Hut 8 Mining Corp. today announced it entered into exclusive partnership discussions with Validus Power Corp. Accordingly, this deal would secure new revenue streams and energy solutions for Hut 8’s bitcoin mining operations.
Moreover, these partnership discussions are exploring the co-development of an industrial-scale energy generation platform.
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Hut 8 and Validus Power: new partnership
This Monday, Hut 8 Mining Corp. announced it entered into exclusive partnership discussions with Validus Power Corp. In fact, these conversations are exploring the co-development of an industrial-scale energy generation platform.
According to both companies, this deal would secure new revenue streams and energy solutions for Hut 8’s bitcoin mining operations. Consequently, Hut 8 and Validus believe they will be able to support and advance long-term ESG objectives. Furthermore, while delivering financial innovation and positive overall outcomes.
Indeed, Validus Power Corp. provides its customers the ability to generate reliable power efficiently. According to the company, this is critical for Hut 8 to support its mining operations.
Consequently, the generation of low-cost electricity by leveraging alternative fuel sources, such as those from the Oil & Gas industry, marks a significant milestone in the relationship between the Energy and Bitcoin mining industries. Moreover, this exclusive partnership discussion between these two Canadian companies represents a significant advancement towards digital energy.
Reception and forecasts
“Hut 8 is more than a [Bitcoin] miner. We are accelerators and innovators in the blockchain and big data ecosystem. Furthermore, we have a responsibility to build and explore alternative mining practices,” says Jaime Leverton, CEO, Hut 8 Mining.
Therefore, “the future of our industry and our commitment to our investors is to continuously push new, creative ways of thinking which drive our competitive advantage. Besides, just like we invest in hardware and get ahead of the supply constraints, the same thoughtful approach needs to be applied to our Energy & ESG objectives.”
“On behalf of the Validus team, we are excited to be exploring the application of our advanced energy solutions to Bitcoin mining, exclusively with Hut 8. Hence, the crypto-mining sector represents a massive opportunity for energy innovation that maximizes both environmental and economic performance,” says Todd Shortt, CEO, Validus Power Corp.
In conclusion, “we’re excited about the potential we have to lead the broader global mining industry; as two Canadian forces of innovation collaborating on an efficient energy solution.”
In brief, Bitcoin, continues to shift from an outlier for the financially curious to a financial investment for major investors, companies, and global economies.