On August 27th, DCG (Digital Currency Group), the world’s largest cryptocurrency asset company, announced the launch of Foundry, a mining subsidiary, and officially entered the Bitcoin mining industry.
DCG, headquartered in New York, USA, was established in 2015 and is now the world’s largest cryptocurrency asset company, known as the “invisible empire” in the field of crypto assets. Its mining subsidiary, Foundry, has hired Mike Colyer, a former executive of North American mining company Core Scientific, as its chief executive officer. Foundry can provide other mining companies with services such as mining machine procurement, financing, mining and pledge.
DCG promises to invest 100 million U.S. dollars in Foundry by the end of 2021, and Foundry, which backs on the big tree of DCG, will obtain the top resource network in the field of cryptocurrency. Chen Jianbing, Shenma Mining Machine Company and Bitmicro Chief Operating Officer, expressed hope and Foundry Cooperation to increase Shenma’s global market share, and Su Ke, the global sales director of Bitmain Antminer, also expressed his intention to cooperate in Foundry’s press release:
“Through the work of Foundry and the financial support of end customers, we have been able to ship a large number of mining machines to the United States this year. The institutional-level services provided by Foundry to North American companies and the expertise of the team played a key role in achieving this goal. Looking forward to working closely with Foundry to reach more customers and provide them with a better experience.”
At present, DCG has invested in more than 150 encryption companies, and its business covers the fields of media information, payment, exchanges, and infrastructure in the encryption industry. It has also invested in multiple blockchain projects. Its three core businesses are Grayscale. (Grayscale) Encrypted asset management company, Genesis Trading over-the-counter trading company and Coindesk blockchain media platform. DCG is not a publicly listed company, so it is impossible to know its specific financial status. However, some foreign media have previously conducted statistics and believe that DCG can obtain at least hundreds of millions of dollars in annual income by relying on its three core businesses.
It is worth mentioning that DCG launched Foundry this time for its first attempt to enter the Bitcoin mining industry. As the layout of domestic mining machines changes, the distribution of global computing power has also begun to change. North American mining companies such as Core Scientific, Marathon, and Riot Blockchain have recently ordered Bitmain’s mining machines in succession, aiming to occupy more computing power in the entire network. DCG announced at this time that it will join the highly specialized and institutionalized Bitcoin mining industry, which will surely bring greater changes to the global mining landscape.