Chinese crypto-mining giant Bitmain has entered into a new agreement to streamline its North American operations.
As Bitmain officially announced on Sept. 10, the company formally partnered with Foundry, a wholly-owned crypto-mining subsidiary of major cryptocurrency firm, Digital Currency Group, or DCG. Foundry will provide funding to end customers of Bitmain in North America through the agreement.
The announcement comes shortly after DCG officially introduced Foundry in late August 2020. Formed in 2019, Foundry offers institutional expertise, capital and market intelligence to crypto miners and manufacturers. According to Bitmain, Foundry has emerged as “one of the largest Bitcoin miners in North America” and helped to procure “almost half of the Bitcoin mining” in the region in 2020.
Bitmain worked with the company “for some time,” a representative of Bitmain said. According to the firm, Foundry ‘s efforts not only “break down barriers to mining enterprise entry and development,” but also “strengthens the mining ecosystem as a whole.”