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Hut 8 (TSX:HUT) discloses dispute with power supplier

Cryptocurrency, Market News
TSX:HUT
28 November 2022 15:00 (EDT)

Source: Hut 8 Mining.

Hut 8 Mining (HUT) has requested mediation proceedings with Validus Power.

Validus is a third-party energy supplier to the company’s mining facility in North Bay, Ontario.

On November 9, 2022, Hut 8 delivered a notice of default to Validus regarding breaches of certain obligations under their power purchase agreement.

Validus has subsequently suspended delivery of energy to the North Bay facility and delivered a notice of default alleging that Hut 8 failed to make certain payments under their agreement, which the company categorically denies.

Hut 8 is exploring alternatives to mitigate the dispute, including organic and inorganic growth opportunities.

Hut 8 is one of North America’s largest innovation-focused digital asset miners. It also serves the growing Web 3.0 high-performance computing market.

Hut 8 Mining (HUT) is down by 4.75 per cent, trading at $1.505 per share as of 2:41 pm ET.


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