On December 4th, COINOTAG reported that Foundry, the largest Bitcoin mining pool operator globally, has executed a significant workforce reduction, laying off 27% of its staff as part of a strategic restructuring. This includes a 16% reduction of the U.S. team and additional cuts from its operations in India, as indicated by reliable sources to Cointelegraph.
In a November shareholders’ letter, Foundry’s parent company, DCG, outlined plans to spin off Foundry’s self-mining division into an independent entity, while maintaining control over it. Foundry emphasized its commitment to enhancing its core operations, which focus on managing the world’s leading Bitcoin mining pool and expanding existing mining operations.
Foundry’s recent statement acknowledged the challenges posed by these layoffs but reaffirmed its dedication to supporting the growth of DCG’s new subsidiaries, including the upcoming spinoff. According to data from Hashrate Index, Foundry controls approximately one-third of the Bitcoin mining pool market share through its Foundry USA platform.