Publicly traded Bitcoin miner Hut 8 (ticker HUT) signed five-year capacity contracts with the Ontario Independent Electricity System Operator (IESO) for four of its natural gas-fired power plants in the Canadian province.
A capacity contract is an agreement between a power generator and a grid operator where generators are paid to ensure a specified amount of electrical capacity is available during a set period, typically to meet peak demand or ensure grid reliability.
Hut 8 notes that the agreement will “deliver stable cash flows” for Far North Power Corp., a joint entity formed between Hut 8 and Macquarie Equipment Finance Ltd. The contracts include a weighted average payment of approximately CAD $530 per megawatt of power per day, according to the announcement.
“The contracted assets total 310 MW of nameplate capacity across four sites: Iroquois Falls, Kingston, Kapuskasing, and North Bay,” the firm wrote.
The move represents the growing integration of Bitcoin mining facilities into existing grid operations and the expanding business lines pursued by miners that are now facing more competition following the programmatic Bitcoin network halving in 2024.
For instance, mining facilities in Texas, which maintain an independent grid, have long signed deals with the Electric Reliability Council of Texas operator to act as flexible load balancers during times of peak power demand.
Self mining
Meanwhile, Nasdaq-listed Cipher Mining (ticker CIFR) announced that it has surpassed expectations for its self-mining capacity at its new Black Pearl facility, which started hashing at the end of June.
“Hashrate will continue to increase at the site through the third quarter of 2025 as new mining rigs continue to be delivered in scheduled batches, gradually replacing legacy units,” the firm wrote.
Self-mining capacity refers to the total computational power that a miner dedicates to mining Bitcoin using its own equipment and is a representation of a firm’s ability to earn Bitcoin rewards without relying on third-party mining pools or hosted services. The firm mined 160 BTC in June and sold 58, bringing its total held to 1,063 bitcoins.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
