Digital Currency Group’s Barry Silbert enters Bitcoin mining

The American mining company Foundry has become a 100% subsidiary of Digital Currency Group (DCG), whose founder and CEO is Barry Silbert.

Unveiling our 4th subsidiary, Foundry, a bitcoin mining and crypto staking business

We have committed to invest an additional $100 mm through 2021 to help build out the North American mining industry

Oh, and we believe we may already be the largest BTC miner in North America… https://t.co/NJzfJdKNv1

— Barry Silbert (@barrysilbert) August 27, 2020

DCG has pledged to invest $100 million in Foundry during 2021.

According to the press release, the firm, founded in 2019, already regards itself as one of the largest bitcoin miners in North America.

It also provides consulting, financing and equipment procurement services to the mining industry. Foundry says it helped acquire roughly half of the mining devices deployed in the United States and Canada this year.

Representatives of two leading ASIC miner manufacturers, Bitmain and MicroBT, confirmed a fruitful collaboration with the firm.

Foundry’s CEO, Mike Colayer, who took the helm in October 2019, will continue to lead the company.

The firm is based in Rochester, New York.

In addition to Foundry, DCG is the parent company of Grayscale Investments, the largest asset manager in the digital currencies industry, Genesis, a prime broker, and the industry publication CoinDesk.

DCG has invested in more than 160 companies worldwide.

Earlier, DCG participated in an initial funding round of $2.1 million for Layer1, a mining firm. After closing a Series A round with DCG’s participation, the Texas-based startup said it raised $50 million. However, a Twitter industry insider BTCKING555 exposed Layer1 for deceiving investors about both the funding raised and the founders’ makeup.

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