Foundry plans to separate mining business and operate independently... 27% of employees laid off

Foundry, the world's largest bitcoin mining pool, has laid off 27% of its staff as part of a restructuring effort.
On the 3rd (local time), Foundry's parent company, Digital Currency Group,
The Foundry Coin Exchange (DCG) has revealed plans to spin off its proprietary mining operations into a separate company, which will still be controlled by DCG.
The layoffs include 16% of its U.S. workforce and some employees in India, the company said in a shareholder letter in November.
"We recently announced that Foundry's core business, the world's largest bitcoin mining pool, will cease operations," the company said in a statement.
The company has made the strategic decision to focus on expanding its operations and site operations business, working to separate The Foundry's successful proprietary mining operations while supporting DCG's new subsidiary.
"We are saddened to announce that as part of this restructuring, layoffs have been made across multiple teams," he added.
Foundry operates the world's largest bitcoin mining pool, Foundry USA.
, accounting for roughly one-third of the market share among mining pool operators, according to data from the Hashrate Index.
Meanwhile, Foundry also runs its own mining operation, which DCG expects to generate revenue of around $80 million in 2024.
The company revealed this in an investor report this month.