Bitcoin mining company Hut 8 secures long-term energy deal, stock jumps 15%

Hut 8 secures a five-year capacity contract with Ontario’s Independent Electricity System Operator for 310 megawatts of natural-gas generation, earning an average of CAD $530 per megawatt-business day starting in May 2026. Ontario predicts a 75% increase in electricity demand by 2050, with a potential 5.8 gigawatt shortfall by 2030.

HUT shares rise over 15% following the news, leading the mining sector higher. Other companies like Cleanspark, MARA Holdings, and Riot Platforms see gains of nearly 10%. American Bitcoin Corp, majority-owned by Hut 8 and backed by Eric and Donald Trump Jr., raises $220 million from accredited investors, including $10 million in bitcoin.

Read more at Yahoo Finance: Bitcoin Miner Hut 8 Jumps 15%, Leading Sector Higher After Inking 5-Year Energy Supply Deal