In the early days of Bitcoin, people could mine the cryptocurrency in their homes using cell phones or laptops. Today, mining crypto is a lot like mining gold: It requires expensive equipment, lots of capital and the right location. Barry Silbert, a prominent crypto entrepreneur, believes he has the chops to succeed in this challenging new industry and, in doing so, repatriate some Bitcoin production to the U.S. from China.
On Thursday, Silbert’s company, Digital Currency Group, revealed the existence of a subsidiary called Foundry that will invest $100 million into mining Bitcoin and other cryptocurrencies in North America over the coming months.
Foundry, which has been operating below the radar since 2019, runs its own mining operations and also provides equipment and financing to crypto startups.
The equipment in question, an example of which can be seen in the image below, consists of large banks of servers stuffed with specialized chips designed specifically to mine various cryptocurrencies.