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24h Vol: $95,209,059,350
Seeking Alpha 2023-01-26 14:12:00

Hut 8 Mining files lawsuit against power supplier Validus for breach of contract

Hut 8 Mining files lawsuit against power supplier Validus for breach of contract
Hut 8 Mining ( NASDAQ: HUT ) said Thursday it filed a statement of claim in the Ontario Superior Court of Justice against Validus Power, a third-party power supplier to Hut 8's mining facility in North Bay. The cryptocurrency miner's ongoing dispute with Validus is due to its failure to meet contractual obligations in its power purchase agreement with Hut 8 ( HUT ). Hut 8 ( HUT ) is seeking various relief including enforcement of certain provisions of the PPA and monetary damages incurred from the dispute. In November, Hut 8 ( HUT ) delivered a notice of event of default to Validus regarding its breaches of certain obligations under the PPA. Validus then suspended power supply to Hut 8's ( HUT ) facility in North Bay and alleged that the miner failed to make certain payments. Hut 8 ( HUT ) "categorically denies" this allegation. Earlier, Hut 8's ( HUT ) bitcoin reserves grew 65% in 2022 .
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