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Bitcoin Miner Hut 8 Jumps 15%, Leading Sector Higher After Inking 5-Year Energy Supply Deal
The pact with the Ontario Independent Electricity System Operator will provide HUT a steady income stream and help address Ontario’s projected electricity demand growth.
Jul 2, 2025, 3:03 p.m.
What to know:
- Hut 8 secured a five-year capacity contract with Ontario’s Independent Electricity System Operator for 310 megawatts of natural-gas generation.
- The plants will earn an average CAD $530 per megawatt-business day in the first year, with partial inflation indexation.
- Just yesterday American Bitcoin Corp, a miner 80% owned by Hut 8, revealed raised $220 million to expand operations and go public.
The power unit of bitcoin miner Hut 8 (HUT) has landed a five-year capacity contract with Ontario’s Independent Electricity System Operator, giving the Miami-based firm a dependable paycheck for 310 megawatts of natural-gas generation.
The deal covers plants in Iroquois Falls, Kingston, Kapuskasing, and North Bay, all owned by Far North, Hut 8’s joint venture with Macquarie Equipment Finance.
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Starting May 2026, according to a press release, the plants will earn an average CAD $530 ($388.5) per megawatt-business day in the first year, with partial inflation indexation. The income comes from a government-backed AA3-rated agency.
Ontario forecasts electricity demand will grow 75% by 2050, with a shortfall of up to 5.8 gigawatts as early as 2030, the release adds.
HUT shares are higher by more than 15% on the news, leading the mining sector higher. Cleanspark (CLSK), MARA Holdings (MARA) and Riot Platforms (RIOT) are ahead a bit less than 10%.
Just yesterday, American Bitcoin Corp, a miner 80% owned by Hut 8 and backed by Eric and Donald Trump Jr., revealed it raised $220 million from accredited investors, about $10 million of which in bitcoin, according to an SEC filing.
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