DCG announces its entry into Bitcoin Mining

The grayscale parent company, Digital Money Group (DCG, Digital Financial Group), the world's largest financial services company, announced the mining industry and entered the Bitcoin mining industry.

Bitcoin miners help keep the Bitcoin network operational (Source: SHUTTERSTOCK).

Content of key points

1. Digital Financial Group (DCG) announces the formation of Foundry, a wholly-owned mining subsidiary that previously operated under cover.

2. Foundry has grown into one of the largest Bitcoin mining companies in North America since its release in 2019.

3. With an investment of $ 100 million, DCG hopes to make Foundry a bridge between hardware and investment firms.

When the bitcoin mining industry began in 2009, cryptocurrency mining was a lucrative industry for miners who mined bitcoin using a laptop or computer. However, in recent years, barriers to entry into the market have increased due to the control of large corporations and the impact of the Bitcoin hashrate.

According to media reports, the purpose of establishing the foundry is to facilitate the entry of companies into the cryptocurrency mining and capital markets. Foundry will provide financial support, purchasing, mining, warranty and advisory services to other mining companies.

“We hope to increase adoption by managing the industry in the new digital industry, and our work will support the development and growth of our mining industry, particularly in North America,” said Foundry CEO Mike Coyer.

Founded in 2019, Foundry has grown to become one of the largest Bitcoin mining companies in North America, helping to acquire and export around half of its mining equipment to the region. Foundry now provides financial services to proven mining hardware manufacturers and distributors, and helps individuals and businesses interested in cryptocurrency mining develop and manage decentralized networks.

DCG Founder and CEO Barry Silbert said, “The mining and lending of digital assets will form the basis of blockchain technology and contribute to the further development of this technology. The foundry will provide significant capital and advice to key areas of the industry. Mike Coyer and his team have the expertise, reputation and integrity to meet the needs of miners and manufacturers. "

To help Foundry become a major player in cryptocurrency mining, DCG will invest more than $ 100 million in the company by 2021.