Hut 8 Says Repairs to Damaged Crypto Mining Equipment Are Taking Longer Than Expected


Hut 8 Mining (HUT) mentioned repairs to broken gear at its Drumheller, Alberta web site are taking longer than anticipated due to energy shortages and gear failures.

“Progress in bringing the gear again on-line has been slower than anticipated given frequent curtailments and {hardware} failures on account of energy surges,” the Toronto-based firm mentioned on Friday. “As particular person miner hashboards are repaired and re-installed, different hashboards are failing and require restore, which is impairing our hashrate and manufacturing.”

The corporate, which is within the technique of merging with U.S. Bitcoin Corp., mentioned final month that the location was working at 15% of its put in hashrate, with a restoration anticipated in 10-12 weeks. That timeline received’t be met, the crypto miner mentioned, with out giving a brand new estimate. The issues had been first reported in March.

Shares of Hut 8 rose as a lot as 3% in pre-market buying and selling on Nasdaq.

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