The world's largest Bitcoin mining pool Foundry today laid off more than 60% of its staff, with the biggest cuts coming from the hardware repair and development departments.
The company's decision to lay off workers is likely related to an attempt to reduce costs, but Foundry representatives did not provide any official reasons for the staff reduction. It is known that some of the former employees will work at the AI startup Yuma, a new subsidiary of Digital Currency Group (DCG), which includes the Bitcoin mining pool itself.
Foundry began offering mining services for the flagship cryptocurrency in 2017. The pool is known among miners for its more favorable rates and discounts than its competitors. Over time, the pool has become the largest in the world. Currently, it accounts for 30% of the total hashrate of the Bitcoin network. The pool's main clients are large mining companies registered in the United States.
Foundry's other key areas of work include independent mining, manufacturing and repair of mining equipment, decentralized AI infrastructure, firmware updates, and site operation. The company launched some of these areas in 2022 after the bankruptcy of Genesis, another subsidiary of Digital Currency Group.
