The Pomp Podcast
#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cycles tied to hardware innovation; miners must make counter-cyclical bets to succeed and avoid being caught holding outdated equipment.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.