Canadian Bitcoin Miner Hut 8 Mining Corp Undergoes Second Round Of Staff Cutbacks

Hut 8 Mining Corp., headquartered in Toronto, Canada is a cryptocurrency mining company established through an exclusive arrangement with the Bitfury Group, the world’s leading full-service blockchain technology company. Through the Bitfury Group, Hut 8 has access to a world-leading proprietary mix of hardware, software and operational expertise to construct, optimize and manage data centers in low-cost and attractive jurisdictions. Hut 8 has 85 BlockBoxes representing 95.2 MW of operating capacity located in Drumheller and Medicine Hat, Alberta.

They were one of the biggest mining firms in the world posting record quarterly returns having mined over 7,300 bitcoins. However, things haven't been very bright for the company recently.

One of the former employees of the company, who worked for Hut 8 at their Drumheller facility spoke to CBC News. He was let go with a dozen coworkers this January.

“Power prices were going up, and bitcoin was going down. In Drumheller, we were expecting some form of layoff but not in the mass amount that we had. At the time, we were just starting to be up online, be completely streamlined. The plan was maybe laying a couple of people off per shift but it ended up that probably half of the data center ops crews were let go,” he said.

Bitfury did not give a number on the fired employees, however, said that these layoffs are a part of streamlining the process. A spokesperson for Bitfury said:

“As Bitfury grows, we are constantly evaluating ways to better empower our company to perform efficiently — in 2019 and beyond. As part of those efforts, we are streamlining our operations in order to help us advance strategic plans to develop innovative software and hardware solutions and focus on other emerging technologies. This week's actions reflect those efforts. This decision will enable us to lead the company into our next chapter of growth. We sincerely appreciate everything our team members have helped us accomplish.”

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