Victor Ugochukwu · Dec 14, 2020 . 5min read
Crypto Mining Firm Foundry Plans to Invest $100M in Bitcoin Mining in Rochester
Foundry, a bitcoin mining company, headquartered in Rochester, aims to invest $100 million in Bitcoin mining and other cryptocurrencies.
By Komal Joshi · Sep 23, 2020 . 6min read
Today, mining crypto is mostly similar to mining gold. It needs fancy equipment, loads of capital, and not to forget the right location. Today, Foundry, a wholly-owned subsidiary of Digital Currency Group, revealed that it would invest $100 million into mining Bitcoin and other cryptocurrencies over the coming months. According to the blog post, Foundry is investing in bitcoin mining in Rochester.
Current Contributions of DCG’s Subsidiary Foundry
Foundry runs its mining operations, provides equipment and financing to crypto startups. Foundry aims to satisfy the institutional demand for enhanced capital access, market efficiency, and transparency in the bitcoin mining industry. The company recently provides three services for the mining ecosystem. Additionally, it includes equipment financing and procurement, mining and staking, consulting and advisory services.
Foundry concentrates on associating with significant players in the mining and staking industry to build greater access to digital asset mining, decentralize geographic opportunity, and bringing more legitimacy and transparency to the bitcoin mining ecosystem. Besides, it anticipates operating closely with energy companies and governments to formulate and administer their mining strategies. Moreover, Foundry is one of the most comprehensive bitcoin miners in North America. It offers North American digital asset mining businesses with capital and intelligence.
Bitcoin Mining Similar to Computers Operating Network?
Mike Colyer, CEO of Foundry, explains the reason behind investing in bitcoin in Rochester. He says, “We picked Rochester, one of the reasons is because of the tech talent here. We’ve got great universities, we’ve got amazing talent, and it’s a great place to live, so it’s like, why not build a business here in Rochester?”
According to Mike, Blockchain is the underlying technology behind Bitcoin. It enables people to transfer value electronically via the internet. He further says that Foundry has been in the business for a few years. According to Mike Colyer, bitcoin mining is similar to the computers that operate the network. Additionally, he says that they secure the network and process the transactions in a decentralized manner. Thus, anybody can participate in the network. He further reveals mining bitcoin has its advantages like receiving capital.
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