Digital Currency Group (DCG) has launched Fortitude Mining, a subsidiary focused on mining bitcoin and emerging digital assets, on Jan. 29, 2025, appointing former Foundry executive Andrea Childs as CEO.
DCG Spins Off Fortitude Mining to Focus on Digital Asset Ventures
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Fortitude Mining, New DCG Subsidiary, Targets Bitcoin and Emerging Crypto Assets
According to the announcement shared with Bitcoin.com News, Fortitude Mining will operate as a standalone entity under DCG, expanding beyond bitcoin to mine other crypto assets in developing ecosystems. The subsidiary originated as Foundry’s self-mining division, which has operated the world’s largest bitcoin mining pool since 2022.
Foundry CEO Mike Colyer will remain in his role, overseeing its core mining pool and software services. The company said that Andrea Childs, previously Foundry’s senior vice president of operations and marketing, brings six years of industry experience to Fortitude.
Presently, the mining firm plans to leverage existing infrastructure and capital to scale operations, including reinvesting 2024 profits into new mining equipment. The announcement disclosed that Fortitude allocated funds in 2024 to upgrade its mining hardware and aims to acquire additional sites in 2025.
DCG founder Barry Silbert cited Foundry’s established bitcoin mining fleet and revenue as foundational to Fortitude’s spin-off, emphasizing opportunities for talent acquisition and capital growth. “With this strong foundation, spinning out Fortitude Mining as the leading venture miner provides greater growth opportunities to further scale the business, including raising capital, making additional investments, and attracting top-tier talent,” Silbert stated.
In a release shared with Bitcoin.com News, Foundry said it will continue managing its bitcoin mining pool and software units, with Colyer stating the spin-off allows both entities to capitalize on distinct market opportunities. Fortitude has also recruited staff from Foundry to bolster its operations.
The subsidiary’s strategy includes vertical integration through reinvestment and site expansion. DCG did not disclose financial targets or specific assets beyond bitcoin. DCG’s Foundry pool currently generates 239.18 exahash per second (EH/s) within a global network total of 781.7 EH/s. This positions Foundry’s computational contribution at slightly exceeding 30% of the cumulative hashing power.
