Originally published on: December 03, 2024
Amid a planned restructuring, Foundry, the leading Bitcoin mining pool globally, has made the tough decision to lay off 27% of its employees, according to sources. This includes a reduction of 16% of its workforce in the United States and a portion of its team in India.
Foundry’s parent company, Digital Currency Group (DCG), revealed plans to separate Foundry’s self-mining business into a distinct entity, still under DCG’s ownership. This strategic decision aims to focus Foundry on its core business of operating the world’s number one Bitcoin mining pool and developing its site operations business.
With the self-mining business expected to generate nearly $80 million in sales by 2024, DCG sees the potential for this division to thrive as a standalone entity. External hires are being brought in with the goal of raising capital for this subsidiary.
As Bitcoin miners across the industry grapple with the challenges posed by the network’s halving in April, many are turning to cost-cutting measures and embracing artificial intelligence. Despite the increased costs and difficulties in mining BTC, miners are pressing on with infrastructure expansion in anticipation of future price increases.
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