To save hard drive space, you can disable hibernate entirely, which removes the file.
Windows saves the contents of your RAM in the C:\hiberfil.sys file. This allows it to save its system state without any power usage - the next time you boot your computer, you'll be back where you left of.
We don't recommend using any of them, but if you desperately need disk space, they can help: These tricks will definitely save some space, but they'll disable important Windows features.