Hut 8 Expands Hashrate with 31,000 New Bitmain Miners, Eyeing 66% Growth by Q1 2025

Hut 8 Mining has announced the purchase of 31,145 Bitmain Antminer S21+ machines, which is expected to increase its self-mining hashrate by 66% by the first quarter of 2025. With a price tag of $15 per terahash, these new machines are set to be deployed early next year, bolstering Hut 8’s total self-mining capacity from 5.6 exahashes per second (EH/s) to 9.3 EH/s.

This investment follows a September agreement with Bitmain, providing Hut 8 the option to acquire additional ASIC miners, which could further push its hashrate to 24 EH/s by the second quarter of 2025.

“We chose the S21+ units for their strong return profile, especially under various market conditions, allowing us to optimize returns,” explained Hut 8 CEO Asher Genoot. The new equipment promises a quicker payback period, making it an attractive choice for Hut 8’s expansion.

Boosted Efficiency and Hosting Choices

Apart from boosting output, Hut 8’s latest acquisition also offers enhanced energy efficiency. With the installation of these new Antminers, Hut 8 anticipates an average fleet efficiency increase from 31.7 joules per terahash (J/TH) to 19.9 J/TH, a major improvement of 37%. Moreover, should the company choose to exercise its September purchase option, the average fleet efficiency could further improve to 15.7 J/TH.

The deployment plan is equally strategic, with the new Antminers slated for installation across Hut 8’s 11 existing sites. As for the advanced U3S21EXPH ASIC miners tied to the September agreement, these units will be hosted by Bitmain, allowing Hut 8 to maintain operational flexibility and explore alternative revenue streams.

Alongside Bitcoin mining, Hut 8 intends to leverage its AI and high-performance computing ventures, supported by the expanded hashrate to drive broader returns.

Hut 8 Share Price Soars Amid Bitcoin Rally

Hut 8’s announcement closely followed a surge in Bitcoin price, which reached new highs after Donald Trump’s recent election victory. The spike in BTC not only boosted optimism among miners but also contributed to Hut 8’s share price increase, which climbed 11% to $18.59 on Nov. 6, mirroring gains across several other crypto-related stocks.

Hut 8’s hashpower expansion and strategic partnerships underscore its efforts to secure a leading position in the high-stakes world of Bitcoin mining.