Mining company Foundry lays off about 60% of its staff, reducing the total number of employees from 250 to approximately 80 to 90.

PANews reported on December 4 that, according to foreign media, Bitcoin mining company Foundry is undergoing a business restructuring and has laid off about 60% of its staff. This round of layoffs affects both U.S. and international teams, reducing the total number of employees from 250 to approximately 80 to 90. Foundry stated that this move aims to focus on its core business, including continuing to operate the world's largest Bitcoin mining pool (which accounts for about 30% of global hash rate) and supporting the new business development of its parent company, Digital Currency Group (DCG), such as the recently launched subsidiary Yuma.

Although Foundry's self-operated mining business is expected to generate $80 million in revenue this year, its layoffs are seen as part of a broader restructuring of DCG. DCG and its subsidiaries were severely impacted after the collapse of FTX. Meanwhile, Foundry plans to spin off its self-operated mining business into an independent subsidiary to attract more capital and promote long-term development.