Monday, January 17

Company Launches Bitcoin Mining Machines Buy and Sell Marketplace | Bitcoin Portal

Bitcoin mining (BTC) has undergone a massive transformation in the last year, particularly after China’s crackdown forced much of the industry to move to North America.

That’s why Foundry, a fast-growing US mining company, is launching a new market to match buyers and sellers of bitcoin mining machines.

Called FoundryX, the new service acts as a sort of eBay for the mining industry, leveraging its relationships with hundreds of buyers and sellers and acting as a trusted broker for a business once known for secretive or dubious practices.

“People want transparency,” said Jeff Burkey, Foundry’s vice president of business development, who told the Decrypt portal that buying bitcoin mining machines often requires an act of faith involving banking transactions with China as a destination.

Foundry, which also manages a mining pool and operates its own machines, claims to have facilitated more than $125 million in equipment sales in 2021 and to have secured more than 40,000 machines for delivery throughout 2022.

Bitcoin Mining Today

In the early days of Bitcoin, people were able to mine cryptocurrency using personal notebooks or cell phones.

However, in 2015, the growing popularity of bitcoin required miners to obtain additional computing power in the form of specific machines built with custom chips.

Currently, these machines cost tens of thousands of dollars and are produced by two Chinese manufacturers: Bitmain and MicroBT.

According to Foundry CEO Mike Colyer, China’s crypto crackdown has targeted domestic activities but not machine manufacturing.

But Colyer added that the crackdown resulted in a dispute, as Chinese miners had to migrate their machines out of the country or sell them to buyers in other countries, including the US.

Thus, an opportunity has arisen for the Foundry as it helps both buyers and sellers navigate the complicated process of shipping mining machines around the world.

Although Foundry has only been in operation for two years, the system has grown rapidly.

Initially, the company had focused on its own bitcoin operations, but it soon expanded to help other US companies obtain and finance equipment, and in February, it launched a pool that emerged as one of the largest in the world.

A subsidiary of the giant crypto conglomerate Digital Currency Group (or DCG), Foundry also plays a strategic role for its parent company in cross-selling financial and administrative services by Genesis, another DCG company, to its mining clients.

*Translated and edited by Daniela Pereira do Nascimento with permission from Decrypt.co.



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