Digital Currency Group Splits Foundry Mining Operations Into Two Entities

According to Odaily, Digital Currency Group (DCG) has announced the division of its Foundry mining operations into two separate entities: Fortitude Mining and Foundry. Fortitude Mining will take over Foundry's previous self-mining activities and physical infrastructure, while Foundry will continue to manage its mining pool operations and other Bitcoin mining services. This strategic move is part of DCG's efforts to realign its business for future growth. In a letter to shareholders, DCG expressed confidence that Fortitude, as an independent entity, will be stronger and more effective. Consequently, Fortitude will become a wholly-owned subsidiary of DCG. To ensure a smooth transition, DCG plans to integrate some of Foundry's leadership into the new subsidiary. Additionally, DCG intends to recruit external employees to provide further support and raise funds. Fortitude has already begun requesting invoices from hosting service providers for the new entity, a process that has been ongoing for at least a month. Previously, it was reported that Foundry, the world's largest Bitcoin mining pool, underwent a restructuring process that resulted in a 27% reduction in its workforce. This downsizing affected 16% of Foundry's employees in the United States and some team members in India.