According to ChainCatcher, the cryptocurrency venture capital firm Digital Currency Group (DCG) has decided to split its Foundry mining business into two independent entities, namely Fortitude Mining and Foundry.
Fortitude Mining will accommodate Foundry's previous self-mining operations and physical infrastructure. On the other hand, Foundry will maintain its pool operations and other Bitcoin mining service lines.
DCG pointed out in its shareholder letter that it is making adjustments to its business to accommodate future growth. The letter stated, 'We believe that Fortitude will be stronger as an independent company, so we are spinning it off as a wholly-owned subsidiary of DCG.'
To facilitate a smoother transition, DCG will bring some of Foundry's leadership into the new subsidiary. To gain further support and raise funds, DCG plans to recruit additional staff externally. Fortitude has already requested the hosting service providers to invoice the new entity, which has been ongoing for at least a month. (Blockspace)
According to previous reports, sources revealed that the world's largest Bitcoin mining pool, Foundry, is laying off 27% of its workforce during the planned restructuring, affecting 16% of Foundry's employees in the U.S. and some teams in India.