Bitcoin mining pool Foundry lays off 27% of staff to advance self-mining business spin-off plan

People familiar with the matter revealed that Foundry, the world's largest Bitcoin mining pool, laid off 27% of its employees during a planned restructuring, involving 16% of Foundry's employees in the United States and some teams in India. According to a shareholder letter in November, Foundry's parent company DCG revealed plans to spin off Foundry's self-mining business into an independent entity that will still be controlled by DCG. Foundry said in a statement: "We recently made a strategic decision to focus Foundry on our core business - operating the world's number one Bitcoin mining pool and growing our site operations business - while we support the development of DCG's newest subsidiaries, including the spin-off of Foundry's self-mining business." The team also said: "As part of this restructuring, we made the difficult decision to reduce the number of Foundry employees, resulting in layoffs in multiple teams." (Cointelegraph)