Foundry, the digital asset mining and staking entity under Digital Currency Group, has ventured into a new enterprise with the launch of a Bitcoin mining machine marketplace.
In a statement published Wednesday, Foundry highlighted the “global semiconductor chips shortage and supply chain issues”, resulting in scarcity of supply and delay in furnishing new mining equipment from Asia.
The secondary marketplace, named Foundry X, will allow buyers and sellers of Bitcoin mining machines to interact with each other and place their pricing accordingly. Foundry has already access to more than 40,000 mining machines ready to sell on its new platform, as per the announcement.
An entity of DCG, Foundry operates the popular Bitcoin (BTC) and Bitcoin Cash (BCH) mining pool “Foundry USA”. Following China’s crypto mining ban policy this year, several medium and large miners moved to the United States and Europe, prompting more miners to join the Foundry USA mining pool.
As a result, the move significantly increased the pool’s hash rate occupancy. Currently, it contributes the highest amount of Bitcoin hash rate in the world, nearly 17% as of December 2021.
The new marketplace has targeted medium and large-scale miners, with a minimum order requirement of 50 units. As of now, Foundry will source machinery from manufacturers, Foundry’s inventory, and existing clients, along with some resellers.
“With the industry’s leading clients and partners, from machine manufacturers to mining companies, we have the market knowledge and data to match the right buyers and sellers, at the right price,” said Jeff Burkey, VP of Business Development at Foundry. “But most importantly, buyers and sellers can confidently proceed knowing that Foundry has a proven track record like no other in the industry.”