As the saying goes, “it takes money to make money”. In most industries where there are positive returns, there will be an abundance of capital and financing to support the growth of businesses. Yet historically mining businesses had few financing options open to them, despite the compelling returns they’re able to yield. However, this is rapidly changing as investors are increasingly recognizing the opportunity in crypto and investing traditional capital. Mining in particular, which is a fundamental of crypto and linked to the creation of intrinsic value, is one of the best and reliable ways to step foot into this sector.
One of the early pioneers to address the financing gap in a reliable and scalable way is the Digital Currency Group (DCG)’s subsidiary Foundry. Since its inception in 2019, Foundry has emerged as one of the largest bitcoin miners in North America. It has also extended tens of millions of dollars in equipment financing to other mining organizations and helped to procure almost half of the bitcoin mining delivered in North America this year.
Bitmain has been collaborating with Foundry for some time, who have provided the necessary capital to fund mining equipment for many of its large clients. This critical access to finance not only breaks down barriers to entry and growth for mining businesses, but it also strengthens the overall mining ecosystem.
“Foundry was established to empower miners with the tools that they need to build tomorrow’s decentralized infrastructure. An important part of this is addressing the chronic lack of financing options, which is holding back many successful mining businesses from scaling their operations”, said Mike Colyer, CEO at Foundry. “Through our partnership with Bitmain, we are proud to have helped many mining businesses across North America procure the mining equipment they need to realize growth.”
“Through Foundry’s work and financial support of our end…