Hut 8 Closes Drumheller Bitcoin Mining Site
By Robb M. Stewart
Bitcoin miner Hut 8 closed its Drumheller site in the Canadian province of Alberta as part of its efforts to streamline operations and bolster its balance sheet.
Drumheller has ceased to operate as a Bitcoin mining site and the company said old and inefficient miners will be closed down and efficient miners will be relocated to Hut 8's Medicine Hat site in Alberta. Hut 8 plans to maintain its lease at the site, retaining an option to restart operations at Drumheller if market conditions improve.
Asher Genoot, who was appointed chief executive last month, said the profitability of Drumheller has been impacted by various factors, including elevated energy costs and underlying voltage issues.
The closure comes after Hut 8, in partnership with a unit of Australian bank Macquarie, in February completed a so-called stalking-horse bid to buy four natural gas power plants in Ontario offering 310 megawatts of power infrastructure.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
March 06, 2024 07:02 ET (12:02 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst
-
How GLP-1 Drugs Like Ozempic Are Boosting Biopharma Stocks