Bitcoin Miner Hut 8 Jumps 15%, Leading Sector Higher After Inking 5-Year Energy Supply Deal

The powerfulness portion of bitcoin miner Hut 8 (HUT) has landed a five-year capableness declaration with Ontario’s Independent Electricity System Operator, giving the Miami-based steadfast a dependable paycheck for 310 megawatts of natural-gas generation.

The woody covers plants successful Iroquois Falls, Kingston, Kapuskasing, and North Bay, each owned by Far North, Hut 8’s associated task with Macquarie Equipment Finance.

Starting May 2026, according to a press release, the plants volition gain an mean CAD $530 ($388.5) per megawatt-business time successful the archetypal year, with partial ostentation indexation. The income comes from a government-backed AA3-rated agency.

Ontario forecasts energy request volition turn 75% by 2050, with a shortfall of up to 5.8 gigawatts arsenic aboriginal arsenic 2030, the merchandise adds.

HUT shares are higher by much than 15% connected the news, starring the mining assemblage higher. Cleanspark (CLSK), MARA Holdings (MARA) and Riot Platforms (RIOT) are up a spot little 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 cardinal from accredited investors, astir $10 cardinal of which successful bitcoin, according to an SEC filing.