Digital Currency Group (DCG) spins the self-mining unit in its Foundry subsidiary of a separate company called Fortitude Mining, which will my crypto across a number of digital assets, the company said Wednesday.
What makes Fortitude mining different is that not only will my Bitcoin (BTC), but other proof-of-work protocols also focus on high-return tokens.
Andrea Childs, who was previously employed as a senior vice president of operations and marketing at Foundry, has been appointed CEO of Fortitude Mining. Mike Colyer is still CEO of Foundry, which provides digital asset infrastructure to the crypto ecosystem.
“Spinning Out Fortitude Mining provides greater growth opportunities to further scale the company, including raising capital, making further investments and attracting talent in top tier,” Barry Silbert, founder and CEO of DCG, said in a statement.
DCG is looking for strategic partners such as venture capital companies to invest in Fortitude, Childs said in an interview with Coindesk and has received potential interest in the mining company’s equity and debt.
Fortitude is planning to reinvest cash flows in new hardware and site purchases in 2025. Its current mining is very effective, Childs said.