Foundry Lays Off 27% of Staff Amid DCG Restructuring

Foundry, the largest Bitcoin mining pool globally, has laid off approximately 27% of its workforce. The layoffs primarily impact the ASIC repair and hardware teams

Bitcoin mining pool Foundry has laid off around 27% of its workforce, Blockspace reported on March 8.

The layoffs primarily affected the ASIC repair and hardware teams, while core operations like the mining pool, firmware team, and self-mining division were partially spared.

Foundry confirmed the decision to Blockspace, stating that the move was part of a broader restructuring effort to maintain its primary business lines.

Prior to the layoffs, the New York-based company, a subsidiary of Digital Currency Group, had over 250 employees.

However, Blockspace's initial report claimed that the layoffs impacted 60% of Foundry's staff, which was later corrected by Foundry to be 27%.

An additional, undisclosed percentage of staff were shifted to sister-company Yuma.

Foundry's management reportedly notified employees individually about the layoffs, which were then followed by a company-wide meeting.

According to Blockspace, some team members were transferred to Yuma, a new DCG subsidiary focused on decentralized AI technology.

Foundry is the largest Bitcoin mining pool globally, with a presence in the United States. Bitcoin mining entails using specialized hardware to validate transactions on the Bitcoin (BTC) network in exchange for rewards.

Mining pools like Foundry aggregate computational power from participants, allowing them to collectively contribute to the mining process and share earnings.

Foundry currently holds around 30% of Bitcoin’s global mining capacity.

Foundry's parent company, DCG, has faced financial difficulties since its lending arm, Genesis, filed for bankruptcy in 2023.

The layoffs at Foundry are part of DCG's broader efforts to stabilize its operations and concentrate on profitable ventures.