By Robb M. Stewart


Bitcoin miner Hut 8 closed its Drumheller site in the Canadian province of Alberta as part of its efforts to streamline operations and bolster its balance sheet.

Drumheller has ceased to operate as a Bitcoin mining site and the company said old and inefficient miners will be closed down and efficient miners will be relocated to Hut 8's Medicine Hat site in Alberta. Hut 8 plans to maintain its lease at the site, retaining an option to restart operations at Drumheller if market conditions improve.

Asher Genoot, who was appointed chief executive last month, said the profitability of Drumheller has been impacted by various factors, including elevated energy costs and underlying voltage issues.

The closure comes after Hut 8, in partnership with a unit of Australian bank Macquarie, in February completed a so-called stalking-horse bid to buy four natural gas power plants in Ontario offering 310 megawatts of power infrastructure.


Write to Robb M. Stewart at robb.stewart@wsj.com


(END) Dow Jones Newswires

03-06-24 0702ET