Digital Currency Group spins out new crypto mining subsidiary
Digital Currency Group (DCG) has launched a new cryptocurrency mining subsidiary named Fortitude Mining, aimed at providing institutional investors with exposure to a diversified portfolio of mined crypto assets. This announcement, made on January 29, indicates a strategic shift as the mining operation was previously part of Foundry, a decentralized mining and staking service. Andrea Childs, previously with Foundry since 2020, has been appointed CEO of Fortitude Mining. The financial details surrounding the acquisition have not been disclosed. This move may be part of Foundry's restructuring to concentrate on its core Bitcoin mining operations, where it currently holds over 30% of the Bitcoin network hashrate, outperforming its nearest competitor, Antpool, which holds 17.8%. Following the fourth halving of the Bitcoin network in April 2024, the industry has faced challenges with increasing consolidation, as many miners, including major publicly traded companies, have shifted their strategies to retain a larger segment of their mined Bitcoin. Recent reports indicate that four of the top sixteen Bitcoin holders are miners, highlighting the evolving landscape of Bitcoin mining.
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