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Foundry Launches Mining Machine Marketplace

A digital asset mining and staking firm that is known as Foundry Digital had informed the public on Wednesday, about the launching of its new marketplace for exchanging bitcoin mining machines.

Foundry Launches Resale Marketplace for Mining Machines iBase Trading.
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A digital asset mining and staking firm that is known as Foundry Digital had informed the public on Wednesday about the launching of its new marketplace for exchanging bitcoin mining machines.

They called it FoundryX. The firm is known to be controlled by a Digital Currency Group, which is a company of CoinDesk molds.


Foundry X

Foundry Vice President of Business Development Jeff Burkey released a statement that they are the perfect company. They have the knowledge and data to equalize the right buyers to their correct sellers with a reasonable price. The industry has been building its name for having leading clients and partners. They’re also having to distribute machines to mining companies.

CoinDesk received a statement emailed to them, containing the company’s securing over 40,000 of the latest-generation mining machines that MicroBT and Bitmain ordered. The purchaser requested an immediate delivery to the new marketplace to fulfill the transaction through 2022. As of this time of writing, the company focuses on providing these new machines to its sourced manufacturers, own inventory of Foundry, a network of resellers, and its existing clients.

FoundryX only focuses on those miners who wish to upgrade or expand their business, whether small, mid, or large-scale. However, the said machine is for small-scale retail clients only.

The email also includes a statement that says they can also offer assistance to some companies who provide services to markets and those advocates of a fully decentralized network.

On top of that, the company specified that few merchants around the world. These shall have a significant wire deposit to be able to stock machines. This requirement has made the business even more complicated, especially for potential consumers. Despite that, Foundry’s newly launched business has a strategy on that certain issue. It included connecting buyers and sellers by means of its trusted and reliable secondary market for mining machines that are based in the U.S.

The problem found on the move was its existing supply-chain bottlenecks and global chips. These have made the miners experience a troublesome exchange in securing machines on time. Especially for North Americans who get their supply from Asia.

Benefits of FoundryX

One of the main benefits of the clients when ordering mining machines from FoundryX is its flexibility to customize when it comes to the size and payments terms that can be based on their needs. In most cases, manufacturers require the customer to have a monthly minimum commitment along with large deposits depending on its delivery. In that case, with the new marketplace, the consumers will have the freedom to adapt quickly, Foundry’s spokesperson stated.

A Bitcoin miner service provider called Compass Mining also started its secondary resale market. It is for retail mining customers that focuses on selling Bitcoin mining machinery. They have launched in November this year.

Whit Gibbs, the company’s CEO, stated that the secondary market’s high demand. It’s because of the hundreds of millions of dollars in miners that sold every month.

Foundry’s precedent official start in market business today, has already accomplished its sales in hardware over $125 million this year.

Foundry added that its current clients can demand additional enterprise-grade services. Some of these are providing funds, transporting, detailed coordination and pooled mining through Foundry USA pool.

The report of BTC.com, based on collected data on Foundry’s mining pool which can be in North America represents about 16% of the networks entire hashrate.

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Nicholas Martinez is passionate about making the crypto world more accessible by bringing the latest news to the space. He has a MBA in Business Analytics and has shown an interest in cryptocurrency from as far back as he can remember.