Mike Colyer has stepped down as CEO of Foundry, a subsidiary of Digital Currency Group, after seven years in the role. He joined the company in October 2019 as its founding chief executive and helped build it into a major provider of Bitcoin mining infrastructure. Colyer will remain with the company in the position of a strategic advisor.
Foundry currently operates the largest Bitcoin mining pool in the world. In addition to mining operations, the company provides enterprise services, including hardware marketplaces and staking solutions. The company has not yet announced a successor for Colyer, and no details regarding the transition process have been disclosed.
The leadership change occurs during a period of significant restructuring at Foundry. The company recently initiated a workforce reduction of approximately 60 percent of its staff. As of mid-2024, the company employed between 170 and 274 people. Foundry stated that these layoffs are part of a strategic shift to focus on core mining operations and related services.
