Digital Currency Group (DCG) is moving into crypto mining. According to a release, DCG created a subsidiary called “Foundry” and 2019 and today the company is outing the mining firm with Mike Colyer, a former Core Scientific executive, being Foundry’s Chief Executive Officer. Foundry claims to already be one of the largest Bitcoin miners in North America.
Foundry is said to have been created to meet the institutional demand for improved capital access, market efficiency, and transparency in the Bitcoin mining industry. Foundry currently offers three services for the mining ecosystem: equipment financing and procurement; mining and staking; and consulting and advisory services.
Colyer said their work will support the development and growth of mining operations particularly in North America:
“We are a business built by miners for miners, and we are partnering with entrepreneurs who share our mission of advancing the industry and creating a decentralized mining ecosystem,” Coyler stated.
DCG reports that it has committed to invest more than $100 million into Foundry through 2021.
Barry Silbert, founder and CEO of DCG, said that digital asset mining and staking provide the backbone of blockchain tech that will drive 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.”
A good amount of Bitcoin mining is dominated by Chinese operations. Foundry says it will bring more legitimacy and transparency to the Bitcoin mining ecosystem.
Jordan Chen, COO of Shenzhen-based bitcoin miner manufacturer MicroBT, says that Foundry has been a key partner in their North American expansion.
Bitmain says they have been able to ship a significant number of machines into the US due to Foundry’s activity.