Could the Miner Use a Futures Contract Instead, and What Would Be the Trade-Off?

Yes, the miner could use a futures contract to hedge, which involves selling the futures contract (short hedge). The trade-off is the loss of customization.

Futures contracts have standardized sizes and expiration dates, which may not perfectly match the miner's production schedule. Furthermore, the miner would be subject to daily MTM and margin calls, introducing cash flow volatility.

The benefit is reduced counterparty risk and higher liquidity.