"DCG Spins Off Fortitude Mining, Aims to Mine High-Growth Digital Assets"

Digital Currency Group (DCG) has spun off the self-mining unit of its Foundry subsidiary, launching Fortitude Mining as a separate business. The new venture aims to mine Bitcoin and other high-growth digital assets in emerging ecosystems with strong return potential. Andrea Childs, former Senior Vice President of Operations & Marketing at Foundry, has been appointed CEO of Fortitude Mining, while Mike Colyer, who founded Foundry in 2019, will continue as CEO of the parent company.

Fortitude Mining's primary goal is to generate returns by leveraging its mining expertise and substantial industry relationships. DCG's Founder and CEO, Barry Silbert, noted that the spin-off allows the venture to explore greater growth opportunities, including capital raising, investments, and talent acquisition. "Originally part of FoundryServices, FortitudeCrypto is pioneering venture mining- a unique model providing diversified exposure to crypto and engages early in fast-growing Proof of Work ecosystems beyond just Bitcoin," Silbert noted on X.

Since its launch, Foundry has grown significantly, becoming the world’s leading Bitcoin mining pool since January 2022. This strong foundation positions Fortitude Mining for future success. "The launch of Fortitude Mining as a standalone DCG subsidiary is a pivotal next step in allowing the business to continue to capitalize on the lucrative self-mining market," said Foundry CEO Mike Colyer.

In 2024, Fortitude Mining invested heavily in new mining machines, ensuring the fleet remains efficient. The company plans to reinvest cash flows into further acquisitions and infrastructure in 2025. This focus on reinvestment supports Fortitude Mining’s long-term growth strategy and vertical integration. Foundry will continue to operate its Bitcoin mining pool and other services, remaining focused on its core business while benefiting from Fortitude Mining’s independence.

The latest developments come after it was reported in December that Foundry laid off 60% of its workforce. The layoffs targeted the company’s non-core functions, including its entire hardware team. Moreover, in 2023, the bankrupt crypto lender Gensis sued DCG, its parent company, over unpaid loans.