As a reminder, Chinese miners weren’t just moving to the US. One of the most popular destinations for them was also Kazakhstan, whose share of the total Bitcoin hashray – that is, the cryptocurrency’s processing power – increased from 6 percent to 18 percent between January and August 2021, which is three times as much.

Alas, the influx of miners has caused problems. In particular, experts have begun to talk about the prospect of overloading the country’s power grid. In addition, the budget revenues thanks to the enthusiasts of cryptocurrency mining were not as large as planned. Read more about the situation in a separate story.

Where can I buy a crypto farm?

A new platform called FoundryX is set to become a sort of Avito for miners, i.e. a true one-stop shopping platform. Foundry will act as an intermediary in transactions for those who would like to sell their used iron at a bargain price with minimal risk. The announcement of the initiative was commented on in an interview with Decrypt by the company’s Vice President of Business Development, Jeff Berkey. He said that miners care a lot about transparency in their field – and that’s exactly the problem the new platform will fix.

Cryptominer

As a reminder, a significant proportion of crypto farm equipment is still manufactured in China. Before that, its buyers had significant risks in financial transactions in the PRC. Now at least 40 thousand ASIC miners will be available directly in the U.S. market - that's how many offers Foundry already has.

In addition to shipping the new equipment directly from China, Americans have a good chance to buy asics from Chinese miners who have moved to the US. However, without a centralized authority and guarantor, such deals are problematic – which is why Foundry needs to find customers for its platform quickly.


So essentially it's all about brokering the bidding for cryptocurrency mining equipment and verifying its status. That means miners will have more confidence that they are buying a decent device without any problems. This way the bidding will be more active, which will also open the niche to newcomers.


Foundry

Although Foundry is less than two years old, it has shown impressive growth in that time. Initially, Foundry’s management oversaw only its own mining centres in North America, but the company has since created a mining pool that has taken a notable share of the market. Foundry also plays a strategic role for its parent company Digital Currency Group, offering financial and administrative services to its mining clients.


If you want to join cryptocurrency mining and do it with at least one video card, we recommend the 2Miners mining pool. It supports many cryptocurrencies and different languages, and has clear instructions on how to start the coin mining process. Most importantly, the innovative payout system when mining Etherium will allow you to receive your rewards in Bitcoin as well. Since this exchange scheme is automated, from the outside it will look just like BTC mining using a video card.


Cryptocurrency mining


We believe that this initiative will be another important step in the development of the digital asset niche. It will make it much easier to join the cryptocurrency mining industry and increase the credibility of the industry. So it is hoped that there will be more and more such trading platforms over time.


Want to know more interesting things about mining? Visit our cryptochat and 2Miners pool. There we will talk about the hottest topics related to cryptocurrency mining and not only.