Hut 8 Mining (TSX: HUT) is looking for creative ways in which it can bring down its operating costs for its Bitcoin mining operations. The company this morning announced that it has entered into exclusive partnership discussions with that of Validus Power Corp, an energy developer focused on low cost power.
The partnership has reportedly been formed as a means for the exploration of the co-development of an industrial scale energy generation platform. Effectively, the two firms will look to generate low-cost electricity via alternative fuel sources, as the two firms look to push the “ESG” angle of investing while also cutting down on the operating costs for mining bitcoin.
Notably, power consumption costs are one of the largest ongoing expenses in relation to cryptocurrency mining. The combined efforts of the two has been referred to an advancement towards “digital energy,” with the firm referring to the proposed development of a “turn-key mobile power plant and data center fleet.”
Hut 8 Mining last traded at $10.76 on the TSX.
Information for this briefing was found via Sedar and Hut 8 Mining Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
