Crypto Blog
Prominent Bitcoin mining pool Foundry Digital reportedly slashed 27% of its workforce this week. The layoffs, which affected 74 employees, reflect a strategic shift to prioritize core operations, including its Bitcoin mining pool and site operations. This decision follows an internal restructuring within the Digital Currency Group , Foundry’s parent company.
CEO Mike Coyler stated that the firm is focusing on its core business lines to strengthen its market position. As part of this shift, the platform has deprioritized its custom hardware initiatives while maintaining its ASIC repair services.by Blockspace, the layoffs were accompanied by the transfer of 20 Foundry employees to Yuma, a decentralized AI startup spun out of Foundry’s internal Bittensor project. Yuma now operates as an independent DCG entity under CEO Barry Silbert.
Foundry currently accounts for 30% of the Bitcoin network’s total hash rate. Its self-mining business alone is on track to generate $80 million in revenue for 2024, as per DCG’s Q3 2024 shareholder letter. Meanwhile, other business lines, such as ASIC repairs and decentralized AI infrastructure, remain operational.“We recently made the strategic decision to focus Foundry on our core business while supporting the development of DCG’s newest subsidiaries.
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