- 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
- Both parties have served the other with notices of default under their power purchase agreement
- Validus has since suspended delivery of energy to Hut 8’s North Bay facility
- Hut 8 is one of North America’s largest innovation-focused digital asset miners
- Hut 8 Mining (HUT) is down by 4.75 per cent, trading at $1.505 per share
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.
