Mining Pool Foundry Fires 60% of its Workforce

Bitcoin mining pool Foundry has announced significant layoffs affecting 60% of its workforce. While the company cited a strategic focus on core business and support for DCG’s new subsidiaries as the reason for the layoffs, the move highlights the broader challenges faced by Digital Currency Group (DCG).

DCG, the parent company of Foundry, has been navigating turbulent waters in recent times. The bankruptcy of Genesis, another DCG subsidiary, and the sale of CoinDesk have cast a shadow over the company’s operations.

The recent layoffs at Foundry suggest that DCG is taking steps to streamline its business and allocate resources to its more promising ventures, such as the newly launched AI ecosystem accelerator, Yuma.

While Foundry’s core mining operations are expected to continue, the layoffs underscore the evolving landscape of the crypto mining industry and the impact of broader economic conditions on DCG’s diverse portfolio of companies.