The Largest Mining Pool Addresses Transaction Error
Foundry USA Pool, the largest Bitcoin mining pool by hash rate, recently returned a transaction fee of 8.18 BTC, worth approximately $777,000. The fee was mistakenly overpaid during a transaction included in block 875475, mined on December 19. The error caused the fee to be 91,127 times higher than necessary.
Refund of the Overpayment
After identifying the error, Foundry contacted the sender and returned the overpaid amount following verification. The mining pool emphasized that this incident did not affect payouts to its regular customers. Their payment system excludes the three highest and three lowest transaction fees daily.
In an official statement on Twitter, Foundry stated:
“We have received numerous messages from across the industry and want to thank everyone who reached out on the user’s behalf. Please note that this decision was made after thorough consideration, and we will continue to address such cases individually.”
Similar Incidents in Recent Months
This is not an isolated case. In November 2023, the Antpool mining pool returned a $3 million transaction fee mistakenly paid by a user. That incident involved 83 BTC, which were temporarily frozen until the sender’s identity was verified.
Foundry’s Dominance in the Industry
Foundry remains the largest mining pool, with a hash rate of 273.6 EH/s, significantly outpacing Antpool, which has a hash rate of 146.7 EH/s. According to Hashrate Index, Foundry controls about 38% of the market share, while Antpool accounts for around 18%.
Foundry’s Layoffs
The refund comes shortly after the announcement that Foundry laid off 60% of its workforce as part of a restructuring strategy. Of the original 250 employees, around 160 to 170 were laid off, including entire teams focused on ASIC hardware repairs. However, mining pool operations remained unaffected. There are speculations that Foundry is exploring the sale of its operational team managing Bitcoin mining sites.
Summary
Foundry USA Pool continues to lead the mining industry despite recent layoffs and unexpected incidents with overpaid transaction fees. This case highlights the importance of thorough verification in Bitcoin network transactions.

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Bitcoin mining powerhouses, Marathon Digital Holdings and Hut 8, have taken full advantage of Bitcoin's recent market correction, making staggering investments in the cryptocurrency. Here's the breakdown of their bold moves:

Marathon’s Massive Buy 🏦
Marathon led the charge, securing 15,574 BTC at an average price of $98,529 per coin, for a total investment of approximately $1.53 billion.

Current Bitcoin Holdings: 44,394 BTC

Current Value: $4.45 billion (at Bitcoin’s spot price of $100,151)
Ranking:
The second-largest publicly traded Bitcoin holder, only behind MicroStrategy, which has a mind-blowing stash of 439,000 BTC.

Hut 8 Steps Up 💼

Hut 8 wasn’t far behind, purchasing 990 BTC for $100 million, with an average price of $101,710 per Bitcoin.

Total Reserves: 10,096 BTC

Milestone: Hut 8 now holds more Bitcoin than Tesla and has become the fourth public company with over 10,000 BTC on its balance sheet.

Market Context 📉➡📈

These strategic acquisitions came after Bitcoin’s value dropped over 5%, triggered by a US Federal Reserve rate adjustment. The flagship cryptocurrency hit a low of $96,781 before rebounding to $98,750, as per CryptoSlate's data.

Why Does This Matter? 🌍

Such significant purchases during a dip reflect the confidence of major players in Bitcoin’s long-term potential. While the crypto market can be volatile, moves like these remind us that smart investors seize opportunities when others hesitate.

The Bigger Picture 🔗

With these acquisitions, both Marathon and Hut 8 solidify their positions as leaders in the Bitcoin mining and holding ecosystem. Their bold strategies are paving the way for broader institutional adoption of crypto.

What do you think about these investments? Are they too risky, or will they pay off in the long run? Let me know your thoughts! 💭🔥
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