Hut 8 Mining, a cryptocurrency mining company, is experiencing increased demand for artificial intelligence (AI) and high-performance computing (HPC) as it looks to reinvigorate its 6,400 rigs. These rigs are being relocated from Hut 8’s inactive site in North Bay, Ontario, Canada, to Texas. The company aims to bring its idle equipment back online and expects the miners to be operational by the end of July 2023, contributing to a total installed hash rate of 3.2 exahashes per second.
Hut 8 has reached a three-month hosting agreement for the relocated miners, with plans to renew the arrangement on a month-to-month basis. This move follows the relocation of 988 miners from North Bay to Hut 8’s facility in Medicine Hat, Alberta, Canada, in March 2023.
CEO Jaime Leverton commented on the current state of the cryptocurrency mining industry, noting that it has rebounded well in recent months. Leverton attributed the momentum to the company’s focus on AI and HPC computing, which has attracted attention and investment.
In addition to its Bitcoin mining operations, Hut 8 has started deploying its infrastructure to power services and solutions beyond mining. The company has secured a five-year agreement to provide computer infrastructure and hosting services to British Columbia’s Interior Health authority. It has also conducted a case study with 3D generative AI firm XYZ AI.
Hut 8 is navigating a legal dispute with Validus Power, its third-party energy supplier, over alleged contractual breaches. The company did not provide further details on the court case proceedings. Operations at the mining facility in North Bay have been suspended since November 2022.
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