Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), one of North America’s largest Bitcoin miners and energy infrastructure operators, today 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.

“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,” said Asher Genoot, CEO of Hut 8. “Our restructuring plan aims to drive maximum value from our assets and position the company for profitable growth. With the nominal lease expense, we will also have a low-cost option to re-energize the site if energy rates in the AESO grid decrease or hashprice increases.”

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%.

As previously announced, the Board of Directors of Hut 8 determined, following the completion of the Company’s merger of equals, the time was right to set a new strategic direction for the Company and that a transition of leadership was appropriate. Following the leadership transition, Hut 8 continues to restructure and optimize operations to drive profitable growth and create lasting shareholder value.

The Village of Big Valley went to the polls Tuesday, February 20, 2024. Chantel Janke and Tim Field were the winners of the By-Election with 93 and 78 votes, respectively.
A By-Election had been called after Mayor Clark German and Deputy Mayor Amber Hoonenberg both resigned one day apart from each other at the end of November, 2023.
The Village received four nomination packages to fill the two vacant council positions of Mayor and Deputy Mayor. They were sought after by Tim Field, Chantel Janke, Elaine McDonald and Harry Nibourg.
The other candidates, Elaine Macdonald received 48 votes, and Harry Nibourg had 34 votes.
An organizational meeting will be held for the winning candidates to decide who will be filling which positions, alongside Councillor Dan Houle, at the next Council Meeting on Monday, March 11, 2024.
In mid-December, 2023, Gene Sobolewski was appointed by Ric McIver, Minister of Municipal Affairs, to assume council duties, with ministerial approval to pass an interim budget for the Village of Big Valley.