As the entire network hash rate continues to climb, the Bitcoin mining business is seeing rapid growth. Foundry has taken advantage of this by launching a marketplace for Bitcoin mining rigs on the Ethereum blockchain. The Foundry is a mining rig marketplace that has approximately 40,000 mining rigs available for resale, according to its website. It is also worth mentioning that they have their own mining installations, which contribute 16.8% to the overall Bitcoin hash rate. This also puts them as the greatest miner in terms of hash rate, followed by AntPool, which is a close second.
- Bitcoin mining equipment will be sold on FoundryX, the company’s new marketplace.
- DCG subsidiary Foundry, which began in 2020, is expanding again further.
Since China’s ban on Bitcoin mining last year, a large portion of the sector has relocated to the United States. There are many reasons behind Foundry’s decision to develop a new market where buyers and sellers of old Bitcoin mining rigs may connect with one another. There is a new website dubbed FoundryX, which is designed to operate as an eBay for the mining sector, connecting sellers and buyers and providing a reputable intermediary for a company historically notorious for its shady or unethical tactics. According to Jeff Burkey, Foundry’s VP for Business Development, people desire transparency since they’ve had to rely on wire transfers to China to obtain Bitcoin mining equipment in the past. Over $125 million in equipment purchases have been handled by Foundry in 2021, and the company believes it has secured over 40,000 units for delivery by the end of 2022. Even mobile phones might be used in the initial days of Bitcoin mining. A rise in Bitcoin’s popularity in 2015 required miners to acquire greater computational capacity in the form of custom-built equipment. Bitmain and MicroBT, two Chinese manufacturers, create the majority of these devices, which may cost thousands or even tens of thousands of dollars. According to Foundry’s CEO, Mike Colyer, China’s crackdown on crypto mainly targeted domestic activity, but not the production of equipment for experts. The crackdown, however, has prompted a rush among Chinese miners, who are scrambling to get their equipment out of China or sell it to purchasers in other countries, especially in the United States, according to Colyer. As a result of this, Foundry is able to help both buyers and sellers negotiate the complicated process of exporting mining equipment around the globe. Foundry has expanded significantly in its short existence of fewer than two years. Following its inception in February, the company has extended its scope to include helping other North American businesses acquire and finance Bitcoin mining equipment, as well as launching a pool that has since become one of the world’s largest. Foundry, a subsidiary of the Digital Currency Group (DCG), serves a strategic function for its parent firm by offering financial & administrative services from Genesis, another DCG company, to its mining customers.