Foundry Layoffs

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Foundry, the world's largest Bitcoin mining pool operator owned by Digital Currency Group, laid off 27% of its workforce in December 2024, reducing staff from 274 to 200 employees. The cuts primarily affected U.S. operations, with 44 American workers let go, and also impacted teams in India. This strategic move aims to refocus the company on its core mining pool and site operations businesses. The layoffs occurred amid a broader industry struggle where rising mining costs post-halving are pressuring revenues, despite a bullish market. Concurrently, Foundry transferred 20 staff to Yuma, a new AI startup spun off from DCG, highlighting a sector-wide trend of miners pivoting to AI or consolidating to survive.

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