Latest news with #AmericanBitcoinCorp
Yahoo
03-07-2025
- Business
- Yahoo
Bitcoin Miner Hut 8 Jumps 15%, Leading Sector Higher After Inking 5-Year Energy Supply Deal
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. 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.
Bloomberg
31-03-2025
- Business
- Bloomberg
Trump Family to Launch US Bitcoin Mining Venture With Hut 8
The Trump family is set to launch a Bitcoin mining-focused venture with Hut 8 Corp., the latest expansion of the president's ties to the cryptocurrency sector. Hut 8 is launching American Bitcoin Corp. as a majority-owned subsidiary, focused exclusively on Bitcoin mining and 'strategic Bitcoin reserve development,' the Miami-based company said in a statement Monday.
