Media: cryptocurrency mining company Hut 8 is on a massive layoff

The Canadian Broadcasting Corporation (CBC) reported that the Canadian cryptocurrency mining company Hut 8 is laying off workers on a massive scale. A former employee of the Drumheller factory told CBC that he and 24 colleagues were fired in January this year. He said that at the time the company cut jobs by about 25% globally, while the Alberta team faced larger layoffs. It is reported that layoffs are the result of rising bear prices in the 2018 and electricity costs in the region. However, the CBC said layoffs were allegedly exceeded expectations and that layoffs accounted for half of data center operations. Hut 8's encrypted mining facility at Drumheller and Medicine Hat is part of a joint venture with Bitfury. Bitfury did not confirm the layoffs with the CBC and declined to comment on the number of layoffs this week or January. However, a Bitfury spokesperson said layoffs are part of streamlining operations.