PANews reported on December 12 that according to Blockspace, crypto 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 accommodate Foundry's previous self-mining business and physical infrastructure. On the other hand, Foundry will maintain its mining pool operations and other Bitcoin mining service business lines.
DCG noted in its shareholder letter that it is adjusting its business to accommodate future growth. To make the transition smoother, DCG will bring some of Foundry's leadership into the new subsidiary. In order to obtain further support and raise funds, DCG plans to recruit other employees from outside. Fortitude has asked the hosting provider to invoice the new entity, which has been going on for at least a month.
Earlier on December 4, it was reported that Foundry laid off about 60% of its employees, reducing the total number of employees from 250 to about 80 to 90 .
