Foundry Cuts
Workforce by 60%: The
World s Largest
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Mining Pool
Restructures
Foundry Cuts Workforce by 60%: The World s Largest Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Mining Pool
Restructures
by Ronaldo Marquez
3 minutes ago
in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin News
0
On Monday, Foundry, the world s largest Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » 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 s headcount from over 250
to around 80-90 employees.
Foundry Focuses On Core Business• Экономика » Бизнес
Sources familiar with the matter, cited by Blockspace, revealed that the
layoffs are part of a strategic initiative aimed at
strengthening Foundry s core revenue-generating operations.
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Crypto Adversaries
According to a shareholder letter from owner conglomerate Digital Currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
Group (DCG), Foundry is expected to generate $80 million in revenue from its
self-mining business• Экономика » Бизнес by 2024. A statement from Foundry said:
We recently made the strategic decision to focus Foundry on our core
business• Экономика » Бизнес—operating the #1 Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin mining pool in the world and growing our
site operations business• Экономика » Бизнес—while supporting the development of DCG’s newest
subsidiaries.
Despite the layoffs, key divisions remain operational. Foundry’s Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin
mining pool , which currently accounts for 30% of the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin network’s total
hashrate, continues to be its most notable business• Экономика » Бизнес line.
Additionally, the mining pool operations, firmware team, and self-mining
division• Экономика » Бизнес » Корпоративное управление » Подразделение (предпринимательство)
• Государство » Законы и право » Теория государства и права » Субъекты гражданских прав » Юридические лица » Подразделение (предпринимательство) are still intact, although the company has dismissed its entire ASIC
repair and hardware teams.
Layoffs Follow Genesis Collapse
The layoffs come in the wake of a turbulent period for Foundry and its parent
company, Digital Currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта Group. Following the collapse of Genesis , the
subsidiary of Barry Silbert’s firm, Foundry had diversified into several
business• Экономика » Бизнес lines, including custom hardware and decentralized AI infrastructure.
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.
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Founded in 2017 as part of the Digital Currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта Group conglomerate, Foundry
has been seen as a pivotal player in the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin mining industry , previously
offering competitive mining pool fee rates and even extending 0% fees to its
largest clients.
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.
The recent layoffs mark a critical juncture in Foundry’s journey, mirroring
broader trends within the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта space as companies grapple with
regulatory pressures and market volatility. The daily chart shows BTC s
price consolidation. Source: BTCUSDT on TradingView.com
At the time of writing, the market s leading crypto, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » 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• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта from
reaching the $100,000 milestone.
Currently, BTC is showing no change from yesterday s price. However, in
longer time frames, the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта is still recording significant gains,
especially in the monthly period where it has risen nearly 40%.
Featured image from DALL-E, chart from TradingView.com