Bitcoin is booming and the crypto industry is making a comeback—but layoffs keep happening lately.

The latest firm to make such a move is American Bitcoin miner Foundry. Based in Rochester, New York, Foundry confirmed that it has cut 16% of its staff. The company is one of the biggest U.S. Bitcoin miners. 

It said in a statement to Decrypt that it “made the difficult decision to reduce Foundry’s workforce, resulting in layoffs across multiple teams.” The firm added that it had also cut a small team in India.

Blockspace first reported word of layoffs, though Foundry said a smaller number of roles were affected than originally claimed.

“We recently made the strategic decision to focus Foundry on our core business—operating the number-one Bitcoin mining pool in the world and growing our site operations business—while we supported the development of DCG’s newest subsidiaries, including Yuma and the spinout of Foundry’s successful self-mining business,” it said in a statement. 

Go to Source to See Full Article
Author: Mathew Di Salvo