The Bitcoin mining industry is booming as the overall network hashrate continues to increase. This has been used as a good opportunity by Foundry to launch a BTC mining rig marketplace. The mining rig marketplace is called the Foundryx and has over 40,000 mining units for resale. They also have their own mining setups, which contribute 16.8% to the total BTC hash rate. This also makes them the largest miner as per hash rate, followed closely by AntPool.
Foundry’s crypto mining and marketplace
The company has been making money by employing the mining rigs themselves and selling them as well. This makes it really profitable for them. In August 2020, the digital currency group invested $100 million in the company. Foundry was just a year old when this investment was made, and they have been working in the BTC mining industry ever since. Their new marketplace is also a step in the right direction as it offers much-needed rigs in the market,
The company is already the largest individual contributor of the BTC hash rate with 29.83 EH/s. And now, they are planning to use the company’s robust shipping and logistic units to reach customers who purchase from their new mining unit marketplace. I think their profits are going off the charts with this new business idea.
Their goal
One very important thing to note here is that the BTC mining rig marketplace has units for resale. This means it doesn’t sell new devices. The mining rigs have been used before and hence will be available for cheaper rates. Additionally, the current supply chain issues and chip shortages have increased the demand for used rigs. Currently, there aren’t many used rigs resellers in the market that can be trusted properly, but with Foundryx, the trust factor is there. This is why they are planning to become a properly trusted secondary marketplace of BTC mining rigs. It is also important to note that Foundry has also been launching staking services on 20 different networks, which will be yet another important business for them.
What are your thoughts on Foundry USA launching a used BTC mining rig marketplace? And do you think it will take off due to the current shortage of chips and rigs supply? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Metaverse will be a multitrillion dollar market, says Cathie Wood.
