Digital Currency Group Launches Fortitude Mining
Digital Currency Group (DCG) has announced the exciting spin-off of its self-mining unit from the Foundry subsidiary, introducing a new venture named Fortitude Mining. This innovative business will not be limited to mining just Bitcoin (BTC); rather, it aims to explore a variety of proof-of-work protocols, particularly focusing on high-return digital assets.
At the helm of Fortitude Mining is Andrea Childs, who has been appointed as the CEO. Childs previously served as the Senior Vice President of Operations and Marketing at Foundry. Meanwhile, Mike Colyer continues to lead Foundry, which is dedicated to providing vital digital asset infrastructure to the broader crypto ecosystem.
According to Barry Silbert, founder and CEO of DCG, “The spin-off of Fortitude Mining opens up numerous growth opportunities, enabling us to scale the business effectively. This includes raising capital, making strategic investments, and attracting top-tier talent.” This statement underscores the potential for Fortitude to carve out its niche in the competitive landscape of cryptocurrency mining.
In a recent interview with CoinDesk, Childs elaborated on the company’s strategy, revealing that DCG is actively seeking strategic partnerships, particularly with venture capital firms, to invest in Fortitude Mining. There has already been notable interest in both equity and debt opportunities for the newly formed mining entity.
Looking ahead, Fortitude Mining has ambitious plans to reinvest its cash flows into acquiring new hardware and securing additional mining sites in 2025. Childs confidently stated that the current mining fleet is highly efficient, positioning Fortitude well for future growth in the dynamic crypto market.
