Foundry Lays Off 60% of Its Workforce to Focus on Core Bitcoin Mining Business

On Monday, Foundry, the world's largest Bitcoin mining pool, announced a significant reduction in its workforce, laying off approximately 60% of its staff.

Bitcoin mining pool Foundry has reportedly laid off a large portion of its workforce in a bid to strengthen its core revenue-generating operations and better support the development of Digital Currency Group (DCG)’s new subsidiaries.

According to a report by Blockspace on Monday, the layoffs, which span both US and international staff, will reduce Foundry’s headcount from over 250 to around 80-90 employees.

The layoffs are part of a “strategic initiative” at Foundry, sources told Blockspace. In a shareholder letter, owner conglomerate DCG said that Foundry is expected to generate $80 million in revenue from its self-mining business by 2024.

“We recently made the strategic decision to focus Foundry on our core business—operating the #1 Bitcoin mining pool in the world and growing our site operations business—while supporting the development of DCG’s newest subsidiaries,” a statement from Foundry reads.

Foundry’s Bitcoin mining pool, which currently accounts for 30% of the Bitcoin network’s total hashrate, remains its most notable business line.

Other divisions that are still operational include mining pool operations, the firmware team, and the self-mining division, while the company has reportedly laid off its entire ASIC repair and hardware teams.

The layoffs follow a turbulent period for Foundry and its parent company, with Genesis, a subsidiary of Silbert’s firm, having recently collapsed. Foundry had diversified into several business lines, including custom hardware and decentralized AI infrastructure.

Last week, the company also transferred about 20 staff members to a new DCG subsidiary, Yuma, a decentralized artificial intelligence (AI) startup led by DCG and Barry Silbert who is also acting CEO of the new venture.

Founded in 2017 as part of the Digital Currency Group conglomerate, Foundry has been seen as a pivotal player in the Bitcoin mining industry, previously offering competitive mining pool fee rates and even extending 0% fees to its largest clients.

However, the company has faced challenges, with defaults on Application Specific Integrated Circuit (ASIC)-backed loans contributing to the struggles of its self-mining segment.

The recent layoffs mark a critical juncture in Foundry’s journey, mirroring broader trends within the cryptocurrency space as companies navigate regulatory pressures and market volatility.

At the time of writing, the market’s leading crypto, Bitcoin, is trading at $95,570, consolidating over the past 10 days below its record high of $99,540, which has been奎克阻尼粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘滞剂粘