Foundry slashes workforce to focus on core BTC mining operations

Foundry, the world’s largest Bitcoin mining pool, has laid off approximately 27% of its workforce.

While the layoffs primarily affected the ASIC repair and hardware teams, core operations, including the mining pool, firmware team, and self-mining division, remained partially unchanged.

Foundry confirmed its decision to Blockspace, stating that it was focused on preserving its core businesses during broader restructuring efforts.

The New York-based company, a subsidiary of Digital Currency Group, had more than 250 employees before the layoffs.

Foundry’s management addressed the layoffs through individual notices and then held a companywide meeting. According to Blockspace, some team members were transferred to Yuma, a new DCG subsidiary focused on decentralized AI technology.

What is a Foundry?

Bitcoin mining involves using specialized hardware to verify transactions on the Bitcoin (BTC) network in exchange for rewards. Foundry operates a mining pool that pools computing power and allows participants to share their earnings. It currently accounts for 30% of Bitcoin’s global mining capacity, making it a dominant player in the industry.

Foundry’s parent company, DCG, has faced financial difficulties since its lender Genesis filed for bankruptcy in 2023. The layoffs at Foundry are seen as part of DCG’s larger efforts to stabilize its operations and focus on profitable ventures.