{"id":73138,"date":"2023-01-27T09:48:01","date_gmt":"2023-01-27T07:48:01","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=73138"},"modified":"2025-09-09T12:25:45","modified_gmt":"2025-09-09T09:25:45","slug":"hut-8-mining-sues-electricity-provider","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/hut-8-mining-sues-electricity-provider\/","title":{"rendered":"Hut 8 Mining sues electricity provider"},"content":{"rendered":"<p>Canadian mining company Hut 8 Mining has filed a lawsuit in the Ontario Superior Court against electricity supplier Validus Power Corp. and its subsidiary Bay Power Corp. That is stated in a press release, <a href=\"https:\/\/hut8.io\/2023\/01\/26\/hut-8-provides-update-on-north-bay-facility-2\/\">\u0433\u043e\u0432\u043e\u0440\u0438\u0442\u0441\u044f<\/a>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201c[\u2026] the dispute between Hut 8 and Validus continues over Validus&#8217;s failure to fulfill its contractual obligations under the electricity purchase agreement it signed with the company,\u201d the statement said.<\/p>\n<\/blockquote>\n<p>Hut 8 seeks monetary damages and specific performance of certain provisions under the agreement signed by the two companies.<\/p>\n<p>The companies <a href=\"https:\/\/hut8.io\/2021\/10\/23\/hut-8-mining-announces-third-site-status-update\/\">\u043e\u0431\u044a\u044f\u0432\u0438\u043b\u0438<\/a> \u043e \u0441\u043e\u0442\u0440\u0443\u0434\u043d\u0438\u0447\u0435\u0441\u0442\u0432\u0435 \u0432 \u043e\u043a\u0442\u044f\u0431\u0440\u0435 2021 \u0433\u043e\u0434\u0430 \u2014 Validus agreed to supply 35 MW to Hut 8&#8217;s North Bay facility in Ontario.<\/p>\n<p>However in November 2022, the mining company <a href=\"https:\/\/hut8.io\/2022\/11\/10\/hut-8-reports-operating-and-financial-results-for-q3-2022\/\">\u0437\u0430\u044f\u0432\u0438\u043b\u0430<\/a> that its partner \u201cfailed to reach certain key operating metrics\u201d in line with the schedule. Validus also demanded payment at a higher rate than specified in the agreement.<\/p>\n<p>According to the report, in that month available mining capacity <a href=\"https:\/\/u1f987.com\/en\/news\/hut-8-mining-raises-reserves-to-8925-btc\">decreased to 2.44 EH\/s<\/a> due to the suspension of operations at the North Bay facility. The reason cited by Validus was non-payment for electricity, which Hut 8 <a href=\"https:\/\/hut8.io\/2022\/11\/28\/hut-8-provides-update-on-north-bay-facility\/\">\u043a\u0430\u0442\u0435\u0433\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438 \u043e\u0442\u0432\u0435\u0440\u0433\u043b\u0438<\/a>.<\/p>\n<p>In 2022, Bitcoin miners mined $9.45 billion \u2014 43% lower than the previous year ($16.7 billion), according to <a href=\"https:\/\/u1f987.com\/en\/news\/2022-in-figures-bitcoin-crash-ftx-collapse-and-the-rise-of-l2-solutions\">an analytical report<\/a> by ForkLog.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian mining company Hut 8 Mining has filed a lawsuit in the Ontario Superior Court against electricity supplier Validus Power Corp. and its subsidiary Bay Power Corp. That is stated in a press release.<\/p>\n","protected":false},"author":1,"featured_media":73139,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,1137,1136],"class_list":["post-73138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-cryptocurrency-mining","tag-hut-8"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/73138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=73138"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/73138\/revisions"}],"predecessor-version":[{"id":73140,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/73138\/revisions\/73140"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/73139"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=73138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=73138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=73138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}