07:46 AM EST, 03/06/2024 (MT Newswires) -- Hut 8 Corp. ( HUT ) , one of North America's largest Bitcoin miners and energy infrastructure operators, said Wednesday that it has shut down its Drumheller site in Alberta, Canada.

The company said Drumheller will no longer operate as a Bitcoin mining site. The company plans to relocate efficient miners to the Medicine Hat site in Alberta, Canada, and old and inefficient miners will be retired from operations.

Hut 8 ( HUT ) will maintain its lease at the site and may reconsider the decision if market conditions improve.

The move is part of Hut 8's ( HUT ) ongoing restructuring and optimization initiatives designed to enhance financial performance.

The company's shares fell 10.1% in Canada yesterday.