Foundry Implements Merge Mining to Enhance Security for Rootstock
Foundry, the leading Bitcoin mining pool, will implement merge mining to enhance Rootstock's security. This allows additional computational power for the Bitcoin layer-2 network without increasing energy consumption.
Key Points
- Merge mining enables miners to mine multiple cryptocurrencies simultaneously using a common hashing algorithm.
- Foundry will contribute 200 exahashes per second to Rootstock, totaling 740 EH/s, which is nearly 80% of Bitcoin's total computing power.
- This initiative aims to improve the security of Rootstock transactions, reducing risks of cyberattacks and double spending.
- Miners participating in merge mining receive 79% of Rootstock’s transaction fees in rBTC, creating a new revenue stream for Foundry without extra electricity costs.
- Rootstock benefits from enhanced reliability for smart contracts due to Foundry’s mining power.
- This collaboration supports the broader goal of making Bitcoin functional beyond being a store of value, enhancing financial applications and decentralized services.
This partnership may strengthen Bitcoin’s ecosystem, focusing on security and scalability.