Hut 8 Mining ( NASDAQ: HUT ) has requested mediation proceedings in an effort to settle its dispute with the energy supplier for its mining facility in North Bay, Ontario, the Canadian bitcoin ( BTC-USD ) miner said Monday. On Nov. 8, Hut 8 ( HUT ) delivered a notice of event of default to the energy supplier, Validus, alleging that the third-party supplier failed to meet certain obligations under the terms of the two companies' power purchase agreement. Since then, Validus has stopped delivering energy to Hut 8's North Bay operations and has delivered a notice of event of default alleging Hut 8 of failing to make certain payments related to delivery of energy to North Bay, an allegation which "the company categorically denies," it said. "Hut 8 has therefore notified Validus that it intends to proceed to mediation pursuant to the term of the PPA," the company said. As it has previously stated, Hut 8 ( HUT ) is considering ways to mitigate the impact of the dispute, through organic and inorganic growth opportunities. Hut 8 ( HUT ) stock dropped 2.5% in Monday premarket trading. Note that bitcoin ( BTC-USD ) has slid 2.0% to $16.2K at 7:37 AM ET. In Q3 2022, Hut 8 Mining's ( HUT ) revenue fell 37% Y/Y as bitcoin's ( BTC-USD ) price slumped and energy costs increased.
