Soaring energy prices send Hut 8 Mining and Validus Power to mediation
NORTH BAY — Bitcoin mining operations at a North Bay data centre are suspended due to a dispute between a cryptocurrency company and its energy provider.
Hut 8 and Validus had partnered on bringing a mothballed power plant on Highway 11, north of the city, back to life in signing a power purchase agreement in 2021. The former Atlantic Power plant ceased generating in 2017 until acquired by Validus. These bitcoin data centres consume huge amounts of electricity to run and cool banks of high-powered computers. In the last year, cryptocurrencies like Hut 8 have grumbled about fluctuating power prices that have cut into bitcoin production.
The company also hasn’t responded how many jobs are impacted. During a groundbreaking ceremony in October 2021, company officials said there could be as many as 30 high-skilled technicians employed.
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