The Diamond Bit is located at the base of Hubbards Hill south of Mitchell, Nebraska. It encompasses 155 acres of mostly salt grass meadow. The area has three artesian wells and historically has had a very high water table. It is currently the home to a very large prairie dog and burrowing owl colony. Plans are being made to develop the wetland in partnership with the Burlington Northern Railroad to mitigate for additional track as they expand their coal train operations.