Foundry Digital LLC announced on July 28th, 2022 the launch of Foundry Logistics, a new division that advances the company's goal of establishing high standards for dependability, efficiency, and transparency in the Bitcoin and cryptocurrency mining sector. The company specializes in mining Bitcoin and other cryptocurrencies while being a fully owned subsidiary of Digital Currency Group (DCG).
By offering an all-in-one solution for mining gear delivery, Foundry Logistics bridges the gap between hardware manufacturers and purchasers by utilizing its industry connections and new alliances that span the globe.
In Foundry’s press release, the company recognizes that the main factors that lead to the profitability of mining is the price of Bitcoin and the network's mining difficulty. Foundry also lists the transit time and efficiency of delivery for ASICs as one of the main drivers for revenue losses.
The prompt delivery of required gear is therefore essential to the core operations of mining companies. Foundry states that most customers frequently do not have a way to constantly follow the progress of ordered equipment in transit, making the process even less visible and controlled. If the miners do not arrive on time, customers are likely to endure losses.
By giving customers the option to track the progress of their shipments, Foundry Logistics hopes to considerably reduce obstacles and delays that many miners now face when ordering ASICs or other mining equipment. Losses incurred as a result of delayed shipments also result in budget extensions, new difficulty calculations, and loss of revenue generation. For mining operators in the sector, Foundry Logistics aims to get rid of these obstacles.
Senior Vice President of Infrastructure MK Sathya states that “With Foundry Logistics we want to do exactly what Foundry has done with other business verticals: provide the increasing number of institutions in this maturing industry with products, services and resources that are at par with those that exist in older and more established industries.”
In addition to Foundry Logistics, Foundry also unveiled Foundry Academy this week. This program is a one-week course taught in Rochester, New York that provides training and certification for individuals interested in working in the Bitcoin and cryptocurrency mining industry. The initiative aims to on-ramp people who wish to get started in Bitcoin and cryptocurrency mining while also training new technicians for the field.