Hut 8 Mining Repairs Taking Longer Than Expected – BCCN3

TORONTO – According to a statement released Friday, Hut 8 Mining (HUT), a Toronto-based bitcoin mining company, revealed that repairs to its Drumheller, Alberta site are taking longer than anticipated due to power shortages and equipment failures. The extended downtime has resulted in significant hindrances to the company's operational efficiency and production output.

May 2023 Production Update Highlights:

🏛️ 9,233 BTC in reserve
🤝 HPC team signed 5 year agreement with new client
📍 finalizing operationalizing miners from North Bay site
⛏️147 BTC mined
✅progress on remediation at Drumheller site
⚙️56.54 BTC/EHhttps://t.co/Wu53abR00V

— Hut 8 (@Hut8Mining) June 9, 2023

Hut 8 Mining acknowledged the challenges faced in bringing the damaged equipment back online. The company cited frequent power curtailments and hardware failures caused by power surges as major contributors to the slow progress. The ongoing repair efforts have been complicated by the need to address recurring failures in other hashboards as individual miner hashboards are repaired and re-installed.

Last month, Hut 8 Mining, which is currently undergoing a merger with U.S. Bitcoin Corp., disclosed that the Drumheller site was operating at only 15% of its installed hashrate. At that time, the company expected to restore full operational capacity within 10-12 weeks.