The post Foundry’s Recent Layoffs Prompt Questions About Bitcoin Mining Pool’s Future Amid Industry Challenges appeared on BitcoinEthereumNews.com.

Foundry, the world’s largest Bitcoin mining pool, has made significant workforce reductions, laying off 60% of its staff as it pivots its strategy. The layoffs are seen as a move to streamline operations, aligning with Digital Currency Group’s focus on maintaining core service offerings and launching new initiatives. “The decision reflects our commitment to support Digital Currency Group while optimizing our operational structure,” stated a company representative. Discover how Foundry is restructuring amidst challenges in Bitcoin mining profitability and the strategic focus of its parent company, DCG. Massive Layoffs at Foundry In a surprising turn of events, Foundry, recognized as the world’s largest Bitcoin mining pool, has announced a staggering 60% reduction in its workforce. This decision follows an internal strategy review aimed at sharpening the company’s focus on its essential operations, according to confidential sources who disclosed the information to Blockspace. “We recently made the strategic decision to focus Foundry on our core business while supporting the development of DCG’s newest subsidiaries. As part of this realignment, we made the difficult decision to reduce Foundry’s workforce, resulting in layoffs across multiple teams,” the company stated. This statement is indicative of broader challenges facing Foundry at a time when its parent company, Digital Currency Group (DCG), is navigating a turbulent landscape within the crypto market. Interestingly, not all subsidiaries under the DCG umbrella are under pressure; recently, Barry Silbert, founder of DCG, announced the launch of Yuma, an ecosystem accelerator focused on artificial intelligence. Bitcoin Mining Hashrate 2024. Source: Blockchain.com Notably, the layoffs at Foundry, which included approximately 160-170 employees, have predominantly impacted non-core roles. Of the initial workforce of 250, only 20 were transitioned to the newly established Yuma division, highlighting a stark shift in priorities within the organization. As part of this restructuring, the entire ASIC repair and…

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Filed under: News - @ December 4, 2024 4:24 am