DCG’s Bitcoin Mining Giant Restructures
Foundry, DCG’s main mining pool, laid off 60% of its employees. These layoffs target non-core functions of the company, including the entire hardware team and the mining business that may be sold in the future.
However, DCG founder Barry Silbert is also launching new projects, with the Yuma AI Ecosystem Accelerator debuting last week.
Massive layoffs at foundries
foundry, The world’s largest Bitcoin mining poolwill lay off 60% of its employees. This news comes from an anonymous company source Talk to Blockspace. However, the company did release a statement on the subject:
“We have recently made the strategic decision to focus Foundry on our core business while supporting the growth of DCG’s newest subsidiary. As part of this restructuring, we have made the difficult decision to reduce the Foundry workforce, resulting in multiple Teams were laid off,” Foundry claimed.
Mentions of other subsidiaries of Digital Currency Group (DCG) are particularly noteworthy. Foundry is just one of several businesses under DCG Founder Barry Silbertand not everyone is experiencing similar turmoil. Silbert recently announced the launch of Yuma, an ecosystem accelerator for artificial intelligence development.
In other words, DCG’s troubles are not spread evenly across its various subsidiaries. Over a year ago, the bankrupt cryptocurrency lender Gensis sues parent company DCGin excess of outstanding loans. at this time, DCG also sold CoinDeska well-known crypto media publication. Now, Foundry appears to be facing similar troubles.
Early August, Foundry consolidates its position As one of the largest Bitcoin miners in the world; it and Ant Pool control more than half of the world’s computing power. despite this, Bitcoin mining difficulty remains high This year, especially after the halving. Mining companies everywhere are experiencing diminishing returns.
These layoffs mainly target Foundry’s non-core employees. Of the original crew of 250, 20 staff were reassigned to Yuma and 160 to 170 were laid off.
This includes the entire ASIC repair and hardware team to keep the mining pool operations intact. Foundry is also considering selling its website operations team that manages Bitcoin mining locations.
Given Foundry’s secrecy about these layoffs, it’s difficult to determine the company’s overall health. For example, DCG claimed in its third-quarter 2024 shareholder letter that Foundry was on track to achieve $80 million in revenue, but layoffs still occurred. Looking ahead, the world’s largest Bitcoin mining pool may develop in several directions.
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