Hut 8 Halts Bitcoin Mining in Drumheller Amid Rising Costs and Power Issues, Explores New Ventures in Texas

Hut 8 Halts Bitcoin Mining in Drumheller Amid Rising Costs and Power Issues, Explores New Ventures in Texas



Mining enterprise Hut 8 is ceasing operations of its Bitcoin mining operation located in Drumheller, Alberta, Canada, due to challenges including power disruptions and increasing costs. The Drumheller site, responsible for mining approximately 1.4% of Bitcoin's total, utilizes about 11% of its computing power for mining activities.



"Our analysis has revealed that Drumheller's profitability has been substantially affected by a combination of high energy prices and electrical infrastructure issues," stated Asher Genoot, CEO of Hut 8.



The company has acknowledged the possibility of recommencing operations at this center should market conditions become favorable. Hut 8 intends to maintain its lease on the property, preserving the option to reactivate the mining operations when the opportunity arises. In recent developments, Hut 8


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#Bitcoin, #Blockchain, #Cryptocurrency, #Cryptomarket, #Cryptonewstoday, #Hut8, #News, #Regulations

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