{"id":3719,"date":"2024-12-04T16:31:41","date_gmt":"2024-12-04T16:31:41","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=3719"},"modified":"2024-12-04T16:31:41","modified_gmt":"2024-12-04T16:31:41","slug":"foundry-cuts-workforce-by-60-the-worlds-largest-bitcoin-mining-pool-restructures","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=3719","title":{"rendered":"Foundry Cuts Workforce by 60%: The World\u2019s Largest Bitcoin Mining Pool Restructures"},"content":{"rendered":"
\n

On Monday, Foundry, the world\u2019s largest Bitcoin mining pool, announced a significant reduction in its workforce, laying off approximately 60% of its staff. This decision, confirmed by a report from Blockspace, affects both US and international staff, reducing the company\u2019s headcount from over 250 to around 80-90 employees.<\/p>\n

Foundry Focuses On Core Business<\/h2>\n

Sources familiar with the matter, cited <\/a>by Blockspace, revealed that the layoffs are part of a \u201cstrategic initiative\u201d aimed at strengthening Foundry\u2019s core revenue-generating operations.\u00a0<\/p>\n

According to a shareholder letter from owner conglomerate Digital Currency Group <\/a>(DCG), Foundry is expected to generate $80 million in revenue from its self-mining business by 2024. A statement from Foundry said:\u00a0<\/p>\n

\n

We recently made the strategic decision to focus Foundry on our core business\u2014operating the #1 Bitcoin mining pool in the world and growing our site operations business\u2014while supporting the development of DCG\u2019s newest subsidiaries.<\/p>\n<\/blockquote>\n

Despite the layoffs, key divisions remain operational. Foundry\u2019s Bitcoin mining pool<\/a>, which currently accounts for 30% of the Bitcoin network\u2019s total hashrate, continues to be its most notable business line.\u00a0<\/p>\n

Additionally, the mining pool operations, firmware team, and self-mining division are still intact, although the company has dismissed its entire ASIC repair and hardware teams.<\/p>\n

Layoffs Follow Genesis Collapse<\/h2>\n

The layoffs come in the wake of a turbulent period for Foundry and its parent company, Digital Currency Group. Following the collapse of Genesis<\/a>, the subsidiary of Barry Silbert\u2019s firm, Foundry had diversified into several business lines, including custom hardware and decentralized AI infrastructure.\u00a0<\/p>\n

Last week, the company also transferred about 20 staff members to a new DCG subsidiary, Yuma, a decentralized artificial intelligence (AI) startup led by DCG and Barry Silbert who is also acting CEO of the new venture.\u00a0<\/p>\n

Founded in 2017 as part of the Digital Currency Group conglomerate, Foundry has been seen as a pivotal player in the Bitcoin mining industry<\/a>, previously offering competitive mining pool fee rates and even extending 0% fees to its largest clients.\u00a0<\/p>\n

However, the company has faced challenges, including defaults on Application Specific Integrated Circuit (ASIC)-backed loans that contributed to the struggles of itself-mining segment.<\/p>\n

The recent layoffs mark a critical juncture in Foundry\u2019s journey, mirroring broader trends within the cryptocurrency space as companies grapple with regulatory pressures and market volatility.\u00a0<\/p>\n

\"Foundry\"<\/p>\n

At the time of writing, the market\u2019s leading crypto, Bitcoin, is trading at $95,570, consolidating over the past 10 days below its record high of $99,540, which has been elusive ever since, preventing the cryptocurrency from reaching the $100,000 milestone.<\/p>\n

Currently, BTC is showing no change from yesterday\u2019s price. However, in longer time frames, the cryptocurrency is still recording significant gains, especially in the monthly period where it has risen nearly 40%.\u00a0<\/p>\n

Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

On Monday, Foundry, the world\u2019s largest Bitcoin mining pool, announced a significant reduction in its workforce, laying off approximately 60% of its staff. This decision, confirmed by a report from Blockspace, affects both US and international staff, reducing the company\u2019s headcount from over 250 to around 80-90 employees. Foundry Focuses On Core Business Sources familiar […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-3719","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3719"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3719\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}