Foundry Opened A New Bitcoin Mining Rig Marketplace: Report

Foundry opened a new bitcoin mining rig marketplace dubbed FoundryX which will match buyers and sellers of BTC mining rigs as we can see today in our Bitcoin latest news.

Foundry opened a new BTC mining rig marketplace and will serve as an eBay for mining rigs and this is the latest expansion for the company of the DCG subsidiary that launched in 2020. Bitcoin mining underwent a huge transformation in the past year as the massive crackdown in China led most of the industry to move out into other countries. This is one of the reasons why Foundry a fast-growing US mining company is launching a new market to match the buyers and sellers of used mining rigs.

Dubbed FoundryX, the new platform promises to act as an eBay market for the mining industry and will tap into the relationships with hundreds of buyers and sellers as well as serve as a middleman for businesses once known for secretive practices. Jeff Burkey as the VP of Business Development at the company noted that people want more transparency and said that buying rigs historically required an act-of faith revolving around the wire transfers to China.

Foundry also operates a mining pool and runs machines of its own but says it has facilitated over $125 million in equipment sales in 2021 which is how it secured over 40,000 machines for delivery through 2022. During the early days of Bitcoin, people want to mine BTC by using home laptops or cell phones. By 2015, Bitcoin’s growing popularity required the miners to obtain more computing power in the form of specialized machines that are built with custom chips.

The machines cost thousands or tens of thousands of dollars and are produced by Chinese manufacturers MicroBT and bitmain. As per CEO Mike Coyler, China’s crackdown of crypto targeted domestic activities but not the manufacture of machines for export. Coyler added that the crackdown led to a scramble as the miners look to move their machines out of the country and sell them to buyers in other countries like the US. This led to an opportunity for Foundy as it helps the buyers and sellers go through the tricky process of shipping mining rigs worldwide.

While Foundry is less than two years old, it grew rapidly. The company focused on mining BTC operations but expanded to finance equipment and launched a pool that emerged as one of the biggest.