Digital Currency Group (DCG) made a significant move in the cryptocurrency landscape by announcing the spin-off of the self-mining unit of its Foundry subsidiary. The new entity, Fortitude Mining, will focus on mining a diverse range of digital assets, broadening its scope beyond bitcoin.
Fortitude Mining distinguishes itself by not only engaging in bitcoin mining but also tapping into other proof-of-work protocols. With an emphasis on high-return tokens, the firm aims to capture a larger share of the dynamic cryptocurrency mining sector.
Andrea Childs, who formerly served as the senior vice president of operations and marketing at Foundry, has been appointed as the CEO of Fortitude Mining. Mike Colyer will continue to lead Foundry, which plays a crucial role in providing digital asset infrastructure within the growing crypto ecosystem.
Barry Silbert, the founder and CEO of DCG, stated, “Spinning out Fortitude Mining provides greater growth opportunities to further scale the business, including raising capital, making additional investments, and attracting top-tier talent.” This strategic decision reflects DCG’s recognition of the expanding potential in the cryptocurrency mining space.
In a recent interview with CoinDesk, Childs revealed that DCG is actively seeking strategic partners, including venture capital firms, to invest in Fortitude Mining. The company has already garnered potential interest regarding both equity and debt in the new venture.
Looking ahead, Fortitude Mining plans to reinvest its cash flows into acquiring new hardware and sites, with aspirations for expansion in 2025. According to Childs, the company’s current mining fleet is notably efficient, positioning Fortitude to be competitive in the evolving digital asset landscape.
As Fortitude Mining steps into its new role within the crypto industry, it remains poised to leverage innovative strategies and robust partnerships, setting the stage for significant growth and sustainability in the future.
