In brief
- Digital Currency Group (DCG) has just announced Foundry, a wholly-owned subsidiary that was previously operating in stealth.
- Following its launch in 2019, Foundry has already emerged as one of the largest Bitcoin mining firms in North America.
- Through a $100 million investment, DCG seeks to position Foundry as a bridge between mining hardware manufacturers and capital.
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Crypto-focused venture capital company Digital Currency Group (DGC) is now moving into the cryptocurrency mining industry with a subsidiary: Foundry.
Following the inception of Bitcoin mining in 2009, the cryptocurrency mining industry initially emerged as a lucrative market for solo miners mining Bitcoin with their laptops or computers. But in recent years, the barrier to entry has dramatically increased as massive corporate entities now dominate the landscape and a large chunk of the Bitcoin hash rate.
According to a press release, Foundry was designed to help institutional investors better access the cryptocurrency mining and staking industry—which has been largely dominated by private firms like Bitmain and Canaan Creative. Foundry's involvement in the cryptocurrency mining industry currently encompasses equipment financing and procurement, as well as mining, staking, and advisory services.
We want to empower decentralized infrastructure in the new digital economy, and our work will support the development and growth of mining operations—particularly in North America,” said Mike Colyer, CEO of Foundry.
Since being established in 2019, Foundry has emerged as one of the largest Bitcoin mining firms in North America and assisted with procuring around half of the mining hardware delivered to the region. Now, Foundry will give vetted mining hardware manufacturers and distributors access to capital resources, and help individuals and firm with an interest in the cryptocurrency mining space build and maintain decentralized networks.
“Digital asset mining and staking provide the backbone of the blockchain technology that will drive that advancement. Foundry is bringing critical resources and guidance to an essential corner of the industry, and Mike Colyer and his team have the expertise, credibility, and integrity to support the evolving needs of miners and manufacturers,” said Barry Silbert, Founder and CEO of DCG.
To help Foundry break way in the cryptocurrency mining space, Digital Currency Group will be investing more than $100 million into the initiative through to 2021.