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Digital Currency Group Spins Off Crypto Mining Subsidiary Fortitude From Foundry
Fortitude Mining will produce bitcoin and other proof-of-work tokens.
What to know:
- Digital Currency Group (DCG) has a new subsidiary called Fortitude Mining.
- The business was spun out of DCG's Foundry unit and will be focused on venture mining.
- DCG is looking for potential strategic partners to invest in Fortitude.
Digital Currency Group (DCG) is spinning off the self-mining unit of its Foundry subsidiary into a separate business called Fortitude Mining that will mine crypto across a range of digital assets, the company said Wednesday.
What makes Fortitude Mining different is that it will not only mine bitcoin (BTC), but other proof-of-work protocols as well, with a focus on high-return tokens.
STORY CONTINUES BELOW
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Andrea Childs, previously employed as the senior vice president of operations and marketing at Foundry, has been appointed CEO of Fortitude Mining. Mike Colyer remains the CEO of Foundry, which provides digital asset infrastructure to the crypto ecosystem.
"Spinning out Fortitude Mining provides greater growth opportunities to further scale the business, including raising capital, making additional investments, and attracting top-tier talent," said Barry Silbert, founder and CEO of DCG, in a statement.
DCG is looking for strategic partners such as venture capital firms, to invest in Fortitude, Childs said in an interview with CoinDesk, and has received potential interest in the mining firm's equity and debt.
Fortitude plans to reinvest cash flows into new hardware and site acquisitions in 2025. Its current mining fleet is highly efficient, Childs said.
Will Canny
Will Canny is an experienced market reporter with a demonstrated history of working in the financial services industry. He's now covering the crypto beat as a finance reporter at CoinDesk. He owns more than $1,000 of SOL.
