In a bid to streamline its mining capabilities, Hut 8 will relocate its efficient mining machines, which boast a computing power of approximately 130 PH/s, to its facility in Medicine Hat. The transfer is scheduled to be completed by March, signaling the company's commitment to maximizing its mining productivity. At the same time, outdated and inefficient mining machines will be retired from operation.
This strategic move is expected to bolster Hut 8's financial performance by bolstering its cash flow and reducing Bitcoin mining costs. As a result, the company anticipates an 11% increase in the amount of Bitcoin that can be mined per EH, further solidifying its position as a key player in the cryptocurrency mining industry.
