On Monday, Foundry, recognized as the world’s largest Bitcoin mining pool, disclosed a substantial workforce reduction, laying off around 60% of its employees. This report, shared by Blockspace, indicates that the layoffs will impact both US and global teams, decreasing the workforce from more than 250 to approximately 80-90 individuals.<\/p>\n
According to insiders mentioned by Blockspace, these layoffs are part of a “strategic initiative” aimed at bolstering Foundry’s primary revenue streams.<\/p>\n
In a letter to shareholders from Digital Currency Group (DCG), the parent company, it was noted that Foundry anticipates generating $80 million in revenue from its self-mining operations by 2024. Foundry’s statement included:<\/p>\n
\nWe recently made the strategic decision to focus Foundry on our core business\u2014operating the #1 Bitcoin mining pool globally and expanding our site operations, while also supporting the growth of DCG\u2019s new subsidiaries.<\/p>\n<\/blockquote>\n
Despite the layoffs, important divisions still remain active. Foundry’s Bitcoin mining pool, which currently holds a 30% share of the Bitcoin network\u2019s total hashrate, is still a major component of its business. The mining pool operations, firmware team, and self-mining division continue to function, although the company has eliminated its entire ASIC repair and hardware teams.<\/p>\n
<\/span>Impact of Genesis Downturn<\/span><\/h2>\n
The decision to reduce the workforce follows a challenging period for Foundry and its parent company, Digital Currency Group. After the downfall of Genesis, a subsidiary of Barry Silbert’s firm, Foundry expanded into various sectors, including custom hardware and decentralized AI infrastructure.<\/p>\n
Recently, around 20 employees were transferred to a new DCG subsidiary, Yuma\u2014 a decentralized AI startup under the leadership of Barry Silbert, who also serves as the company’s CEO.<\/p>\n
Since its inception in 2017 as a part of Digital Currency Group, Foundry has established itself as a vital player in the Bitcoin mining sphere, previously offering competitive mining pool fees and 0% fees to its largest clients.<\/p>\n
However, the company has encountered difficulties, including defaults on ASIC-backed loans that have affected its self-mining segment.<\/p>\n
The recent job cuts represent a crucial point in Foundry’s evolution, reflecting broader challenges in the cryptocurrency industry as companies face regulatory scrutiny and market fluctuations. <\/p>\n
<\/p>\n
As of this writing, Bitcoin, the leading cryptocurrency, is priced at $95,570, remaining stable over the past 10 days just under its peak of $99,540, which it has struggled to surpass, preventing it from hitting the $100,000 mark.<\/p>\n
Currently, the price of BTC shows no fluctuations compared to yesterday. However, when viewed over a longer timeframe, the cryptocurrency has experienced substantial increases, particularly in the past month where it has gained nearly 40%.<\/p>\n
Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"excerpt":{"rendered":"
On Monday, Foundry, recognized as the world’s largest Bitcoin mining pool, disclosed a substantial workforce reduction, laying off around 60% of its employees. This report, shared by Blockspace, indicates that the layoffs will impact both US and global teams, decreasing the workforce from more than 250 to approximately 80-90 individuals. Foundry’s Strategic Shift According to […]<\/p>\n","protected":false},"author":14,"featured_media":24145,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Foundry Restructures: Slashing Workforce by 60% in Major Overhaul of Bitcoin Mining Operations - Bitrabo","description":"On Monday, Foundry, recognized as the world's largest Bitcoin mining pool, disclosed a substantial workforce reduction, laying off around 60% of its employees."},"footnotes":""},"categories":[316],"tags":[448,1186,10514,620,677,5536,10515,4848,725],"class_list":["post-24144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-bitcoin","tag-cuts","tag-foundry","tag-largest","tag-mining","tag-pool","tag-restructures","tag-workforce","tag-worlds"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/24144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=24144"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/24144\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/24145"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=24144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=24144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=24144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}