Foundry CEO Colyer Steps Down as Bitcoin Pool’s Share Retreats
Mike Colyer is stepping down as CEO of Foundry after seven years, starting a leadership transition at the Bitcoin mining pool operator as its share of blocks declines and mining customers redirect infrastructure toward artificial intelligence.
Colyer will remain for six months as a strategic adviser to support the transition and search for a new CEO, he said in a post on X. He did not name a successor or link his departure to mining economics, saying he looked forward to taking a break and spending time with his family.
The transition comes after Foundry USA’s share of monthly Bitcoin blocks fell to 26.5% in July 2026 from 32.7% in March, based on TheEnergyMag’s data. Foundry still remains the largest pool ahead of AntPool and F2Pool.
“I will remain with Foundry for the next six months as a strategic advisor to support the transition and CEO search,” Colyer wrote.
Colyer became Foundry’s founding CEO in October 2019. His departure closes a seven-year period in which the Digital Currency Group business became a major intermediary for institutional Bitcoin miners, aggregating their computing power and distributing mining rewards.
Foundry produced 1,152 of the 4,341 bitcoin blocks recorded in July, compared with 1,422 of 4,349 in March. Its share recovered from 25.1% in June but remained 6.2 percentage points below the March peak.
The figures also show a recent retreat, not a yearlong decline. Foundry’s share was 28.5% in July 2025 and still exceeded 30% in February, March and May 2026.
The decline coincides with an accelerated shift among publicly traded miners toward AI and high-performance computing, which is removing Bitcoin mining equipment from facilities previously dedicated to the cryptocurrency.
Foundry has already undergone a broader restructuring. DCG announced in January 2025 that its self-mining operation was being spun out of Foundry as Fortitude Mining, separating that business from the pool operator.
