Hut 8 tips 66% hashrate boost after deal to buy 31K Bitcoin miners
Bitcoin miner Hut 8 forecasts its self-mining hash rate will increase by 66% around the first quarter of 2025 after agreeing to buy 31,145 Bitmain Antminers S21+ machines.
Hut 8 agreed to pay $15 per terahash for the miners, scheduled for delivery in early Q1 2025, the firm revealed in a Nov. 6 statement.
Hut 8 expects its self-mining hashrate to increase from 5.6 exahashes per second to around 9.3 exhashes per second (EH/s) once the machines are installed — marking a 66% increase.
It comes after Hut 8 announced a purchase option with Bitmain in September that would allow the firm to add roughly another 15 EH/s. If the option is taken, the firm’s hashrate could rise even further, forming a path to 24 EH/s “as early as Q2 2025.”
Details of Hut 8’s latest Bitcoin mining achievements. Source: Hut 8
Major Bitcoin miners have continued to purchase new hardware to boost hashrate after the April 2024 halving event.
Hut 8 CEO Asher Genoot said it chose the Bitmain Antminer S21+ machines due to their “strong return profile relative to higher-efficiency models that require larger capital outlays.”
“The S21+ offers a faster payback period than more efficient models across a wide band of future hashprice scenarios, enabling us to optimize investment returns and accelerate value creation.”
Deployment of the 31,145 Bitmain Antminers will also drive its average fleet efficiency from 31.7 to 19.9 joules per terahash (J/TH) — an improvement of 37%, Hut 8 claimed.
Hut 8 said its average fleet efficiency could be lowered further to 15.7 J/TH should it execute the purchase option for the U3S21EXPH ASIC miners from the September agreement.
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The Bitmain Antminer S21+ machines will be installed across several of Hut 8’s 11 mining sites, while the U3S21EXPH ASIC miners from Hut 8’s purchase agreement will be hosted by Bitmain.
Like several other Bitcoin miners, Hut 8 will use the increased hashrate to maximize returns through its AI and high-performance computing businesses.
Hut 8’s announcement was made a day after Bitcoin rocketed to a new all-time high following Donald Trump’s presidential victory.
Hut 8’s (HUT) share price also increased 11% to $18.59 on Nov. 6 — consistent with many other crypto-related stocks, Google Finance data shows.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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