In a strategic move triggered by the escalating energy crisis, Hut 8 Mining Corp has decided to shutter its Drumheller facility in Alberta, Canada. This decision aims to streamline operations by relocating efficient miners to its Medicine Hat site, also in Alberta, targeting an 11% boost in mining efficiency. The closure is part of a broader optimization initiative under the leadership of new CEO Asher Genoot, focusing on operational excellence as the Bitcoin halving event looms. Additionally, Hut 8 invests $17.3M in a Texas facility, leveraging competitive energy costs.
Hut 8 Mining Corp has closed its Drumheller facility in Alberta, Canada, due to the energy crisis, focusing on enhancing operational efficiency. The move is part of an optimization strategy under new CEO Asher Genoot. Hut 8 aims to improve mining efficiency by 11% by relocating equipment to its Medicine Hat site and has also invested $17.3M in a Texas facility to benefit from lower energy costs. This strategy comes ahead of the upcoming Bitcoin halving event, highlighting the industry's adaptability amidst rising energy concerns.
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