Originally published on: November 07, 2024
Hut 8 has just struck a deal to purchase 31,145 Bitmain Antminers S21+ machines, propelling its self-mining hash rate to increase by a whopping 66% by the first quarter of 2025. The firm revealed that the miners were secured at $15 per terahash and are set for delivery early next year.
With this acquisition, Hut 8 anticipates a surge in its self-mining hashrate from 5.6 exahashes per second to a staggering 9.3 exhashes per second (EH/s). This remarkable increase comes after the company’s partnership with Bitmain in September, offering an option to add another 15 EH/s to further elevate its hashrate potential to 24 EH/s as early as Q2 2025.
Hut 8 CEO Asher Genoot expressed the decision to opt for the Bitmain Antminer S21+ machines due to their impressive return profile compared to higher-efficiency models requiring significant capital outlays. Additionally, the deployment of these new machines is expected to improve the firm’s average fleet efficiency by 37%, reaching 19.9 joules per terahash (J/TH) from the current 31.7 J/TH.
Furthermore, the potential addition of U3S21EXPH ASIC miners from the September agreement could drive Hut 8’s average fleet efficiency even lower to 15.7 J/TH. The machines will be strategically installed across Hut 8’s various mining sites, while the U3S21EXPH ASIC miners will be hosted by Bitmain.
By ramping up their hashrate, Hut 8 aims to maximize returns through their AI and high-performance computing businesses. The company’s ambitious move comes hot on the heels of Bitcoin’s surge to a new all-time high, signaling a promising future for their mining endeavors.
Investors seem to share this optimism, as Hut 8’s (HUT) share price surged by 11% to $18.59 following the announcement. Join the ranks of successful Bitcoin miners and stay tuned for more updates on the crypto market landscape.
