Hut 8 Corp. announced the closure of its Drumheller site in Alberta, Canada. In line with ongoing restructuring and optimization initiatives designed to strengthen financial performance, the Company is executing several strategic measures at the site.

Effectively immediately, Drumheller will cease to operate as a Bitcoin mining site. Efficient miners will be relocated to the Medicine Hat site in Alberta, Canada, and old and inefficient miners will be retired from operations. Hut 8 will maintain its lease at the site and the option value of re-energizing the site if market conditions improve.

The site?s most efficient miners, representing approximately 130 PH/s of hashrate, will be moved to Medicine Hat and energized in March to leverage the site?s superior infrastructure and economics. Miners at Drumheller with efficiency worse than 38 J/TH will be retired from operations. The relocation of efficient miners and retirement of inefficient miners is expected to enhance Hut 8?s cash flow, reduce its cost to mine a Bitcoin, and drive a pro forma increase in Bitcoin mined per EH of approximately 11%.