The Bitcoin Foundation has faced scrutiny in the past for multiple reasons. As of now, however, it seems the Foundation is a taking sharp turn to redirect the operation.
Some of their self-admitted challenges include reputation struggles, lack of focus, declining membership revenue, falling bitcoin price and a weak balance sheet.
In its latest press release, the Foundation says it is refocusing its efforts “to instill some organizational discipline around reducing expenses, eliminating distractions and focusing on revenue-generating activities.”
Additionally, the Foundation has announced that over the last two months it has been focusing on core development and other ways of producing revenue.
Staff reduction and other cost-cutting measures also have been put in place to further support Bitcoin research and development.
The Bitcoin Foundation has released a chart showing the results of their performance four months into their new plan.
Patrick Murck, executive director of Bitcoin Foundation, says “We made $60/attendee for our proof of concept in Boston and we are shooting to increase both the number of attendees and the profit per attendee for London. We’re able to keep ticket prices low by creating compelling sponsorship packages.”
According to their data, the trends reversed primarily due to the success of its DevCore event series and “the grit and determination of [their] staff.”
Patrick concludes, “The staff is busy on DevCore and diversifying the membership base. Additionally, we are rebuilding the website in a way that our members will have more input and control over the content.”
There are still many improvements needed for the foundation to be working at optimal levels, but their team is hard at work.
