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DCG, the venture capitalist firm that invests, buys and builds blockchain companies has entered the bitcoin mining sector. According to reports, DCG committed to investing $100 million into DCG’s wholly-owned subsidiary Foundry.
The company will support staking and mining operations in North America to mine Bitcoin. Foundry said it will provide the miners with market intelligence as well as consulting services. It will even finance the miners and help them procure mining equipment.
However, the company is not entirely new as it was founded in 2019. It was created to meet institutional demand for improved transparency in the otherwise competitive mining industry.
Based in Rochester, New York the company claimed to be a business built by miners for miners. Currently, Foundry is working with both Bitmain and MicroBT. Su Ke, global sales and marketing director of Antminer at Bitmain stated
Through Foundry’s work and financial support of our end customers, we have been able to ship a significant number of machines into the US this year.
According to Foundry CEO Mike Colyer, the company is also looking into partnering with entrepreneurs who shared his mission of advancing the industry and creating a decentralized mining ecosystem. He said:
“We want to empower decentralized infrastructure in the new digital economy, and our work will support the development and growth of mining operations — particularly in North America”