Hut 8 Sees Bitcoin Production Fall 20% In November Following North Bay Facility Dispute

Hut 8 Mining (TSX: HUT) has seen its bitcoin production fall significantly for the month of November. The decline comes as a result of its North Bay, Ontario facility seeing operations halted due to a squabble with the facilities power provider.

Bitcoin production during the month of November totaled 238 bitcoin, or approximately 7.9 BTC per day. The figure is a 20.4% decline from October’s production of 299 bitcoin, with October having an average production rate of 9.6 BTC per day.

The firms bitcoin holdings meanwhile increased to 8,925, with the firm still refusing to sell what it mines each month in line with what it calls its HODL strategy.

Cambria Gold Mines — sponsored Sponsored · Cambria Gold Mines

READ: By The Numbers: Bitcoin Miners Are Burning Cash On Each Coin Mined

Mining capacity as of month end reached 3.27 EH/s for Hut 8, although only 2.44 EH/s of that was available for production as a result of the North Bay facility being non-operational currently. Power supply to the facility is currently non-existent due to a disagreement with the firms power supplier, Validus Power Corp. Hut 8 last month reportedly issued a notice of default to Validus over certain undisclosed milestones that were not met. In response, Validus issued its own notice of default for payment allegedly not being made for the delivery of energy, with the supply of electricity then being halted.

Hut 8 is currently looking to enter mediation proceedings with Validus in relation to the dispute.

Hut 8 Mining last traded at $1.67 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

Everybody Should Own Gold | George Bee – U.S. Gold Corp.

A $40M Company Created $2B in Mining Value | John-Mark Staude – Riverside Resources

The Debt Crisis Is Turning Gold Into Money | Shawn Khunkhun – Contango Silver and Gold

Recommended

Epic Gold Assays 9.42 g/t Gold Over 11 Metres at Hawkins In Trenching, Links Occurrences Along 15 Kilometre Corridor

Goliath Cuts 28.81 g/t Gold Equivalent Over 4 Metres Within Broader Surebet Intercept

Related News

Hut 8 Mining Sees Q4 Revenue Grow To $57.9 Million

Hut 8 Mining (TSX: HUT) this morning released its fourth quarter financial results, posting revenue...

Thursday, March 17, 2022, 07:49:12 AM

Another Giant E&P Company Enters Bitcoin Mining Industry; Negative Margin Implications For Legacy Miners

Very uncharacteristically, Canadian Bitcoin mining stocks, such as Bitfarms Ltd. (TSXV: BITF), Hut 8 Mining...

Sunday, January 3, 2021, 01:30:00 PM

Hut 8 Reports Major Equipment Failures At Drumheller Facility

Hut 8 Mining (TSX: HUT) continues to experience operating difficulties at its Drumheller, Alberta facility....

Tuesday, May 9, 2023, 08:47:04 AM

Hut 8 Mines 299 Bitcoin In October

Hut 8 Mining (TSX: HUT) this morning posted its production results for the month of...

Thursday, November 3, 2022, 08:26:06 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