Hut 8, one of the largest digital asset mining companies in North America, made its 'stalking horse bid,' a binding offer to buy out an insolvent company, last month, but only declared the bid successful in a press release this week.
Earlier this year, Hut 8 had to shut down a Bitcoin mining site in North Bay, Ontario, due to a dispute with energy provider Validus Power. Ironically, the company is now looking to buy power plants from the same provider, including one in North Bay.
The news highlights the persistent appetite of miners to snatch up decommissioned powerplants to mine crypto, an immensely power-intensive and environmentally damaging process. Companies have been refurbishing coal-fired power plants to mine cryptocurrencies, despite plenty of local and environmental opposition.
#bitcoin-mining #digital-asset-mining #power-plant-acquisition #crypto-mining-environmental-impact #energy-consumption
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