Hut 8 shuts down Alberta site amid surging power costs
Hut 8 cited rising electricity costs and constant power disruptions as reasons for the closure, relocating its rigs to another site in Medicine Hat, Canada.
Hut 8 cited rising electricity costs and constant power disruptions as reasons for the closure, relocating its rigs to another site in Medicine Hat, Canada.
While Celsius emerges from bankruptcy, FTX seems close to solving the $400 million hack in its platform after the arrest of three suspects allegedly tied to the case.
A report from a short-selling firm claims Hut 8 is setting its investors up for a pump-and-dump event, which the block reward miner slammed as "false and misleading characterizations" of its business.
The new site in Cedarvale, Texas, will host 66,000 mining rigs, with construction set to start in a few weeks; Hut 8 will provide end-to-end developmental services.
97% of Hut 8 shareholders voted to merge with USBTC, and the only holdup now is the registration of the new entity in the U.S. and USBTC shareholders’ vote.
Like its peers in the BTC mining industry, Hut 8 had a poor quarter, with the shutdown of one of its facilities and Ethereum’s proof of stake switch taking their toll.
The two companies will now be subsidiaries under Hut 8 Corp., or New Hut, with USBTC benefiting from a strong balance sheet while Hut 8 accesses cheap power.
Hut 8 is accusing Validus Power Corp. of failing to meet its contractual obligations for a power purchase agreement and is demanding monetary damages.
Michelle Rempel Garner, Member of Parliament for the riding of Calgary Nose Hill, recently introduced Bill C-249, ‘an Act respecting the encouragement of the growth of the cryptoasset sector.’
Hut 8 will provide physical hosting and optimization services and access to competitive electrical power for 960 newly-purchased digital hashing computers owned by TAAL.
Per Hut 8’s short-form prospectus, the proposed offering would occur during the 25-month span in which the prospectus remains effective.
Despite nearly doubling its net income, the company saw its total revenue drop from $82 million in 2019 to $40.7 million in 2020 due to the drop on BTC halving and the COVID-19 pandemic.