Canada-based Bitcoin (
On Nov. 9, 2022, Hut 8 issued a notice of default to Validus alleging it failed to achieve milestones by the dates outlined in the PPA and claimed the firm demanded Hut 8 pay for energy that was at a higher price than that under the terms of the agreement.
An update from Hut 8 later that month revealed Validus suspended the delivery of energy to its North Bay site. Validus fired back with its own default notice alleging Hut 8 failed to pay for its power charges — a claim Hut 8 denies.
We’re in North Bay today touring ?@Hut8Mining?’s 3rd mining site, with ?@PowerValidus? #btc #canada pic.twitter.com/3BWNQm0Sft
— Hut 8 (@Hut8Mining) October 25, 2021
To this date, operations at the site remain suspended. Hut 8 said it’s exploring alternatives to mitigate the impact of the dispute including through “organic and inorganic growth opportunities.”
Related: Bitcoin miners’ worst days may have passed, but a few key hurdles remain
Before it was taken offline, the North Bay site had 8,800 crypto mining rigs and a hash rate capacity of 0.84 exahashes per second (EH/s), accounting for over one-fourth of its total production capacity, according to a December 2022 investor deck.
Cointelegraph contacted Validus and Hut 8 for comment but did not receive an immediate response from either firm.
