Foundry, which has been operating below the radar since 2019, runs its own mining operations and also provides equipment and financing to crypto startups. Despite lucrative payouts, there are few significant crypto mining operations in North America. Instead, the industry has been dominated by Chinese conglomerates that pool resources while tapping into cheap sources of electricity.
"The mining space is littered with the carcasses of failed mining efforts," Silbert acknowledges. According to Colyer, these failures often arise because companies fail to understand the cyclical nature of crypto mining, which he likens to the price swings that occur in commodity markets. He and Silbert claim that DCG's broad network of contacts, along with its deep experience in the crypto industry, will let Foundry succeed where others have not.