Foundry Lays Off 16% of US Workforce to Focus on Bitcoin Mining

Cointelegraph reports that Foundry, a prominent American firm, has let go of 16% of its employees to pivot more resources toward its core Bitcoin mining business. Company statements clarify that the move unlocks both capital and labor to strengthen its primary operations. Foundry aims to concentrate on expanding its mining infrastructure and developing more efficient extraction methods.

Previously, Foundry engaged in various supplemental ventures, such as staking services and consulting, but these will be scaled down or reassigned. Market watchers note that the reorganization comes amid Bitcoin’s price volatility and heightened competition among mining pools.

Executives believe this streamlining will reinforce Foundry’s market standing and help maintain one of the highest network hashrates. Many industry players are undertaking similar restructures, narrowing their strategic scope to remain profitable in a fast-evolving crypto environment.