MicroBT announces plans to cooperate with Foundry to build an overseas offshore Bitcoin mining factory

Last week, Bitcoin mining equipment manufacturer MicroBT announced plans to build an overseas factory to produce mining equipment and parts for the company’s mining machines sold in North America. The company revealed the news of the overseas expansion when it announced a partnership with New York-based Foundry Digital LLC.

MicroBT’s Whatsminer M series bitcoin miners have become popular over the past few years , and the company has received a large portion of orders from overseas markets . On September 25, the China-based company announced a partnership with Foundry, stating that MicroBT had signed a contract with a Southeast Asian factory to manufacture Whatsminer miners specifically for American customers.

Foundry Digital LLC is part of Digital Currency Group’s plan to enter the Bitcoin mining ecosystem.

MicroBT said the partnership with Foundry and the establishment of offshore manufacturing operations will "strengthen DCG Group's mining position in North America." In addition, the cooperating Southeast Asian foundries will allow direct purchases by American companies without being affected by high taxes brought about by the cold war between China and the United States.

Typically when individuals and companies in the United States purchase Bitcoin mining machines from China, they have to pay a 25% tariff.

“As part of the new partnership, Foundry will be the first to receive new batches of the M30S series Whatsminer mining machines that MicroBT plans to produce in Southeast Asia,” the statement noted.

“We will continue to work closely with Foundry to provide the highest quality machines and after-sales services to customers in North America,” said Jianbing Chen, Microbt’s chief operating officer, in the statement. “This will not only further geographically disperse Bitcoin’s hash rate, but also protect the security of the global network,” the Microbt executive added.

The news comes after Bitmain announced its latest partnership with Foundry on September 10. Bitmain is also on the lookout for North American buyers, opening a branch in Malaysia and revealing its latest partnership with Core Scientific on September 17. The two companies plan to collaborate to establish Bitmain’s North American mining equipment repair center to “greatly reduce machine downtime return repair time.”

Bitcoin mining, according to the third Global Cryptocurrency Benchmark Study published by Cambridge University, is steadily reaching “industrial scale.” Foundry’s offshore partnership with MicroBT hopes to increase mining capacity in North America.

In the past few months, mining companies in the United States and Canada have purchased a large number of mining equipment from Chinese manufacturers. Public companies such as Marathon , Hut8 and Riot Blockchain have announced the purchase of new generation mining machines from Bitmain and Shenma.

“Through our collaboration, coupled with MicroBT’s upgraded production capabilities, we look forward to continuing to provide timely procurement and delivery services for the latest generation of Bitcoin mining hardware to our customers, who are institutional (cryptocurrency) miners in North America,” Foundry CEO Mike Coyle said of the overseas factory .