Hut 8 Consolidates Bitcoin Mining Operations to Cut Costs Ahead of Halving Event

Hut 8 has closed its Bitcoin mining facility in Drumheller, Alberta due to high energy costs and voltage issues affecting profitability. Equipment is being relocated to the Medicine Hat site.

The Drumheller closure is part of a restructuring and optimization drive under new CEO Asher Genoot to improve Hut 8's financial performance.

Consolidating operations at Medicine Hat aims to leverage superior infrastructure there to optimize mining efficiency and reduce Bitcoin mining costs by approx 11%.

The changes are part of Hut 8's strategy to prepare for the upcoming Bitcoin halving event which will reduce mining rewards.

Hut 8 has invested $17.3 million to establish a new, cost-effective mining facility in Texas to position itself advantageously regarding the halving event.