2024

Bitcoin

when

Mining company Hut 8 is shutting down its Bitcoin mining platform in Drumheller, Alberta, Canada.
According to a Hut 8 <a href="https://www.globenewswire.com/news-release/2024/03/06/2841217/0/en/Hut-8-Streamlines-Operations-with-Closure-of-Drumheller-Site.html" target="_blank" rel="noopener noreferrer nofollow">report</a> from Mar. 6, the platform will be shut down due to power outages and rising prices. Currently, Drumheller mines about 1.4% of Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) and spends about 11% of its hash rate.
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 “We have determined that the profitability of Drumheller has been impacted significantly by various factors, including elevated energy costs and underlying voltage issues.” <cite>Asher Genoot, Hut 8 CEO</cite>
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The company admits that the center’s activities may resume in the future. Hut 8 will retain the lease on the property and the value of the opportunity to reopen the property if market conditions improve.
You might also like: <a href="https://crypto.news/marathon-digital-pays-hut-8-13-5m-to-run-two-bitcoin-mining-sites/" rel="noopener noreferrer nofollow"> Marathon Digital pays Hut 8 $13.5m to run two Bitcoin mining sites </a>
Last week, Hut 8 announced the start of construction of a Bitcoin mining center in Culberson, Texas, with an expected hashrate of 3.6 EH/s. The construction of a facility with a power consumption of 63 MW will cost approximately 40% less than the purchase price.
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 It’s a great day to build, esp. when it’s at a 40% savings over buying turnkey sites! Construction is underway at our newest site in Culberson County, TX: expected to come online in Q2, the 63 MW site is expected to have up to 3.6 EH/s of self-mining capacity. More info in our… <a href="https://t.co/LEG347mrEu" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/LEG347mrEu</a>— Hut 8 (@Hut8Corp) <a href="https://twitter.com/Hut8Corp/status/1762458733391618287?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">February 27, 2024</a>
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In February, the company’s Bitcoin production <a href="https://hut8.com/2024/03/05/hut-8-operations-update-for-february-2024/" target="_blank" rel="noopener noreferrer nofollow">decreased</a> compared to January. Last month, Hut 8 mined 292 BTC compared to 339 BTC in January. The firm held 9,110 BTC at the end of the month. Similar dynamics were observed among other large miners, including <a href="https://www.globenewswire.com/news-release/2024/03/05/2840987/0/en/Marathon-Digital-Holdings-Announces-Bitcoin-Production-and-Mining-Operation-Updates-for-February-2024.html" target="_blank" rel="noopener noreferrer nofollow">Marathon Digital</a>, <a href="https://www.riotplatforms.com/riot-announces-february-2024-production-and-operations-updates/" target="_blank" rel="noopener noreferrer nofollow">Riot Platforms</a>, and <a href="https://investor.bitfarms.com/news-events/press-releases/detail/229/bitfarms-earns-300-btc-in-february-2024-provides-update-on" target="_blank" rel="noopener noreferrer nofollow">Bitfarms</a>.
The decline in the percentage of BTC production of these companies ranged from 16% to 23% from month to month.
You might also like: <a href="https://crypto.news/hut-8-corp-challenges-short-seller-report-claims-financial-solidity/" rel="noopener noreferrer nofollow"> Hut 8 Corp. challenges short-seller report, claims financial solidity </a>

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

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