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DCG-Backed Bitcoin Miner Foundry Cuts Workforce: Report

Foundry has implemented a job cut of its workforce, shrinking the size from 250 to roughly 160 employees as it looks to focus on core business
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DCG-Backed Bitcoin Miner Foundry Cuts Workforce: Report

Highlights

  • Bitcoin mining firm Foundry has laid off 16% of its entire workforce
  • The DCG Subsidiary is restructuring to aid more of the parent firm's new ventures
  • Job cuts is prevalent in the industry with multiple Web3 firms restructuring

Bitcoin mining firm Foundry has implemented a job cut that impacted as much as 16% of its workforce. According to a Blockspace report citing anonymous sources, the firm’s layoff exercise spanned staff in the United States and international offices. With an initial staff strength of 250, the number of employees left is now just about 160.

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Foundry and its Strategic Business Focus

Per the report, Foundry’s management first informed the employees individually and has discussed the layoff in a staff meeting. The company is not in losses as its self-mining business is expected to generate $80 million this year. The firm also hinted that it maintains the biggest mining pool in the world.

At the time of writing, the firm’s hashrate accounts for 30% of the global mining outfit. While it has extensive operations outside as institutional grade mining partner in the US, it also have reach abroad. Despite this growth, the firm said the decision to send some staffs away is strategic in order to align with its business realignment endeavors.

Foundry is a subsidiary of the Digital Currency Group (DCG). Blockspace also reported that the company said it implemented the layoffs to help focus on DCG’s next initiatives. As Coingape reported earlier, DCG introduced Yuma last month, a new subsidiary that will focus on developing the Bittensor (TAO) ecosystem.

The report noted that Foundry has shuffling part of its team to Yuma. DCG and its subsidiaries took a hit following the implosion of FTX Derivatives Exchange. Having dealt with bankruptcy and legal strains, the layoffs are considered a general part of DCG’s grand restructuring.

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Layoffs Is the Getaway or Crypto Firms

Beyond Foundry and Digital Currency Group, other firms in the crypto industry have also initiated layoffs in recent times.

Notably, Kraken Exchange has also conducted two rounds of layoffs this year with over 1000 staffs impacted in the round. Per an earlier report by Coingape, Kraken took its restructuring to a new level by shutting down its NFT marketplace.

Over the past year, other major players in the industry including Bybit have also implemented layoffs to accomodate growth. Despite the grand job cuts, firms like Tether Holdings Inc have plans to double workforce in the coming year.

 

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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