DCG has split the mining business of the mining company Foundry into two independent entities to address future growth

ChainCatcher news, the cryptocurrency venture capital firm Digital Currency Group (DCG) has decided to split its Foundry mining business into two independent entities, Fortitude Mining and Foundry.

Fortitude Mining will house 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 noted in a shareholder letter that it is adjusting 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 ensure 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 from outside. Fortitude has already requested its hosting service providers to invoice the new entity, which has been ongoing for at least a month. (Blockspace)

Previously, sources disclosed 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 parts of the team in India.