Hut 8 moves equipment from Ontario to Medicine Hat as it looks for more power

By MEDICINE HAT NEWS on March 9, 2023.

https://www.medicinehatnews.com@MedicineHatNews

Hut 8 has moved crypto-mining units from its stalled expansion in Ontario to Medicine Hat as it seeks a new electricity supply contract, according to the monthly operation update to investors.

The data-processing company, which has its flagship operation in Medicine Hat, is involved in a contract dispute in Ontario Superior Court with power supply firm Validus Power over the conversion of a mothballed natural gas plant North Bay, Ont.

Hut 8 says hardware at that location is now in the Hat while the company is “assessing energization options” and electrical infrastructure is with a third party “pending relocation.”

The company also said it is investigating issues at its Drumheller facility that are lowering productivity.

Hut 8 plans to liquidate its February production of Bitcoin to fund operations while maintaining large holdings of the cryptocurrency.

Hut 8 is “actively working toward closing our transaction (to combine) with USBC, US Bitcoin Corp., as previously discussed, in the second quarter,” according to CEO Jaime Leverton.

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