According to Cointelegraph, Foundry, the world's largest Bitcoin mining pool, has laid off 27% of its employees, including 16% of its US employees and part of its Indian team. Foundry's parent company DCG plans to spin off its self-operated business into an independent entity.
Foundry said it will focus on its core business, operating the world’s largest Bitcoin mining pool and expanding site operations, while supporting the development of new DCG subsidiaries, including the spin-off of Foundry’s self-operated businesses.
Foundry USA controls about one-third of the market share, and its self-operated business is expected to have sales of nearly $80 million in 2024. DCG plans to spin it off as a wholly-owned subsidiary and bring in external talent to raise funds.
Across the industry, Bitcoin miners are cutting costs and adopting artificial intelligence to cope with the impact of the network halving. Still, miners are expanding their infrastructure in anticipation of future price increases.
