Foundry Introduces Bitcoin Mining Machine Marketplace

On Wednesday, Foundry Digital announced that they were launching Foundryx, a marketplace for bitcoin mining rigs. According to the company, they have access to mining machines of more than 40,000 and they are very much ready for resale. Along with the launch of the marketplace, the mining operation of the company i.e. Foundry USA has become the largest bitcoin miner in the world in terms of hash-rate. Digital Currency Group (DCG) had disclosed at the end of August 2020 that they had pledged $100 million to a crypto mining company known as Foundry. After all, the company had been established rather quietly back in 2019. 

Since its inception, the firm has managed to make a great deal of progress in the bitcoin mining industry. Foundry is a subsidiary of DCG, which provides capital, machines, intelligence, and consulting to digital asset miners. A mining pool is also operated by the company, which is named Foundry USA, and on December 8th, 2021, it became the largest bitcoin mining pool in the world because of a global hashrate of 16.5% or hashpower of 29.83 exahash per second (EH/s). Foundry USA has been one of the top pools in the last couple of months, as it consistently commanded a position in the global top five mining pools. 

On the same day that Foundry USA managed to command the largest share of the SHA256 hashpower globally, the company announced the launch of its bitcoin mining market that it has named Foundryx. The marketplace is designed to bring buyers and sellers of bitcoin mining machines together and people will be able to access the pricing and inventory of the company. According to the company, they have managed to secure about 40,000 mining machines from Bitmain and Microbt, which will be delivered in the coming year. The company also stated that Foundryx clients will also be able to take advantage of the enterprise-grade products. 

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These include services, such as shipping, financing, logistics as well as pooled mining, through the mining pool of the company i.e. Foundry USA. The crypto mining industry has been plagued with a number of problems, such as supply chain issues and shortages of semiconductor chips. Foundry said that it is planning on making the acquisition process easier for miners in the future. In addition, there are some resellers that also ask for hefty deposits for purchasing quality machines. The company’s announcement revealed that they could solve all these problems by providing buyers and sellers with a reliable and trusted secondary market based in the US for mining machines. 

The Vice President of the business development department of Foundry, Jeff Burkey said that the company has the data and market knowledge for helping buyers and sellers find the right machine at the right price because they are partnered with the leading mining companies and manufacturers in the industry. This market launch by the company follows the introduction of a number of services for crypto staking networks. This year, Foundry has also formed partnerships with several bitcoin mining operations, such as Hive, Bitdeer, Core Scientific, Cleanspark, Bit Digital, Bitfams, Greenidge Generation Holdings, Hut8, and Compute North. 

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