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Hut 8 Says Repairs to Damaged Crypto Mining Equipment Are Taking Longer Than Expected
The delays are impairing the miner's hashrate and bitcoin production.
Updated Jun 9, 2023, 1:37 p.m. Published Jun 9, 2023, 11:14 a.m.
Hut 8 Mining (HUT) said repairs to damaged equipment at its Drumheller, Alberta site are taking longer than expected because of power shortages and equipment failures.
“Progress in bringing the equipment back online has been slower than expected given frequent curtailments and hardware failures due to power surges,” the Toronto-based company said on Friday. “As individual miner hashboards are repaired and re-installed, other hashboards are failing and require repair, which is impairing our hashrate and production.”
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The company, which is in the process of merging with U.S. Bitcoin Corp., said last month that the site was running at 15% of its installed hashrate, with a restoration expected in 10-12 weeks. That timeline won’t be met, the crypto miner said, without giving a new estimate. The problems were first reported in March.
Shares of Hut 8 rose 1.3% to $1.985 in early trading on Nasdaq.
UPDATE (June 9, 13:36 UTC): Updates shares for early trading in last paragraph.
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