TechFlow news — Digital Currency Group (DCG) announced on Wednesday the spin-off of its new mining subsidiary, Fortitude Mining. The company will operate as a wholly-owned subsidiary of DCG, focusing on mining operations for Bitcoin and other digital assets.
Prior to the spin-off, Fortitude Mining operated as a semi-independent unit within Foundry, DCG's largest Bitcoin mining pool. For the past five years, it has primarily engaged in proprietary mining activities. The new company will be led by Andrea Childs, former Senior Vice President of Operations and Marketing at Foundry.
Barry Silbert, founder and CEO of DCG, stated that the separation will create greater opportunities for business expansion, including fundraising, investment, and talent acquisition. According to the announcement, Fortitude plans to reinvest revenues this year through the acquisition of new mining equipment and facilities.
Notably, Foundry currently accounts for over 30% of the global network hashrate, making it the world's largest Bitcoin mining pool, followed by AntPool with approximately 18%.
