Michael Colyer

Member Board Of Directors at Savage IO and 1 other organization
Bio

Mike joined Foundry as its founding CEO in October 2019. Previously, he led business development at Core Scientific, which, during his tenure, grew into North America’s largest cryptocurrency hosting company. He was the President and COO of Savage IO, a small, Western NY-based 3MW mining company, where he continues to serve as a Board member. He has spent the last 3 years navigating the large-scale mining space, building strong relationships with key industry participants. Before his pivot into the crypto industry, Mike was an operational and commercial executive for manufacturing and distribution firms for more than two decades, often serving at the behest of private-equity backers.

Recent Quotes
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  • We enjoy working with Hut 8’s team, which is also a client of our equipment financing business. We are pleased to welcome them to our pool as we work towards securing North America’s place among the world’s top-5 bitcoin mining pools.

    6 April 2021
  • While PoW is certainly a more time-tested model for securing and minting new coins on blockchains like Bitcoin, it requires huge amounts of energy, which some would even consider a feature. PoS, on the other hand, isn't’ as energy-intensive and is better at scaling blockchains.

    6 April 2021
  • The bitcoin algorithm is relentless in its drive for efficiency and cost reduction. It's built in, there's no stopping it. Every miner in the world is constantly looking for ways to take cost out of the production of bitcoin. And the most cost-effective energy [in North America] is renewable energy.

    6 April 2021
Media
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Employment
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