It will relocate the efficient Bitcoin miners from the closed site to another site.
The relocation would increase the Bitcoin mined per EH by about 11 percent.
Hut 8 (Nasdaq | TSX: HUT), a prominent cryptocurrency mining corporation, has shuttered its Bitcoin mining site in Alberta, Canada. Announced yesterday (Wednesday), the decision aligned with the company’s “ongoing restructuring and optimization initiatives designed to strengthen financial performance.”
“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,” Asher Genoot, the CEO of Hut 8, said.
Relocation of Efficient Miners
The company detailed that it will relocate the efficient cryptocurrency miners to the Medicine Hat site in Alberta, Canada, while retiring the old and inefficient miners from operations.
According to Hut 8, the capacity of the efficient miners from the closed site is about 130 PH/s of hash rate, while the capacity of inefficient miners is 38 J/TH. With the relocation, the company expects to enhance its cash flow and reduce its cost of mining Bitcoin. The company estimated the relocation would increase the Bitcoin mined per EH by about 11 percent.
An estimation of mining capacity with relocation of miners by Hut 8
Strengthening the Financials of the Company
The restructuring of operations came when Hut 8 was struggling with its financials. In the third quarter of 2023, the company’s revenue declined 46 percent, which was CA$ 17.0 million, including CAD 4.5 million from its high-performance computing business. Its net loss also doubled after dropping to $9.9 million.
“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 hash price increases.”
Despite the site's closure with immediate effect, Hut 8 will maintain its lease of the site and retain the option to restart operations if market conditions improve.
Meanwhile, Hut 8 recently changed its leadership with the appointment of Asher Genoot, who succeeded Jaime Leverton as the Chief Executive Officer.
Hut 8 (Nasdaq | TSX: HUT), a prominent cryptocurrency mining corporation, has shuttered its Bitcoin mining site in Alberta, Canada. Announced yesterday (Wednesday), the decision aligned with the company’s “ongoing restructuring and optimization initiatives designed to strengthen financial performance.”
“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,” Asher Genoot, the CEO of Hut 8, said.
Relocation of Efficient Miners
The company detailed that it will relocate the efficient cryptocurrency miners to the Medicine Hat site in Alberta, Canada, while retiring the old and inefficient miners from operations.
According to Hut 8, the capacity of the efficient miners from the closed site is about 130 PH/s of hash rate, while the capacity of inefficient miners is 38 J/TH. With the relocation, the company expects to enhance its cash flow and reduce its cost of mining Bitcoin. The company estimated the relocation would increase the Bitcoin mined per EH by about 11 percent.
An estimation of mining capacity with relocation of miners by Hut 8
Strengthening the Financials of the Company
The restructuring of operations came when Hut 8 was struggling with its financials. In the third quarter of 2023, the company’s revenue declined 46 percent, which was CA$ 17.0 million, including CAD 4.5 million from its high-performance computing business. Its net loss also doubled after dropping to $9.9 million.
“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 hash price increases.”
Despite the site's closure with immediate effect, Hut 8 will maintain its lease of the site and retain the option to restart operations if market conditions improve.
Meanwhile, Hut 8 recently changed its leadership with the appointment of Asher Genoot, who succeeded Jaime Leverton as the Chief Executive Officer.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Kraken Taps Alpaca for xStocks After Backed Finance Acquisition
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
