Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Foundry, the world’s largest Bitcoin mining pool, cuts 60% of the workforce amid restructuring

Source Cryptopolitan

Foundry, the world’s largest Bitcoin mining pool, has sent more than 60% of its staff packing today. The company released some of its local and international employees, affecting several teams, including the ASIC repair and hardware teams. The mining pool operations, firmware team, and self-mining department remained partially intact.

Familiar sources state that the company’s move to lay off staff is strategic as it aims to improve the main revenue streams. The digital currency group shareholder letter points to Foundry’s race to earn $80 million in revenue from its self-mining business for 2024.

Foundry BTC mining pool accounts for 30% of the Bitcoin network’s total hashrate

Foundry boasts of several business lines. One of its most significant lines is the mining pool, which accounts for 30% of the network’s total hashrate. The firm has always been the pool of choice for institutional-scale and public Bitcoin mining firms incorporated in the US.

Foundry’s other significant business lines include self-mining, custom hardware, decentralized AI infrastructure, ASIC repairs, firmware, and site operations across other Bitcoin mining and general compute verticals. It launched some revenue streams in 2022 after Genesis, a subsidiary of their shared parent company, Digital Currency Group, collapsed.

While most departments were affected by the layoffs, the firm’s site operations, which control and oversee Bitcoin mining firms, remain in place. There are speculations that Foundry is planning to sell, but only time will prove this.

DCG restructures by moving Foundry employees to Yuma and resolving Genesis disputes

Foundry had moved nearly 20 workers to Yuma, a new subsidiary under Digital Currency Group (DCG). Yuma, a decentralized AI startup, has roots in Foundry and is supported by investments through Foundry’s AI-focused division, Bittensor. The startup is run in an acting capacity by Barry Silbert, the DCG CEO.

The Foundry was registered in 2017 under the wings of DCG and has often given more competitive mining pool fee rates. Its offers are always enticing, sometimes extending 0% fees to its most prominent clients. Around 2020 and 2021, the firm introduced ASIC-backed loans.

These layoffs are a strategy for the DCG to repair its shredded empire. Genesis, which was DCG pride, went bankrupt after FTX’s implosion.

Following the bankruptcy period, DCG spent vast dollars to help Genesis pay its creditors. However, Genesis initiated a legal dispute, claiming that DCG owed its creditors around a $1.7 billion loan.

The legal dispute was solved in August, with DCG committing to pay Genesis $324.5 million in cash and $158 million in cryptocurrencies.

Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Dollar presses 102 as the 10-year yield sits at 5.14% — and October hike odds are only 17%The dollar index closed at 101.99 (+0.20%) on Monday after briefly topping 102.07, while the 10-year Treasury yield rose to 5.14% and the 2-year hit 4.774% — yet futures price only about a 17% chance of a hike at the October 27-28 FOMC, versus roughly 90% for December. The driver is a global bond selloff, not a Fed repricing: France's 10-year OAT jumped to 4.84% ~ 4.94% and the OAT-Bund spread widened to 140 ~ 146bp. Here are the levels, the cross-asset read-through and what to watch.

Author Irene Q.

Oct 20, Tue

The dollar index closed at 101.99 (+0.20%) on Monday after briefly topping 102.07, while the 10-year Treasury yield rose to 5.14% and the 2-year hit 4.774% — yet futures price only about a 17% chance of a hike at the October 27-28 FOMC, versus roughly 90% for December. The driver is a global bond selloff, not a Fed repricing: France's 10-year OAT jumped to 4.84% ~ 4.94% and the OAT-Bund spread widened to 140 ~ 146bp. Here are the levels, the cross-asset read-through and what to watch.

Meta's AI bill just hit $145 billion — and it issued a new share class to pay for it Meta reported record third-quarter revenue of $64.60 billion, up 26% from a year earlier, and raised full-year 2026 capital expenditure guidance to $135-145 billion from $130-145 billion. To fund that build-out without touching Mark Zuckerberg's voting control, the company announced a 2-for-1 stock split that hands every Class A holder a new non-voting Class C share. Here are the four lines that matter, the peer group that is being re-rated alongside it, and the bull and bear cases.

Author Irene Q.

Oct 22, Thu

Meta reported record third-quarter revenue of $64.60 billion, up 26% from a year earlier, and raised full-year 2026 capital expenditure guidance to $135-145 billion from $130-145 billion. To fund that build-out without touching Mark Zuckerberg's voting control, the company announced a 2-for-1 stock split that hands every Class A holder a new non-voting Class C share. Here are the four lines that matter, the peer group that is being re-rated alongside it, and the bull and bear cases.

The Fed will sit still on October 28 — but 100 of 100 economists now expect a December hike A Reuters poll run October 16-20 found 94 of 100 economists expecting the Fed to hold at 3.75-4.00% on October 28 — and all 100 expecting a hike in December, against less than half a month earlier. The market is close to the same price, with CME FedWatch at roughly 17% for October and 82.8% for December. With the Fed in blackout since October 17, here are the five dates that decide the rest of the year, what each one is priced for, and the two directions each can take.

Author Irene Q.

Oct 22, Thu

A Reuters poll run October 16-20 found 94 of 100 economists expecting the Fed to hold at 3.75-4.00% on October 28 — and all 100 expecting a hike in December, against less than half a month earlier. The market is close to the same price, with CME FedWatch at roughly 17% for October and 82.8% for December. With the Fed in blackout since October 17, here are the five dates that decide the rest of the year, what each one is priced for, and the two directions each can take.

Gold Price Analysis Today | Forex Gold Analysis | XAU/USD Analysis - October 23, 2026 Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for October 23, 2026. Read on for the details.

Author Mitrade

Yesterday 02: 56

Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for October 23, 2026. Read on for the details.

Nasdaq closes at 26,008.86 — 8.9 points above 26,000, and the credit market never blinked The Nasdaq Composite fell 2.60% to 26,008.86 on October 22, its worst session since June, as Meta sank 6.98% on 2026 capex guidance of $135–145 billion. But the equal-weight S&P 500 rose 0.73%, high-yield credit was flat and 10-year yields fell 20 basis points. This was an AI de-rating, not a risk-off event — here is the transmission chain, the 29,000 / 28,200 levels and what would prove it wrong.

Author Irene Q.

23 hours ago

The Nasdaq Composite fell 2.60% to 26,008.86 on October 22, its worst session since June, as Meta sank 6.98% on 2026 capex guidance of $135–145 billion. But the equal-weight S&P 500 rose 0.73%, high-yield credit was flat and 10-year yields fell 20 basis points. This was an AI de-rating, not a risk-off event — here is the transmission chain, the 29,000 / 28,200 levels and what would prove it wrong.

Popular Symbols