Repairs to Hut 8’s damaged crypto mining equipment are delayed.
Hut 8 Mining (HUT) has reported that the repairs of its damaged equipment in its Drumheller, Alberta site are taking longer than expected due to power shortages and equipment failures. The Toronto-based company stated on Friday that “Progress in bringing the equipment back online has been slower than expected given frequent curtailments and hardware failures due to power surges.” The company is currently merging with U.S. Bitcoin Corp. and had previously announced that the site was running at 15% of its installed hashrate, with a restoration expected in 10-12 weeks. However, the company now says that the timeline won’t be met without giving a new estimate. The problems were first reported in March. Shares of Hut 8 rose as much as 3% in pre-market trading on Nasdaq.
Edited by Parikshit Mishra.