remained strong, with total U.S. supply at 111.1 Bcf/d for the week of December 14–20, compared to ~107.6 Bcf/d for the same period in the previous year’s higher price environment.

If the current and projected supply and demand balance persists, natural gas prices should remain in the lower part of the recent trading range. As the marginal fuel for power generation, lower natural gas prices should help to keep power prices more favorable for Bitcoin miners.

2023 Power Recap

Power prices followed natural gas price trends in 2023. In its December 2023 Short-Term Energy Outlook, the EIA reported lower average prices per kWh for power to industrial end users for October 2023 YTD compared to the same period for 2022.

The table below shows the reported prices for Texas, New York, and Georgia — all states with a significant Bitcoin mining presence.

The prices reflect the “all in” cost of power delivered to end users as reported by utilities and energy service providers and the net revenue divided by the responding entity’s reported volumes. It’s important to note that the prices represent a weighted average for each state and can vary widely by utility and region within a state. The report does not include “off-grid” sources of power.

Since a significant percentage of all U.S. Bitcoin mining happens in ERCOT, specifically in West Texas, let’s look at prices for the West Texas Hub.

Power from a Texas Perspective

Beginning in late June, persistent high temperatures across the state created record-breaking demand and price volatility. Additionally, West Texas has a large amount of wind and solar generation, and the intermittent, non-dispatchable nature of renewables — coupled with limited transmission in and out of West Texas (i.e., congestion) — exacerbated price volatility in the region.

When comparing the prices from January 1-December 21 in 2022 and 2023, the ERCOT West Hub averaged $50.56, slightly lower than the previous year’s price of $56.87. However, from the perspective of curtailable loads, 2023 was a better year for Bitcoin miners, as the average price for hours less than $100/MWh was $16.61 lower, and there were more hours at that lower average price.

The chart below shows that 2022 saw a slightly higher percentage of 15-minute intervals priced over $100/MWh.

Bitcoin miners in ERCOT avoided extreme price spikes (and, in some cases, profited from them) through curtailment. The 2023 average price of intervals over $100/MWh was much greater than in 2022; thus, Bitcoin miners were able to curtail usage when the prices spiked over $100, and paid an average of $23.41 compared to $40.02 if employing the same strategy in 2022.

Day-Ahead Market (DAM) to Real-Time Market (RTM) Price Divergence

In a perfect scenario, day-ahead market prices would reflect market conditions actualized in real time, resulting in the exact alignment of DAM and RTM prices. However, as supply and demand conditions change, we see differences in DAM and RTM prices.

The following table shows the average spread between DAM and RTM prices for the ERCOT West Load Zone from 2018 to 2022.

Key Data Points:

• From January 1, 2018, through December 31, 2021, real-time prices averaged $65.71, about 1% more than the average day-ahead market price of $65.04. This period included the significant upside price disruptions associated with Winter Storm Uri in February 2021.
• In 2022, real-time prices were about 2% lower than day-ahead market prices, averaging at $62.39 compared to $63.83.
• From January 1 through December 31, 2023, real-time prices averaged $59.42, more than 8% less than the average DAM price of $64.78.

As shown in the chart above, there were more significant discounts for 2023 real-time prices than for any of the previous five years. The exact reason for the 2023 RTM-to-DAM price divergence is open to speculation. Still, it may reflect greater risk aversion by Bitcoin miners who don’t want to be subject to extreme spikes in real-time prices.

If this trend continues, miners and other curtailable loads that buy real-time priced power may have a slight price advantage.

2024 Power Outlook

In the last week of 2023, ERCOT West Hub’s around-the-clock energy futures for 2024 generally showed prices toward the lower end of the trading range seen during the preceding twelve months.

• As of December 2023, the 2024 calendar strip price for ERCOT West Hub on and off-peak futures averaged about $36.83 for a 100% around-the-clock load profile.
• This reflects an average on-peak futures contract price of $45.88 for the year and an average off-peak price of about $30.36.
• There will be 4,096 on-peak and 4,688 off-peak hours during the year.

Q1 futures for power have followed natural gas futures for the same period, declining sharply during November and December of 2023 but taking an upward trend off recent lows as colder weather comes more into the picture across much of the U.S. in the second half of January 2024.

We can use the ERCOT West Hub On-Peak Futures Contract for February 2024 to illustrate 2024 price movements.

