Saturday, July 12, 2025

Latest

Hut 8 Mining Takes North Bay Facility Dispute To Court

The dispute between Hut 8 Mining (TSX: HUT), and its power provider at its North Bay, Ontario bitcoin mining facility has evidently reached an impasse. The firm this morning indicated that it has filed a Statement of Claim in the Superior Court of Justice of Ontario.

The claim has been filed against Validus Power Corp, and its related subsidiary, Bay Power Corp, whom was a third-party supplier of energy to the firms facility. A dispute with Validus has been ongoing since early November, when the company first revealed it had issued a notice of default.

The default notice was reportedly for Validus failing to hit certain operational milestones, while at the same time Hut 8 claimed that they were being charged for power at higher than agreed to rates. Later that month, Validus suspended providing power to the facility entirely, while delivering its own notice of default for Hut 8’s failure to pay outstanding invoices – which Hut 8 denied, despite previously revealing its dispute on pricing.

READ: Hut 8 Sees Bitcoin Mining Halted At North Bay Facility Due To Power Provider Disagreement

The two firms, whom initially began working together in late 2021, initially agreed on Validus providing up to 100MW of power to the facility, with 35MW of that capacity to come online by the end of Q4 2021. At the time of production halting, Hut 8 had installed a total of 0.84 EH/s of bitcoin mining capacity, with over 8,800 AISC miners installed. Before operations halted, it accounted for 27.4% of the firms total production capacity for Bitcoin.

In announcing the court filing this morning, Hut 8 stated that the statement of claim was related to Validus’ “failure to meet its contract obligations in the power purchase agreement.” Relief sought reportedly includes enforcement of certain provisions of that agreement, and related monetary damages.

Hut 8 has previously indicated that it is looking to source an alternate energy provider for the facility, although it does not yet appear that it has managed to source a new provider.

Hut 8 Mining last traded at $2.50 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. 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.

Video Articles

Mergers Set the Stage for Uranium’s Growth Cycle | Forum-Baselode Merger

The Goal is Gold Production as Soon as Possible! | Gordon Robb – ESGOLD Corp.

Snowline Gold: The Multi Billion Dollar Valley PEA

Recommended

First Majestic Produces 7.9 Silver Equivalent Ounces In Q2, Lifts Production Guidance

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

Related News

Hut 8 Mining To Combine With US Bitcoin Corp, Abandons HODL Strategy

Consolidation is getting underway in the bitcoin mining space. Hut 8 Mining (TSX: HUT) has...

Tuesday, February 7, 2023, 08:17:11 AM

Hut 8 Q3 2024: Pivot Sparks Revenue Growth, But Escalating Costs Loom

Hut 8 Corp. (TSX: HUT) reported its third-quarter earnings on Wednesday with revenue of $43.7...

Wednesday, November 13, 2024, 01:42:00 PM

Hut 8 Mining Pays 16.5% Interest On Loan To Secure 5,400 Additional Mining Rigs

Hut 8 Mining (TSX: HUT) this morning added to its cryptocurrency mining capacity via the...

Friday, January 22, 2021, 08:50:42 AM

Energy Giants Look To Move Into Cryptocurrency Space, Pressuring Miners

In late August 2020, international energy giant Equinor ASA (NYSE: EQNR) reportedly decided to partner...

Monday, September 28, 2020, 02:09:00 PM

Hut 8 Sees Bitcoin Mining Fall 32% In December As Production Slump Continues

Hut 8 Mining (TSX: HUT) posted its worst monthly performance in all of 2022 in...

Friday, January 6, 2023, 08:30:47 AM