Foundry Restructures: Job Cuts to Refocus on Bitcoin Mining Core

Foundry, a Bitcoin mining firm, has laid off 27% of its workforce as part of a restructuring effort aimed at focusing on its core mining operations.

The company also announced the spin-off of its AI division, Bittensor, into a new subsidiary named Yuma. While Foundry denied rumors of shutting down its hardware repair business, it confirmed deprioritizing the hardware line.

These changes come amidst parent company DCG’s ongoing financial restructuring after the Genesis bankruptcy, signaling a strategic shift during a period of growth for other crypto mining firms.

Clever Robot News Desk 6^th December 2024