DCG to Invest $100M in Bitcoin Mining Venture

Blockchain investment firm Digital Currency Group (DCG) has expanded into the bitcoin mining industry.

STORY CONTINUES BELOW

Recommended for you:

The company – which also owns CoinDesk – announced Thursday the venture is already operating through a subsidiary called Foundry, an entity launched in 2019.
Foundry provides cryptocurrency miners and equipment makers with "institutional expertise, capital, and market intelligence," DCG said.
It's also "one of the largest bitcoin miners in North America," per the announcement, and has provided "tens of millions of dollars" in financing to other mining operations.
A DCG representative told CoinDesk that capital would primarily comprise equipment finance loans, but Foundry may also make investments given "the right opportunity."
Mike Colyer, previously a Core Scientific senior vice president, has been Foundry’s CEO since last October, according to his LinkedIn profile.
"Foundry is bringing critical resources and guidance to an essential corner of the industry," said Barry Silbert, DCG's founder and CEO.
DCG said it plans to invest more than $100 million into Foundry through 2021, as well as bring miners and manufacturers access to its network of companies.
DCG said Foundry also aims to partner with major entities across mining and staking, and pledged to "work closely" with energy providers and governments to help these firms carry out their mining strategies.
Foundry has been working in North America with China-based bitcoin miner manufacturer MicroBT over the last year, COO Jordan Chen said in the announcement.

Also read: Marathon to Buy Fastblock for $22M in Stock, Gaining Speed and Halving Bitcoin-Mining Costs

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.