As an analyst with over two decades of experience in the tech industry, I’ve seen my fair share of ups and downs, booms and busts. The latest news about Foundry, the largest Bitcoin mining pool globally, shedding 27% of its workforce, is a reminder that even the most dominant players can feel the pinch during market downturns.
On a global scale, the leading Bitcoin mining pool, known as Foundry, has let go around 27% of its employees.
Most significantly, it’s the ASIC repair and hardware departments that are mainly affected by these reductions in workforce. However, essential functions such as our mining pool, firmware team, and self-mining sector continue to operate, albeit with some adjustments.
Foundry confirmed the decision to Blockspace, citing a focus on maintaining its primary business lines amid broader restructuring efforts.
Before the recent round of job cuts, I was proud to be part of a dynamic and growing team at this New York-based firm, a subsidiary of Digital Currency Group, with more than 250 dedicated professionals contributing to our crypto endeavors.
According to recent updates from FoundryServices, the staff reduction affected only 27%, not the previously reported 60% as we had stated earlier. Additionally, some other staff members have been transitioned to their sister company, YumaGroup, without specifying the exact percentage.
— Blockspace Media 🔳 (@blockspacepod) December 3, 2024
Management at Foundry communicated job cuts via personal notices, and then held a general assembly meeting about it. Certain staff members were reassigned to Yuma, a fresh subsidiary of DCG centering around advanced AI technology in the field of decentralization, as reported by Blockspace.
What is Foundry?
Mining Bitcoin involves utilizing advanced equipment to confirm transactions within the Bitcoin (BTC) system and receive incentives as compensation. A company called Foundry manages a mining pool, which combines computational power. This means that those participating can share earnings. At present, Foundry holds around 30% of the global Bitcoin mining capability, making it a significant figure in the industry.
Since the bankruptcy filing of Genesis, a lending arm owned by Foundry’s parent company, Digital Currency Group (DCG), in 2023, the company has been grappling with financial challenges. The job cuts at Foundry are viewed as part of DCG’s broader strategy to streamline its operations and concentrate on ventures that yield profits.
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2024-12-03 23:47