Hut 8 shuts down Bitcoin mining site in Canada, citing energy costs

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Mining firm Hut 8 is shutting down its Bitcoin mining platform in Drumheller, Alberta, Canada.

In accordance with a Hut 8 report from Mar. 6, the platform might be shut down as a consequence of energy outages and rising costs. Presently, Drumheller mines about 1.4% of Bitcoin (BTC) and spends about 11% of its hash price.

“We’ve got decided that the profitability of Drumheller has been impacted considerably by numerous components, together with elevated power prices and underlying voltage points.”

Asher Genoot, Hut 8 CEO

The corporate admits that the middle’s actions might resume sooner or later. Hut 8 will retain the lease on the property and the worth of the chance to reopen the property if market circumstances enhance.

Final week, Hut 8 introduced the beginning of development of a Bitcoin mining heart in Culberson, Texas, with an anticipated hashrate of three.6 EH/s. The development of a facility with an influence consumption of 63 MW will price roughly 40% lower than the acquisition worth.

In February, the corporate’s Bitcoin manufacturing decreased in comparison with January. Final month, Hut 8 mined 292 BTC in comparison with 339 BTC in January. The agency held 9,110 BTC on the finish of the month. Related dynamics have been noticed amongst different giant miners, together with Marathon Digital, Riot Platforms, and Bitfarms.

The decline within the proportion of BTC manufacturing of those corporations ranged from 16% to 23% from month to month.

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