Beginning in August, the extended heat during the summer pushed summer and winter prices higher, but the prospect of a mild winter brought lower natural gas prices, and a reduced length of time until the delivery term of the January contract. The price fell from ~$75/MWh to a low of ~$44/MWh before settling near $50/MWh.

ERCOT West Hub On-Peak Futures Contract for February 2024

Peak hour futures contracts for summer 2024 have lower premiums now than they did this past summer of 2023, when prolonged periods of high temperatures pushed both spot and futures prices higher. This may be due to market sentiment surrounding next summer’s natural gas price outlook or more assurance that ERCOT can manage extreme weather scenarios, as seen in the summer of 2023.

Looking at the ERCOT West Hub On-Peak Futures Contract for August 2024, we see a similar trend, with the forward price sharply increasing last summer during the heat wave but falling with the decline in natural gas prices.

At the $101.99 level shown in the chart, the August 2024 contract is still retaining some risk premium — about $13 compared to the lowest prices where the contract traded in 2023.

ERCOT West Hub On-Peak Futures Contract for August 2024

The on-peak futures contracts cover the highest demand hours of each month. Energy traders that buy and sell futures consider that summer months will have some on-peak hours with extreme price spikes — so the summer 2024 on-peak futures will price with expected volatility.

To hedge or not to hedge?

As illustrated by the examples above, energy prices can move dramatically in either direction. The only sure way to get a known price in the future is to hedge it using futures contracts or by locking in a price for a specific amount with a supplier. Of course, suppliers also use futures contracts to structure their prices and offset their risk — either way, futures contracts are involved.

Since expected supply and demand conditions evolve constantly, it’s impossible to know the exact energy price during the actual delivery period — however, miners can monitor futures contract prices and trends to understand how all market participants collectively value energy in the future.

Bitcoin miners capable of hedging and curtailing usage during periods of high prices above the cost where they can operate profitably can reasonably expect to pay less than the price they hedge in the futures market. By curtailing and selling power back to the market at a higher real-time price, hedgers can net the gain captured by the sale against the hedged price, resulting in a net cost of power lower than their hedged price.

If the general supply and demand situation plays out as currently expected, and underlying fuel costs for natural gas stay at lower levels, then miners who hedge and curtail should benefit from the volatility and risk currently priced into summer futures. Miners who curtail but choose not to hedge can monitor futures markets to track trends.

It’s also important to remember that the futures market assumes 100% operations during the hours specified by the contract, and miners that curtail should factor in the value of curtailment — although an exact value is impossible to predict.

Looking Forward

Like other industries that use energy to manufacture or process their product, Bitcoin miners must navigate changing commodity markets and expect energy price volatility. Understanding how energy markets work, where they have been, and where they could potentially go will be critical to the long-term success of Bitcoin miners.

With a team well versed in the Bitcoin mining and energy markets, we’re here to help you navigate the mining cycle and are happy to discuss your curtailment strategies. Contact hello@foundrydigital.com for more information.

Disclaimer

The contents of this post have been provided by Foundry Digital LLC (“Foundry” or “we”) for informational purposes only, and should not be construed as giving legal, financial or any other kind of advice. Although we strive to provide quality information, we do not guarantee or warrant any particular results from the use of this information or any opinions provided. Foundry accepts no liability whatsoever for any damages, costs or any other consequences resulting from any actions taken on the basis of the information or opinions provided. Furthermore, Foundry has no control over information provided in any third-party sites linked herein, and Foundry accepts no liability whatsoever over any consequences resulting from any actions taken on the basis of that information. Foundry reserves the right to make changes to this information at any time without prior notice and makes no commitment to update the information contained in this post.

A Bitcoin Miner’s Energy Analysis: 2023 Recap and 2024 Outlook was originally published in Foundry on Medium, where people are continuing the conversation by highlighting and responding to this story.

Authored by Accelerated Compute Engineering Lead Tommy Eastman.

The GPU Industry

In the past year, AI-based applications and integrations have grown tremendously. OpenAI’s ChatGPT became the fastest-growing application of all time, reaching 100M monthly active users just two months after launching. For comparison, TikTok took nine months, and Instagram took 18 months to achieve that same milestone.

