PANews reported on December 4 that according to foreign media reports, Bitcoin mining company Foundry is undergoing business restructuring and has laid off about 60% of its employees. The layoffs cover both the US and international teams, reducing the total number of employees from 250 to about 80 to 90. Foundry said the move is aimed at focusing on core businesses, including continuing to operate the world's largest Bitcoin mining pool (accounting for about 30% of global computing power) and supporting the development of new businesses of its parent company Digital Currency Group (DCG), such as the recently launched subsidiary Yuma.
Although Foundry's self-operated mining business is expected to generate $80 million in revenue this year, its layoffs are seen as part of the overall restructuring of DCG. DCG and its subsidiaries were hit hard after the collapse of FTX. At the same time, Foundry plans to spin off its self-operated mining business into an independent subsidiary in order to attract more capital and promote longer-term development.
