#409: Mike Colyer on Building North America's Mining Industry

— Foundry is a new DCG subsidiary created to improve capital access, market efficiency, and transparency in Bitcoin mining across North America.

— Mike Colyer transitioned from private equity and engineering into crypto mining after reading about blockchain in 2017, driven by recognition that infrastructure must be built first.

— The mining industry operates in brutal 18–24 month cycles tied to hardware innovation; miners must make counter-cyclical bets to succeed and avoid being caught holding outdated equipment.

— Foundry has deployed $100 million into North American mining infrastructure through equipment financing, direct mining operations, and advisory services that help miners navigate common pitfalls.

— North American hash rate distribution sits at 10–15% today but is expected to double within 24 months as capital flows into facilities and supply chain constraints limit Chinese dominance.

— Long-term vision includes partnering with nation states entering the mining business and expanding into proof-of-stake infrastructure as multiple protocols go live over the next 5–10 years.

— If mining decision-making feels uncertain, simply buying Bitcoin may be the better choice rather than attempting to operate as a miner; mining is a utility-like business requiring disciplined infrastructure expertise, not a get-rich-quick vehicle.

— Successful miners must master three skill sets: infrastructure investment, cash-flow generation from mining operations, and treasury management via derivatives and forward contracts to hedge production and improve profitability.

— Equipment purchase timing is critical; waiting for online ROI calculators to signal "buy" guarantees you will overpay or miss supply; counter-cyclical purchasing during market weakness positions machines to generate upside when prices recover.