After China banned all cryptocurrency mining operations, many miners migrated to other countries. Those who could not move elsewhere were stuck with their expensive mining machinery and could get no value from it. Foundry Digital’s new initiative FoundryX seeks to solve this problem with their new marketplace for mining equipment. Jeff Burkey, President of Foundry Digital, said that they have all the expertise and experience needed to carry forward a project like this. Apart from reselling mining equipment, FoundryX will also partner with mining equipment manufacturers to get the latest machinery. As of now, they have obtained more than 40,000 units from MicroBT and Bitmain. Apart from manufacturers, Foundry has a long list of clients and an extensive inventory which they will use to supply mining equipment.
Such an initiative will be of great help to Bitcoin miners around the world, especially if they can obtain used equipment at a lower price. The cost of Bitcoin mining equipment has kept many people away from venturing into it. If these people can access high-quality equipment at a low price, Bitcoin mining hash rates will dramatically improve. FoundryX has claimed that it will serve large-scale and small-scale miners alike without discriminating on the basis of order size.
Bitcoin mining has long been an area of debate and controversy. Many feel that Proof of Work mining is not sustainable, while others feel that renewable energy sources can solve the problem. Foundry’s role in this debate is still unclear, but their initiative will definitely help Bitcoin miners.