Digital Currency Group (DCG) has launched Fortitude Mining as a standalone cryptocurrency mining subsidiary, signaling its intent to provide institutional investors with access to a diversified pool of mined digital assets.
The announcement, made on social media platform X, confirms that Fortitude Mining was spun out of Foundry, DCG’s mining and staking subsidiary. The newly formed entity will be led by Andrea Childs, who previously held a leadership role at Foundry since 2020.
The move comes amid broader restructuring at Foundry, which laid off 16% of its U.S. workforce in December 2024 to refocus on core Bitcoin mining operations. Currently, Foundry operates the world’s largest Bitcoin mining pool, contributing over 30% of the network’s total hashrate.
The Bitcoin mining industry is undergoing significant changes following the fourth halving event in April 2024. The reduction in mining rewards has intensified market consolidation, with major players acquiring smaller firms to expand data center capacity and secure access to cheaper energy resources.
According to Galaxy Digital, the first half of 2024 saw $460 million in reverse mergers and acquisitions within the mining sector, a trend expected to continue as economic pressures mount. Investment firm Architect Partners has also identified a growing wave of M&A activity as miners seek greater efficiency and scalability.
Publicly traded mining firms such as MARA Holdings, Riot Platforms, and Hut 8 have responded by diversifying their strategies. Many have opted to accumulate Bitcoin rather than sell it immediately, reflecting a shift in how miners manage their digital assets post-halving. A recent report by Digital Mining Solutions and BitcoinMiningStock.io noted that four of the 16 largest Bitcoin holders today are miners.
DCG’s decision to spin out Fortitude Mining aligns with this evolving landscape, potentially offering institutional investors exposure to a more resilient and diversified crypto mining sector.
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