Digital-asset mining and staking firm Foundry is starting a new supply-chain management service designed to make delivery of bitcoin-mining computers more efficient as the industry is gripped with logistical issues. Foundry is a subsidiary of Digital Currency Group (DCG), the parent company of CoinDesk.
The new service, Foundry Logistics, is a dedicated supply-chain management service that is able to cut down total transit time for shipments significantly as well as add visibility to various expenses related to shipments, Foundry’s senior vice president of Infrastructure, MK Sathya, told CoinDesk. Such services will not just lower the transit time, but also make internal accounting much easier, Sathya added.
Through Foundry Logistics, miners will also have access to end-to-end tracking that the buyers of Foundry do.
“Through worldwide offices and a network of dedicated on-the-ground contacts for every order, Foundry Logistics ensures cost-effective and streamlined deliveries, providing clients with customs clearance, insurance guidance, ocean shipment solutions, national warehouse solutions and other domestic surface logistics,” the statement added.
In recent years, supply-chain issues have been plaguing industries across the globe, and bitcoin mining is no different. Due to the capital-intensive nature of the mining industry, miners can't afford to have delays in mining rigs, because they mean extra costs.
“Transit time and efficiency are of great significance in the cryptocurrency-mining industry, where machines’ profitability is dependent on a wide variety of factors, such as bitcoin price and the network’s mining difficulty,” Foundry said in its statement. “This makes the timely delivery of ordered hardware critical to the operation of mining companies.”
Bitcoin-mining computers often don't have a way to regularly track the progress of the ordered equipment in transit, making the process even less transparent and manageable, Foundry said.
Last year, Foundry launched FoundryX, a new marketplace for buying and selling bitcoin-mining machines. Customers using this service will have access to the new supply-chain management system, which will be tailored to each client’s operational needs, according to the statement.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.