[ad_1]
The Digital Currency Group (DCG) firm is entering the mining industry, as it has pledged $ 100 million into a cryptocurrency mining company called Foundry. The Foundry mining company was quietly founded in 2019 and aims to offer capital, advice and intelligence to digital asset miners.
Bitcoin mining is becoming a huge industry and competition continues to heat up around the world. News.Bitcoin.com recently reported on how mining companies like Marathon Patent Group and Riot Blockchain have spent millions of dollars on mining rigs manufactured by Microbt and Bitmain.
Meanwhile, the Bitcoin (BTC) network, in terms of hashrate, has also climbed to an all-time high of 130 exahash per second (EH / s) and the metric has recently settled just below that rate (120EH / s). .
On August 27, venture capital firm Digital Currency Group (DCG) announced it will pledge $ 100 million in a company called Foundry through 2021. DCG says Foundry was developed to increase market efficiency and improve access. to capital in burgeoning bitcoin mining.
Foundry will provide three types of services to the crypto mining environment; consulting services, mining and staking and financing and procurement of equipment.
DCG and Foundry’s announcement explains that the company has already “extended tens of millions of dollars in equipment financing” to mining facilities in North America and other regions.
Mike Colyer, Foundry CEO, said, “We want to enhance decentralized infrastructure in the new digital economy and our work will support the development and growth of mining operations, particularly in North America.”
Colyer points out that Foundry is “a company built by miners for miners” and the team has already partnered with a number of experts passionate about further growing the decentralized mining ecosystem.
Chief Executive Officer Colyer is a former Core Scientific executive. Over the years, DCG’s investments have captured a wide variety of blockchain and cryptocurrency infrastructure assets since Barry Silbert founded the company in 2015.
“Our mission at DCG is to accelerate the development of a better financial system,” Silbert said during the announcement.
“Digital asset mining and staking provide the backbone of blockchain technology that will drive this advance. Foundry is bringing critical resources and guidance to an essential corner of the industry,” added DCG’s founder and CEO.
2020 has seen tremendous development in the cryptocurrency mining industry, and institutional interest does not appear to diminish any time soon. Hundreds of millions of dollars have been poured into the mining economy and it has blossomed into a profitable enterprise for many.
What do you think of DCG’s commitment to invest $ 100 million in Foundry and the mining ecosystem? Let us know what you think in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
[ad_2]Source link
