Hut 8 Mining sues electricity provider

Canadian mining company Hut 8 Mining has filed a lawsuit in the Ontario Superior Court against electricity supplier Validus Power Corp. and its subsidiary Bay Power Corp. That is stated in a press release, говорится.

“[…] the dispute between Hut 8 and Validus continues over Validus’s failure to fulfill its contractual obligations under the electricity purchase agreement it signed with the company,” the statement said.

Hut 8 seeks monetary damages and specific performance of certain provisions under the agreement signed by the two companies.

The companies объявили о сотрудничестве в октябре 2021 года — Validus agreed to supply 35 MW to Hut 8’s North Bay facility in Ontario.

However in November 2022, the mining company заявила that its partner “failed to reach certain key operating metrics” in line with the schedule. Validus also demanded payment at a higher rate than specified in the agreement.

According to the report, in that month available mining capacity decreased to 2.44 EH/s due to the suspension of operations at the North Bay facility. The reason cited by Validus was non-payment for electricity, which Hut 8 категорически отвергли.

In 2022, Bitcoin miners mined $9.45 billion — 43% lower than the previous year ($16.7 billion), according to an analytical report by ForkLog.

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