On January 30, 2025, Digital Currency Group (DCG) announced the launch of Fortitude Mining, a new subsidiary aimed at providing institutional exposure to a diversified pool of mined cryptocurrencies. This move comes after a restructuring of Foundry, DCG's previous mining operation, which laid off 16% of its U.S. workforce in December 2024. Fortitude Mining is now a standalone entity, with Andrea Childs as CEO, who previously led Foundry.
Currently, Foundry operates the largest Bitcoin mining pool, holding over 30% of the network's hashrate. The Bitcoin mining sector is facing challenges post the network's fourth halving in April 2024, as highlighted by Galaxy Digital's report of $460 million in reverse mergers and acquisitions within the first half of 2024. This trend indicates a consolidation in the industry as smaller miners struggle.
Furthermore, publicly traded miners like MARA Holdings and Riot Platforms are adjusting their strategies post-halving, opting to retain more of their mined Bitcoin. A report from January 7, 2024, noted that four of the 16 largest Bitcoin holders are miners, reflecting a significant shift in market dynamics.