The Drumheller, Alberta, mining site produces an annualized rate of 48 Bitcoins per year.
Bitcoin miner Hut 8 is closing its mining site in Drumheller, Alberta, Canada, due to power disruptions and surging energy costs.
According to the March 6 announcement, Hut 8's Drumheller mining facility, which mines approximately 1.4% of the firm's Bitcoin (BTC) but at the cost of around 11% of its hash rate, will be closed effective immediately.
"Following a comprehensive analysis, we have determined that the profitability of Drumheller has been impacted significantly by various factors, including elevated energy costs and underlying voltage issues," Asher Genoot, CEO of Hut 8, said in a statement. Effectively immediately, all of the company's Bitcoin miners will be relocated to its Medicine Hat, Alberta, Canada facility. "Hut 8 will maintain its lease at the site and the option value of re-energizing the site if market conditions improve," its staff wrote.
