Digital Currency Group Announces Crypto Mining Venture To Expand Its Reach
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Digital Currency Group Announces Crypto Mining Venture To Expand Its Reach

August 28, 2020      Vandana Malik

Digital Currency Group, a huge digital currency asset manager has recently announced a new venture that will help the firm to expand its reach. The firm is already counted as one of the leading and influential ones in the whole crypto ecosystem. 

This new subsidiary of the firm will be focused on cryptocurrency mining. For this, the firm has also invested $100 million in Foundry which will focus on installing the farms across the US.

Digital Currency Group is confident on Foundry

This has to be kept in mind that the US does not provide cheap energy hence, this move seems to be quite odd. However, the Digital Currency Group is quite confident that Foundry will be able to start really well in the US market. 

The firm has mentioned that a better legal system is always better for any kind of business. As far as crypto mining is considered, it is not having a stable foundation in most of the countries. The US seems to be quite encouraging when it comes to crypto mining. There are many countries like China, Iran, or for that matter Venezuela as well who do not see crypto mining positively. However, this is not the case with the US and due to this Digital Currency Group believes it will be a good start for Foundry there.

Several mining initiatives failed to grow in the US

As far as crypto mining is considered, the firm seems to target Kentucky, Georgia, New York, and a few others in the US because of lower energy costs. Still, several mining initiatives do not seem to grow in the US market and this is emerging as a challenge in front of Digital Currency Group. Along with this, another question is whether it will be able to make a profit through this new venture.

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Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.