Digital Currency Group (DCG) has introduced Fortitude Mining, a fully-owned subsidiary dedicated to exploring mining opportunities in various digital assets across the blockchain.
Fortitude Mining is set to expand on the foundation laid by Foundry, DCG’s mining arm that has been operational for half a decade. Foundry currently holds the title of the world’s largest Bitcoin mining pool.
With a focus on tapping into emerging ecosystems with promising returns, Fortitude Mining aims to mine Bitcoin as well as other high-growth digital assets. The inception of Fortitude Mining signifies DCG’s strategic decision to establish a distinct entity for its self-mining operations previously part of the Foundry subsidiary.
Andrea Childs, former Senior Vice President of Operations & Marketing at Foundry, has been named the CEO of Fortitude Mining, while Mike Colyer, the founder of Foundry in 2019, will continue as CEO of the parent company.
The primary objective of Fortitude Mining is to capitalize on its mining proficiency and extensive industry connections to deliver lucrative returns.
Barry Silbert, DCG’s Founder and CEO, highlighted that the spin-off of Fortitude Mining unlocks new growth avenues, including fundraising, investments, and talent acquisition.
Since its inception, Foundry has experienced substantial growth, culminating in its position as the top Bitcoin mining pool globally by January 2022. This solid groundwork is poised to propel Fortitude Mining towards future accomplishments.
The establishment of Fortitude Mining under the DCG umbrella marks a significant milestone in tapping into the prosperous self-mining sector, according to Foundry CEO Mike Colyer.
In 2024, Fortitude Mining made substantial investments in new mining equipment to ensure operational efficiency. Plans are in place to reinvest profits into additional acquisitions and infrastructure in 2025, underscoring the commitment to long-term growth and vertical integration.
Foundry will continue to manage its Bitcoin mining pool and ancillary services, maintaining its core focus while leveraging the independence of Fortitude Mining.
These recent developments follow reports from December regarding workforce reductions at Foundry, aimed at streamlining non-essential functions, including the hardware team.
Additionally, in 2023, the now-defunct crypto lender Genesis lodged a lawsuit against DCG, its parent company, over outstanding debts.