The demand for AI has significantly impacted the value and availability of Graphics Processing Units (GPUs). GPUs are processing units optimized for performing parallel calculations, processing many pieces of data simultaneously — making them useful for machine learning, video editing, and gaming applications. Demand for GPUs has increased as they are multi-purposed in the AI pipeline.

GPUs are developed and distributed by a select few companies, which is apparent in manufacturing supply chain delays. They’ve been tightly associated with the blockchain industry since the 2017 bull run, and the 2018 shortage when Ethereum proof-of-work miners bought almost all available GPUs. The Ethereum blockchain has since moved to proof-of-stake, but with the explosion of AI, blockchain technology still presents helpful solutions to common problems around obtaining GPUs, the cost of training, distributed inference, and more.

Machine Learning Process and Bottlenecks

Machine learning is a vast and rapidly expanding industry. The training of a model is generally broken into a few steps, each posing certain bottlenecks.

1. Foundation Model Training

Foundation Model Training includes taking large data sets (e.g., Wikipedia) and training an initial base model to be used as a general intelligence model or eventually fine-tuned. It uses learned patterns and relationships to predict the next item in a sequence.

For example, image generation models are trained to associate image patterns with corresponding text, so when given text inputs, they produce images based on those learned patterns. Similarly, with text, the model predicts the next word in a string of text based on the previous words and context.

The training of foundation models is expensive in terms of labor, infrastructure, time, and energy. The cost is compounded by the current supply chain difficulty in obtaining state-of-the-art NVIDIA GPUs, even for companies with significant capital.

For instance, the iterative training of OpenAI’s GPT-3 spanned several months and consumed millions of dollars in energy costs alone. Consequently, the training of foundation models remains a prohibitively expensive endeavor, within reach only for a select few private enterprises.

2. Fine-tuning

Notably less resource-intensive than foundation model training, fine-tuning optimizes a model for a specific task (e.g., a language model learning a new vernacular). Foundation models’ performance on specific tasks can be increased drastically with fine-tuning.

While GPU scarcity affects all three areas, fine-tuning is impacted the least. However, fine-tuning is entirely dependent on foundation models being open-sourced. If private companies decide to stop open-sourcing their models, community models will lag behind State-Of-The-Art (SOTA) models at an astonishing rate.

3. Inference

Accessing the models represents the last step of the pipeline — such as receiving an answer to your question from ChatGPT, a generated image based on user prompts on Stable Diffusion — necessitating GPU resources for model querying. Inference is rapidly escalating in its computational demands, particularly in terms of GPU expenditure.

Inference encompasses both end users and developers who incorporate models into their applications. It’s the pathway for ensuring the economic viability of the model. This concept is critical to integrating AI systems into society, and its significance is displayed by the rapid rate of adoption across end users actively engaging with tools like ChatGPT.

GPU scarcity is driving inference costs up rapidly. While the baseline requirements for inference are low compared to foundation model training, the scale at which companies are deploying applications demands an incredible amount of load on GPUs querying the models. As GPU model diversity increases (through fine-tuning and new foundation model development), application diversity will increase, and GPU demand derived from inference will increase drastically.

Blockchain offers solutions to machine learning bottlenecks.

In the past, GPUs were used to mine Ethereum and other proof-of-work coins. Now, blockchain is looked at as a unique opportunity to provide access and increase coordination across bottlenecks in the GPU space — specifically for machine learning.

Crypto Incentives

Significant upfront capital is required for large-scale GPU deployments. This prevents all but the largest companies from developing in the space. Blockchain incentives create the potential for GPU owners to earn from spare compute, creating a cheaper and more accessible market for users.

Distributed Access

Anyone can supply/utilize the compute, host a model, and query a model — a stark difference from needing to be in a beta or having limited access in the traditional space.

A significant feature blockchain can provide to the machine learning space is distributed access. Traditionally, large datacenters are needed, as FMT hasn’t been done at scale across non-clustered GPUs. Protocols are attempting to tackle this issue, and if successful, will open the floodgates for FMT.

Marketplace Coordination

Blockchain marketplaces help coordinate GPU purchasing, allowing people and companies that own GPUs to find others who want to rent them, rather than have them sit idle. Generating income while GPUs would otherwise sit idle can help offset the upfront costs of purchasing GPUs, allowing more entities to participate in GPU hosting.

