DCG Spins Off Fortitude Mining to Expand Digital Asset Ventures
DCG proclaims the launch of Fortitude Mining, a brand new subsidiary centered on Bitcoin and rising crypto belongings, led by Andrea Childs. Learn extra concerning the spin-off and plans for enlargement.
New Subsidiary Focuses on Bitcoin and Rising Crypto Belongings
Digital Currency Group (DCG) has introduced the launch of Fortitude Mining, a brand new subsidiary devoted to mining Bitcoin and rising digital belongings. The brand new firm will function as a standalone entity beneath DCG and can concentrate on increasing its operations past Bitcoin to incorporate a variety of different cryptocurrencies. This growth comes as a part of DCG’s technique to deepen its involvement in digital asset mining.
Fortitude Mining: A New Chapter in Crypto Mining
Fortitude Mining, which originates from Foundry’s self-mining division, has operated the world’s largest Bitcoin mining pool since 2022. The brand new enterprise will likely be led by Andrea Childs, former senior vp of operations and advertising and marketing at Foundry, who will function CEO. Childs brings six years of expertise within the cryptocurrency business to her new function.
DCG Founder Barry Silbert highlighted the importance of Fortitude Mining’s launch, emphasizing the corporate’s potential for progress, capital acquisition, and expertise attraction. He famous that the brand new subsidiary would capitalize on the sturdy basis established by Foundry’s current bitcoin mining fleet and income.
Plans for Enlargement and Progress
Fortitude Mining plans to scale its operations by reinvesting 2024 income into upgrading its mining {hardware} and buying extra websites in 2025. The subsidiary’s technique contains vertical integration, aiming to broaden its attain and capabilities throughout the mining ecosystem. Mike Colyer, CEO of Foundry, will proceed to supervise Foundry’s core bitcoin mining pool and software program providers.
Presently, Foundry’s pool generates 239.18 EH/s inside a worldwide community whole of 781.7 EH/s, accounting for over 30% of the worldwide hashing energy. This computational power varieties the idea for Fortitude Mining’s future ambitions.
