Key Points
- Foundry is initiating a program that enables miners to donate part of their mined coins to Bitcoin developers.
- The initiative, Foundry Donate, will facilitate donations to vetted non-profits in an automated on-chain mode.
Bitcoin mining company, Foundry, announced a new initiative aimed at supporting the Bitcoin ecosystem’s development. This program, known as Foundry Donate, allows miners in the U.S. to donate a portion of their mined coins to blockchain developers.
Foundry Donate Initiative
The Foundry Donate initiative links miners in the Foundry USA Pool with IRS-approved 501(c)(3) organizations. This setup allows for direct donations to core developers. The company, headquartered in New York, explained that the system processes all donations automatically on-chain, enabling regular donations to vetted non-profits.
Foundry’s CEO, Mike Colyer, expressed that this initiative aligns with the company’s mission to “empower decentralized infrastructure.” Initially, miners can donate to two non-profit organizations: Brink and OpenSats. However, Foundry plans to expand this list soon. The firm has already donated 0.2 Bitcoin (BTC) from its mining operations to each of these non-profits, while Bitcoin miner Core Scientific donated 1 Bitcoin (BTC).
Support for Bitcoin Development
In 2024, crypto asset management company Bitwise pledged to allocate 10% of its profits from the Bitwise Bitcoin ETF to support Bitcoin’s open-source development. The company stated that these funds would be directed towards Brink, OpenSats, and the Human Rights Foundation as a way to “express gratitude” to Bitcoin network developers and researchers. Similarly, investment firm VanEck also pledged to allocate 5% of potential profits from its proposed spot Bitcoin ETF to support Bitcoin core developers at Brink.
