DCG has launched a venture mining business as the digital asset firm explores new ways to bolster its revenue.
Fortitude, launched Wednesday, will mine Bitcoin in addition to pursuing a “venture mining” business model.
Under that strategy, the operation will identify and mine “high-growth digital assets in emerging proof-of-work] ecosystems with attractive return profiles,” Fortitude Mining CEO Andrea Childs told Decrypt.
“We’re not Bitcoin maximalists…but we’re return maximalists,” Childs said. “We look across the entire proof of work ecosystem to identify where we’re going to get the highest return from our mining investment, and that’s where we focus.”
Childs declined to disclose which tokens Fortitude will mine besides Bitcoin, specifying that the company has “cast a wide net across the proof-of-work ecosystem.”
Fortitude will utilize its existing infrastructure and funds to scale its operations, according to an emailed statement on Wednesday. However, the mining operation plans to reinvest its cash flows into new machine purchases and site acquisitions later this year.
Fortitude is a wholly-owned DCG subsidiary spun out of the self-mining division of Foundry, a digital asset infrastructure firm founded in 2019.
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