Digital Currency Group (DCG), a blockchain investment company, has ventured into the Bitcoin mining space with a $100 million initial investment.
On Thursday, August 27, Business Wire announced that the DCG is expanding into Bitcoin mining. The expansion would be carried out through its subsidiary, Foundry.
Foundry, incorporated in 2019, offers various financial solutions for institutions including market intelligence specifically for digital asset miners, and building and maintaining secure decentralized networks.
Although still relatively new, Foundry is already being recognized as a major player in the North American Bitcoin mining market. True to its investment origin, the company has also sponsored “tens of millions of dollars in equipment financing to other mining organizations,” says the announcement.
The $100 million investment has been earmarked to help mining companies through loans, although Foundry may choose to spend it in other areas should “the right opportunity” come along. The funds would be available from now through 2021.
According to Foundry CEO Mike Colyer, a former Core Scientific executive, the company is “built by miners for miners”.
“We want to empower decentralized infrastructure in the new digital economy, and our work will support the development and growth of mining operations — particularly in North America,” he added.
The company also intends to collaborate with governments and energy companies to provide mining solutions.
Image Credits: Pixabay
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