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Bitcoin mining company cuts 27% of its workforce
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Despite Bitcoin (BTC) reaching the historic milestone of US$100,000, many companies continue to make cuts to their workforce. One of them is the mining company Foundry Digital, which announced a 27% cut in its workforce this week.
According to the company, the layoffs affected 74 employees and reflect a strategic shift to prioritize core operations. In other words, the company intends to shift its focus to the BTC mining pool and website operations.
This decision follows an internal restructuring within Digital Currency Group (DCG), the parent company of Foundry and Grayscale. Waves of layoffs dominated the market throughout 2022 and early 2023 as companies battled the bear market and Bitcoin’s decline.
According to Blockspace’s latest report, in addition to cutting 74 positions, Foundry transferred 20 employees to Yumaa decentralized artificial intelligence startup. Yuma now operates as a DCG entity, making this a reallocation of personnel within the holding company.
Foundry performs cuts and transfers
Foundry management described the changes as part of a strategy to streamline operations and refocus on its core business. Your operations account for 30% of the total hash rate of the Bitcoin networkaccording to the Hashrate Index.
With this cut, the mining company seeks to increase efficiency in the activities it dominates. THE mining business, for example, generated an additional US$80 million in revenue for 2024according to the third quarter shareholder letter.
Meanwhile, other lines of business such as ASIC repairs and decentralized AI infrastructure remain operational.
“We recently made the strategic decision to focus Foundry on our core business while supporting the development of DCG’s newest subsidiaries. As part of this realignment, we have made the difficult decision to reduce Foundry’s workforce, resulting in layoffs across multiple teams.”, the company said.
Unlike other companies, Foundry’s layoffs do not occur because of poor market conditions but because of its parent company. The cut comes amid broader challenges for DCGwhich worked to stabilize its operations after facing difficulties starting in 2022.
In 2021, Genesis blocked customer withdrawals due to financial problems. A few months later, the company declared bankruptcy, suffering millionaire losses after the collapse of FTX.
Bitcoin mining company cuts 27% of its workforce
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Bitcoin mining company cuts 27% of its workforce
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Bitcoin mining company cuts 27% of its workforce
