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Mining

Hut 8 Stops Mining Of Bitcoin Due To Energy Conflict – Bitcoin (BTC/USD), Hut 8 Mining (NASDAQ:HUT)

admin November 29, 2022

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, 2022-11-29 11:25:06,

Bitcoin BTC/USD miner Hut 8 Mining Corp HUT is looking for third-party energy supplier mediation after disagreements over a joint power purchase agreement caused portions of its operations to shut down.

The Canadian company was forced to halt mining bitcoin at its facility in North Bay, Ontario, after the energy supplier Validus stopped supplying the location with energy. 

The mining company runs two other mining locations in Southern Alberta.

The service provider alleged Hut 8 missed payments on time. Hut 8 issued a statement on Monday refuting those claims. 

Hut 8 claimed earlier this month it had served Validus with a notice alleging the energy provider was on the verge of defaulting on its obligations under the terms of the two companies’ power purchase agreement. 

Hut 8 blamed Validus for failing to meet specific operational milestones by important dates outlined in the terms.

Hut 8 also reported ongoing talks with Validus have so far failed to lessen the operational and financial effects of associated issues. 

Also Read: EXCLUSIVE: Is Crypto Just For Speculation? More Americans Use Crypto For Purchases Than You May Think

As of June, the Ontario site had 5,800 installed miners, used 20 MW of power and contributed 20% of Hut 8’s overall hashrate.

Hut 8 indicated it was using a third party to mediate the dispute with Validus and expressed optimism that a settlement could be reached without going to court. Regarding the operational benchmarks it claimed Validus had…

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