Foundry, the largest Bitcoin mining pool globally, has laid off approximately 27% of its workforce.
The layoffs primarily impact the ASIC repair and hardware teams, while core operations, including the mining pool, firmware team, and self-mining division, remain partially intact.
Foundry confirmed the decision to Blockspace, citing a focus on maintaining its primary business lines amid broader restructuring efforts.
The New York-based company, a subsidiary of Digital Currency Group, had over 250 employees prior to the layoffs.
CORRECTION: @FoundryServices has informed Blockspace that staff reductions impacted only 27% of staff, as opposed to our original sourcing and reporting stating 60%.A further undisclosed percentage of staff are being moved to sister-company @YumaGroup pic.twitter.com/yVRwFAaK85
— Blockspace Media 🔳 (@blockspacepod) December 3, 2024
Foundry’s management addressed the layoffs through individual notifications, followed by a company-wide meeting. Some team members were transferred to Yuma, a new DCG subsidiary focusing on decentralized AI technology, according to Blockspace.
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What is Foundry?
Bitcoin mining involves using specialized hardware to validate transactions on the Bitcoin (BTC) network in exchange for rewards. Foundry operates a mining pool aggregating computational power, allowing participants to share 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 lending subsidiary Genesis filed for bankruptcy in 2023. The layoffs at Foundry are seen as part of DCG’s larger effort to stabilize its operations and focus on profitable ventures.
