Digital Currency Group Spins Off Foundry’s Mining Unit to Launch Fortitude Mining

Digital Currency Group (DCG) has launched Fortitude Mining, a wholly-owned subsidiary focused on venture mining opportunities across various digital assets. 

The new venture will build on Foundry, DCG’s mining division, which has been active for five years. Foundry is the world’s largest Bitcoin mining pool.

DCG’s Fortitude Mining to Build on Foundry’s Legacy

According to an announcement, Fortitude Mining aims to mine Bitcoin and other high-growth digital assets in emerging ecosystems with strong return potential. DCG is basically spinning off the self-mining unit of its Foundry subsidiary into a separate business.

Andrea Childs, former Senior Vice President of Operations & Marketing at Foundry, has been appointed CEO of Fortitude Mining. Mike Colyer, who founded Foundry in 2019, will continue as CEO of the parent company. 

Fortitude Mining’s primary goal is to generate returns by leveraging its mining expertise and substantial industry relationships.

DCG’s Founder and CEO, Barry Silbert, noted that Fortitude Mining’s spin-off allows the venture to explore greater growth opportunities, including capital raising, investments, and talent acquisition. 

“Originally part of FoundryServices, FortitudeCrypto is pioneering venture mining- a unique model providing diversified exposure to crypto and engages early in fast-growing Proof of Work ecosystems beyond just Bitcoin,” Silbert noted on X.

Since its launch, Foundry has grown significantly, becoming the world’s leading Bitcoin mining pool since January 2022. This strong foundation positions Fortitude Mining for future success.

“The launch of Fortitude Mining as a standalone DCG subsidiary is a pivotal next step in allowing the business to continue to capitalize on the lucrative self-mining market,” said Foundry CEO Mike Colyer.

In 2024, Fortitude Mining invested heavily in new mining machines, ensuring the fleet remains efficient. The company plans to reinvest cash flows into further acquisitions and infrastructure in 2025. This focus on reinvestment supports Fortitude Mining’s long-term growth strategy and vertical integration.

Foundry will continue to operate its Bitcoin mining pool and other services. It remains focused on its core business while benefiting from Fortitude Mining’s independence. 

The latest developments come after it was reported in December that Foundry laid off 60% of its workforce. The layoffs targeted the company’s non-core functions, including its entire hardware team.

Moreover, in 2023, the bankrupt crypto lender Gensis sued DCG, its parent company, over unpaid loans.

The post Digital Currency Group Spins Off Foundry’s Mining Unit to Launch Fortitude Mining appeared first on BeInCrypto.