Bitcoin Mining News: HUT 8 Leads Sector Higher

July 2, 2025

Finance

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By Francisco Rodrigues|Edited by Stephen Alpher

Jul 2, 2025, 3:03 p.m.

Hut 8 plant
  • 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.

Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk’s $1,000 disclosure threshold.

Francisco Rodrigues

 

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