Hut 8 has agreed to sell four natural gas power plants with a combined capacity of 310MW in Ontario, Canada, to Canadian power generator TransAlta.

The move is the latest step in the company’s drive to prioritize Bitcoin mining and HPC infrastructure.

Hut 8 acquired the plants in partnership with Macquarie Equipment Finance in 2023 through their joint entity, Far North Power. The facilities include a 40MW plant in Kapuskasing, a 110MW plant in Kingston, a 120MW plant in Iroquois Falls, and a 40MW plant in North Bay.

Hut 8 has said that since it acquired the plants, it has undertaken an effort to stabilize operations and restore the plants as revenue-generating assets. Earlier in the year, Far North announced that it had secured five-year capacity contracts for the entire 310MW portfolio through Ontario’s IESO Medium-Term 2 auction.

Financial terms of the agreement were not disclosed.

According to TransAlta, the acquisition was made to expand its footprint in Ontario. CEO John Kousinioris said the plants will play a meaningful role in supporting reliability as electrification and population growth increase demand, and highlighted potential upside from future re-contracting and co-located land.

Hut 8 currently has more than 19 data center sites either in operation or in development, including ten Bitcoin mining projects, five high-performance computing data centers, and four power-generation assets.

In August, the company announced plans for four new sites across the United States, totaling 1.53GW of capacity under development.

In total, Hut 8 claims to have 10.6GW of capacity in various stages of its pipeline. It has around 1GW in operation, 1.5GW in development, 1.25GW under exclusivity, and a further 6.8GW under evaluation.

Hut 8 acquired a majority stake in American Data Centers in April, joining forces with its management team, which includes the son of President Donald Trump, Eric Trump. The combined company now operates under the American Bitcoin brand and has gone public.