Share this article
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.”
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
VanEck's new Avalanche ETF filing to include staking rewards for AVAX investors
The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
What to know:
- VanEck has updated its filing for an Avalanche ETF, VAVX, to include staking rewards, aiming to generate income for investors by staking up to 70% of its AVAX holdings.
- The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
- If approved, the fund will trade on Nasdaq under the ticker VAVX, tracking AVAX's price via a custom index, and will be custodied with regulated providers, including Anchorage Digital and Coinbase Custody.
Top Stories
