Digital Currency Group Unveils Fortitude Mining to Expand into Venture Mining
by aria-crypto.com
January 30, 2025 at 14:17
Digital Currency Group Unveils Fortitude Mining to Expand into Venture Mining
Digital Currency Group (DCG) has launched Fortitude Mining, a wholly-owned subsidiary designed to mine Bitcoin and venture into other high-growth digital assets. The new subsidiary builds on the success of Foundry, DCG’s former mining arm and the largest Bitcoin mining pool globally. Andrea Childs, previously the Senior Vice President of Operations & Marketing at Foundry, has been appointed as the CEO of Fortitude Mining.
Fortitude Mining's launch as an independent entity within DCG is seen as a strategic move to capitalize on venture mining opportunities in emerging digital ecosystems. Mike Colyer, founder of Foundry and its current CEO, will continue his leadership role at the parent company, overseeing both entities.
DCG founder and CEO Barry Silbert highlighted that the spin-off allows Fortitude Mining to explore enhanced growth opportunities through capital raises and strategic investments. Since its separation from Foundry, Fortitude Mining has invested in state-of-the-art mining technologies to ensure efficiency and robust growth prospects through 2024 and beyond.
The restructuring at Foundry, including layoffs affecting non-core functions, contrasts with the expansion goals of Fortitude Mining, emphasizing a strategic shift towards a more focused and potentially lucrative venture mining model. Despite challenges like the lawsuit from the bankrupt crypto lender Genesis, DCG’s strategic restructuring and investments indicate a commitment to long-term growth in the cryptocurrency mining sector.
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