Hut 8 skyrockets on energy deal, bitcoin price rally
Bitcoin miner Hut 8 just signed a five-year capacity deal with the Ontario Independent Electricity System Operator. Shares jumped almost 15% after the announcement and are still trading more than 14% up as of 12:15 p.m. ET.
“The contracted assets total 310 MW of nameplate capacity across four sites: Iroquois Falls, Kingston, Kapuskasing, and North Bay,” per the press release.
Hut 8 is the ninth-largest corporate bitcoin holder, with 10,273 bitcoin.
This follows yesterday’s announcement that American Bitcoin, the Eric Trump-backed, Hut 8 majority-owned miner, said it raised $220 million from accredited investors, according to an SEC filing. The company will use the proceeds “to fund its strategic and Bitcoin accumulation goals.”
Other bitcoin mining companies, including Riot Platforms, MARA Holdings, and CleanSpark, are also rallying today as bitcoin climbs back and attempts to break the $110,000 mark for the first time since June 9.
