Digital Currency Group (DCG) is spinning off the self-mining unit of its Foundry subsidiary into a separate business called Fortitude Mining that will mine crypto across a range of digital assets, the company said Wednesday.
What makes Fortitude Mining different is that it will not only mine bitcoin (BTC), but other proof-of-work protocols as well, with a focus on high-return tokens.
Andrea Childs, previously employed as the senior vice president of operations and marketing at Foundry, has been appointed CEO of Fortitude Mining. Mike Colyer remains the CEO of Foundry, which provides digital asset infrastructure to the crypto ecosystem.
“Spinning out Fortitude Mining provides greater growth opportunities to further scale the business, including raising capital, making additional investments, and attracting top-tier talent,” said Barry Silbert, founder and CEO of DCG, in a statement.
DCG is looking for strategic partners such as venture capital firms, to invest in Fortitude, Childs said in an interview with CoinDesk, and has received potential interest in the mining firm’s equity and debt.
Fortitude plans to reinvest cash flows into new hardware and site acquisitions in 2025. Its current mining fleet is highly efficient, Childs said.