Foundry Opened a New Market for Bitcoin Mining Rigs: Report
Foundry has opened a new BTC mining rig marketplace and will act as an eBay for mining rigs. This is the latest addition to the DCG subsidiary to hit the market in 2020. Bitcoin mining has changed massively in the last year as the massive crackdown is taking place. China leads the bulk of the industry relocating to other countries. It’s one of the reasons Foundry, a fast growing U.S. mining company, is launching a new marketplace to support buyers and sellers of used mining rigs.
The new platform, called FoundryX, promises to act as an eBay marketplace for the mining industry, forging relationships with hundreds of buyers and sellers, as well as acting as an intermediary for the mining industry. The company was once known for its undercover deals. Notes that people want more transparency, Jeff Burkey, the company’s VP of Business Development, says that buying oil rigs in the past required an act of faith to move money to China.
Foundry also runs a mining pool and operates its own machines, but says it has enabled more than $ 125 million in equipment sales by 2021, securing more than 40,000 machines for delivery by 2022 to Mine BTC with their laptop or mine Mobile phone at home.
By 2015, Bitcoin’s growing popularity required miners to purchase additional computing power in the form of specialized machines with custom chips.
These machines cost thousands or tens of thousands of dollars and are made by Chinese manufacturers MicroBT and Bitmain. According to CEO Mike Coyler, China’s crackdown on cryptocurrencies is aimed at domestic operations, not the production of machines for export. Coyler added that the raid resulted in a scramble as miners try to get their machines out of the country and sell them to buyers in other countries like the US. This offers Foundy an opportunity as it helps buyers and sellers through the tedious process of shipping mining platforms around the world.
Although the foundry is less than two years old, it has grown rapidly. The company focuses on the BTC mining operations but expands into equipment finance and creates the largest pool.