Foundry laid off 16% of its staff and transferred 20 employees to Yuma, a decentralized AI startup. Yuma, a new project from DCG, aims to revolutionize decentralized AI by using the Bittensor network for innovative applications.
Foundry, the world's largest Bitcoin mining pool and a subsidiary of Digital Currency Group (DCG), has announced major layoffs, reducing its workforce by approximately 16%, according to Blockspace. This measure fits into a more general restructuring plan aimed at maximizing operational efficiency and focusing on key business lines.
As part of this selection, approximately 20 staff members will relocate to Yuma, a recently formed decentralized artificial intelligence company under the DCG umbrella.
Foundry’s strategic shift to decentralized AI with Yuma
Yuma, launched by DCG, is a new company aiming to transform the scattered artificial intelligence (AI) space. Yuma wants to use its infrastructure and knowledge to enable enterprises and startups to develop innovative apps on the Bittensor network.
This project demonstrates DCG's intention to branch out beyond traditional cryptocurrency mining to develop technologies such as artificial intelligence. In particular, Yuma's emphasis on decentralized systems fits into a more general industry trend where companies are exploring creative approaches that incorporate blockchain and artificial intelligence to address modern problems. .
Although Foundry's layoffs may seem alarming, they are a deliberate attempt to remain competitive in an ever-changing industry. Changing profitability, energy prices, and government oversight are all adding to the pressure on Bitcoin mining companies.
Foundry's choice to simplify the process demonstrates the company's flexibility and forward-thinking attitude in navigating these obstacles. By reallocating talent and resources through Yuma, the company positions itself to remain a major player in the mining industry and helps build decentralized artificial intelligence technology.
At the same time, broader legal changes are transforming the crypto industry. For example, the CNF previously noted that Russia has outlawed cryptocurrency mining in occupied territories of Ukraine to solve winter energy shortages. The law introduces zoning restrictions and stricter regulations that allow only registered companies to operate.
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