🚀 Foundry Restructures With Significant Workforce Reductions
#Foundry #Bitcoin #mining #workforcereduction #DCG #restructuring #selfmining #cryptocurrency #halving #AI #infrastructure #expansion #marketshare
According to Cointelegraph, Foundry, the largest Bitcoin mining pool globally, has announced a significant reduction in its workforce as part of a strategic restructuring plan. On December 3, a source familiar with the situation revealed that Foundry has laid off 27% of its employees. This includes 16% of its workforce based in the United States and a portion of its team in India. The decision comes amid plans by Foundry's parent company, Digital Currency Group (DCG), to spin out Foundry's self-mining business into a separate entity, which will still be under DCG's control. This move was outlined in a shareholder letter from November.
Foundry stated that the restructuring aims to refocus on its core operations, which include maintaining its position as the leading Bitcoin mining pool and expanding its site operations business. The company emphasized that the layoffs were a difficult but necessary step in realigning its business strategy. Foundry USA, the company's mining pool, currently holds about one-third of the market share among pool operators, as reported by Hashrate Index. Additionally, Foundry's self-mining business is projected to generate nearly $80 million in sales by 2024, according to DCG's November investor report. DCG expressed confidence that the self-mining business would thrive as a standalone entity and mentioned plans to bring in external hires to raise capital.
The broader Bitcoin mining industry is undergoing adjustments as miners seek to cut costs and integrate artificial intelligence technologies in response to the network's April halving. These halvings, which occur every four years, reduce the number of Bitcoins mined per block by half, increasing the cost and difficulty of mining. Despite these challenges, miners continue to invest in new infrastructure and plan for expansion, anticipating future price increases, as noted in CoinShares' Q3 mining report.#Foundry #Bitcoin #mining #workforcereduction #DCG #restructuring #selfmining #cryptocurrency #halving #AI #infrastructure #expansion #marketshare
🚀 Digital Currency Group Splits Foundry Mining Operations Into Two Entities
#DigitalCurrencyGroup #Foundry #FortitudeMining #BitcoinMining #MiningOperations #BusinessRealignment #Subsidiary #MiningPool #WorkforceReduction #BTC
According to Odaily, Digital Currency Group (DCG) has announced the division of its Foundry mining operations into two separate entities: Fortitude Mining and Foundry. Fortitude Mining will take over Foundry's previous self-mining activities and physical infrastructure, while Foundry will continue to manage its mining pool operations and other Bitcoin mining services. This strategic move is part of DCG's efforts to realign its business for future growth.
In a letter to shareholders, DCG expressed confidence that Fortitude, as an independent entity, will be stronger and more effective. Consequently, Fortitude will become a wholly-owned subsidiary of DCG. To ensure a smooth transition, DCG plans to integrate some of Foundry's leadership into the new subsidiary. Additionally, DCG intends to recruit external employees to provide further support and raise funds. Fortitude has already begun requesting invoices from hosting service providers for the new entity, a process that has been ongoing for at least a month.
Previously, it was reported that Foundry, the world's largest Bitcoin mining pool, underwent a restructuring process that resulted in a 27% reduction in its workforce. This downsizing affected 16% of Foundry's employees in the United States and some team members in India.#DigitalCurrencyGroup #Foundry #FortitudeMining #BitcoinMining #MiningOperations #BusinessRealignment #Subsidiary #MiningPool #WorkforceReduction #BTC
🚀 Foundry Expands Operations With Rootstock Merge Mining
#Foundry #Rootstock #Bitcoin #MergeMining #Crypto #MiningPool #Blockchain #SmartContracts #EnergyEfficiency #BitcoinEcosystem #BTC
According to CoinDesk, Foundry, the leading Bitcoin mining pool by hashrate, has announced its strategic move to diversify operations by enhancing the security of the Bitcoin layer-2 network, Rootstock, through merge mining. This approach allows miners to mine multiple cryptocurrencies using the same hashing algorithm without affecting mining efficiency.
The initiative introduces 740 exahashes per second to secure Rootstock transactions, which accounts for approximately 80% of the total computing power currently safeguarding the Bitcoin network. This development presents a new revenue stream for Foundry, as Bitcoin mining pools that engage in merge mining can earn 79% of Rootstock’s transaction fees, paid in rBTC, while utilizing their existing Bitcoin mining infrastructure.
By adopting merge mining, Foundry not only strengthens Rootstock’s security but also does so without incurring additional energy costs. This contributes to a more resilient and innovative Bitcoin ecosystem. Rootstock, a Bitcoin layer-2 network, enhances the network's security while integrating smart contract functionality and compatibility with the Ethereum Virtual Machine.#Foundry #Rootstock #Bitcoin #MergeMining #Crypto #MiningPool #Blockchain #SmartContracts #EnergyEfficiency #BitcoinEcosystem #BTC
🚀 Fractal Bitcoin Activates FIP-101 Upgrade With Support From Major Mining Pools
#FractalBitcoin #FIP101 #BitcoinUpgrade #MiningPools #BlockHeight1500000 #ConsensusChanges #IndexConstruction #BitcoinNetwork #MergedMining #SoloMining #BinancePool #Foundry #AntPool #ViaBTC #F2Pool
Fractal Bitcoin has activated its FIP-101 node upgrade at block height 1,500,000, completing the first phase of planned consensus changes and formally launching standardized index construction on the network.The upgrade has received backing from major Bitcoin mining pools, including Foundry, AntPool, ViaBTC, F2Pool, and Binance Pool. Together, these pools represent approximately 85% of Bitcoin’s total network hash rate, signaling broad miner alignment with the upgrade.Consensus changes and index integrationAccording to the Fractal Bitcoin team, FIP-101 marks a key milestone in the network’s evolution, finalizing initial consensus adjustments while introducing a standardized framework for index construction. As part of the upgrade, index nodes will be integrated into the core block production and incentive layer, rather than operating as a peripheral system.The network’s block production structure will also undergo a phased transition. Fractal Bitcoin said it will move from its current 1:2 ratio of merged mining to solo mining toward a ternary structure, balancing merged mining, solo mining, and index block production at a 1:1:1 ratio. #FractalBitcoin #FIP101 #BitcoinUpgrade #MiningPools #BlockHeight1500000 #ConsensusChanges #IndexConstruction #BitcoinNetwork #MergedMining #SoloMining #BinancePool #Foundry #AntPool #ViaBTC #F2Pool