Bitcoin miner Foundry has reduced its workforce from 250 to approximately 80 to 90 employees to concentrate on its core business.
Foundry, a Bitcoin mining company, has implemented a job reduction that has affected up to 60% of its workforce. The firm’s layoff exercise encompassed staff in both domestic and international offices, according to a Blockspace report that cited anonymous sources. The remaining employees are approximately 80 to 90, with a total staff of 250.
The Strategic Business Focus of the Foundry
According to the report, Foundry’s management initially informed the employees individually, and the matter was later addressed during a staff meeting. The company is not experiencing losses, as it anticipates that its self-mining business will generate $80 million this year. The organization also suggested that it operates the most significant mining pool in the world.
The company’s hashrate currently comprises 30% of the global mining organization. Aside from its extensive operations as an institutional-grade mining partner in the United States, it also has an international presence. Despite this expansion, the organization asserted that eliminating certain personnel is strategic and consistent with its business realignment initiatives.
Foundry is a subsidiary of the Digital Currency Group (DCG). Blockspace also reported that the company implemented the layoffs to assist in concentrating on DCG’s upcoming initiatives. Yuma, a new subsidiary of DCG, was established last month with the primary objective of advancing the Bittensor (TAO) ecosystem, as previously reported by Coingape.
The report indicated that Foundry has relocated a portion of its workforce to Yuma. The implosion of the FTX Derivatives Exchange had a detrimental impact on DCG and its subsidiaries. The layoffs are a general component of DCG’s grand restructuring, as the company has previously encountered legal complications and bankruptcy.
Layoffs Are the Escape for Crypto Firms
In addition to Foundry and Digital Currency Group, other organizations in the crypto sector have implemented layoffs in recent years.
Additionally, Kraken Exchange has implemented two rounds of layoffs this year, which have resulted in the termination of more than 1,000 employees. Kraken’s restructuring was furthered by the closure of its NFT marketplace, as indicated by an earlier report by Coingape.
Layoffs have been implemented by other major players in the industry, such as Bybit, to accommodate growth over the past year. Firms like Tether Holdings Inc. have announced plans to double their workforce in the upcoming year despite the significant job cuts.