Foundry’s Commitment to Responsible AI

The blockchain machine learning space is a fledgling industry that has very few projects on mainnet. Currently, Foundry is supporting the Bittensor AI project, as well as Akash, which is proving to be a meaningful way to advance distributed AI.

Bittensor

Bittensor is a decentralized and permissionless inference network that allows easier access to models and creates a cheaper model marketplace with crypto incentives. Anyone can host a model, and user prompts are matched with the top-ranked model for a given modality.

Bittensor has grown to be one of the largest AI projects in crypto, leveraging blockchain to create a large-scale ranked inference network. The network recently released subnetworks that incentivize different modalities, including image generation, prediction markets, and more.

Foundry is validating and mining on the network, and running proof-of-authority nodes to secure consensus.

Akash

Akash is a general compute marketplace that allows easier access to GPUs at scale, more foundation models to be trained, and drives down the costs of GPUs.

Akash recently launched their GPU marketplace with a similar goal of reducing onboarding overhead, lowering GPU compute costs, and increasing accessibility. Foundation model training is planned for development on Akash.

Foundry is providing GPU compute to the network and working with the team to develop features.

What’s next?

As machine learning continues to be integrated into businesses, the demand for GPUs will continue to skyrocket — posing ongoing supply chain issues in the machine learning space. Blockchain technology offers a bridge to accessing lower-compute cost GPUs by allowing distributed access to models and creating a cheaper model marketplace with crypto incentives. At Foundry, we’re committed to participating both as node operators and compute providers in AI-related networks that support these advancements.

Disclaimer

The contents of this post have been provided by Foundry Digital LLC (“Foundry” or “we”) for informational purposes only, and should not be construed as giving legal, financial or any other kind of advice. Although we strive to provide quality information, we do not guarantee or warrant any particular results from the use of this information or any opinions provided. Foundry accepts no liability whatsoever for any damages, costs or any other consequences resulting from any actions taken on the basis of the information or opinions provided. Furthermore, Foundry has no control over information provided in any third-party sites linked herein, and Foundry accepts no liability whatsoever over any consequences resulting from any actions taken on the basis of that information. Foundry reserves the right to make changes to this information at any time without prior notice and makes no commitment to update the information contained in this post.

The Rise of AI and GPU Shortages: How Blockchain Alleviates Machine Learning Bottlenecks was originally published in Foundry on Medium, where people are continuing the conversation by highlighting and responding to this story.

Authored by Lead Data Center Engineer Michael VanSickle.

It’s that time of year when the largest manufacturers of Bitcoin mining hardware announce their newest equipment. Each year brings new advancements in mining technology, which leads to higher-performance miners with decreased energy consumption.

Today, we’re looking at the Whatsminer M60S — MicroBT’s first entry of the 1X J/Th era.

Performance

The Whatsminer M60S is the same form factor as the M50S and M30S. The unit we received is rated for 186/Th, though it consistently ran at 189/Th throughout our testing. The average power draw was 3485W, which makes the average efficiency 18.5 J/Th.

When we placed the miner on High-Performance mode, we saw 199/Th hashrate, 3735W power draw, and an efficiency rating of 18.8 J/Th. The ambient temperatures swung between 60F and 80F, but the hashrate and efficiency stayed the same.

Coming Soon to FoundryX

With the Whatsminer M60S, MicroBT continues its legacy of creating high-performance miners with an emphasis on quality and reliability. Reach out to FoundryX today to discuss your plans for acquiring this unit upon availability.

Disclaimer

The contents of this post have been provided by Foundry Digital LLC (“Foundry” or “we”) for informational purposes only, and should not be construed as giving legal, financial or any other kind of advice. Although we strive to provide quality information, we do not guarantee or warrant any particular results from the use of this information or any opinions provided. Foundry accepts no liability whatsoever for any damages, costs or any other consequences resulting from any actions taken on the basis of the information or opinions provided. Furthermore, Foundry has no control over information provided in any third-party sites linked herein, and Foundry accepts no liability whatsoever over any consequences resulting from any actions taken on the basis of that information. Foundry reserves the right to make changes to this information at any time without prior notice and makes no commitment to update the information contained in this post.

Miner Performance Testing: MicroBT Whatsminer M60S was originally published in Foundry on Medium, where people are continuing the conversation by highlighting and responding to this story.