$100 Million To Be Invested In Bitcoin Mining By Digital Currency Group

Barry Silbert stands as the CEO of Digital Currency Group (DCG), and understands the age-old saying of money makes money. DCG is already established as one of the most influential companies across the entire cryptocurrency ecosystem. Now, however, DCG had announced that it would enact a new venture. This venture will have it expand into the ever-expanding crypto mining industry.

Expanding In US-based Crypto Mining

DCG had recently given out a press release regarding the matter. There, they explained that they have created a new subsidiary, one focused wholly on crypto mining. This company, going by the name of Foundry, was quietly founded last year, and has received an impressive $100 million in funding in order to start operations. Foundry’s primary focus will be the installation of crypto mining farms within the US.

To many, this is a rather strange move. Unlike places like Iran, the US isn’t exactly known for its cheap electric bills. Even so, DCG is very confident that Foundry has what it takes to get a head start in the matter, regardless.

Legal Certainty Is Always Attractive

The first highlighted pro was regarding the strong legal system that the US holds, which is suitable for any business within it. Across many other countries, there’s an extremely high level of legal uncertainty regarding crypto mining, with political and legal opinions varying widely with each other.

China is a key example of this. While technically legal, there’s a clear bias against the crypto industry as a whole by China’s government, especially to underground operations there. This is the same case in other countries, as well, such as Venezuela and Iran, where the country periodically cracks down on it without the need of express legislation forbidding it. Iran, however, has had some luck, as it is trying to regulate and tax the crypto mining industry there.

Casting A Wide Net

Another, more political argument is the relative Bitcoin hash power superiority China has been enjoying for some time now. This, as one would imagine, has been a subject of concern by traders, developers, and investors alike.

Another key angle Foundry is going for, is to abstain from solely focusing on Proof-of-Work mining. Thanks to the massive boom of DeFi dApps, as well as the Proof-of-Stake system being adopted by places like Cardano and Ethereum, the company will try to tap into that market, as well. This will primarily be done by way of staking pools.