Bitcoin miner Hut 8 to increase hashrate with fleet upgrade

Hut 8 announced that it will upgrade its ASIC fleet by purchasing 31,145 Antminer S21+ units at $15 per terahash.

North American cryptocurrency mining giant Hut 8 has announced plans to upgrade its ASIC fleet with the acquisition of 31,145 Bitmain Antminer S21+ miners.

The Miami-based mining company stated in a press release on November 6 that it will purchase the miners for $15.00 per terahash under the acquisition agreement, with delivery expected in early 2025. This upgrade is set to add 3.7 exahash per second to the Hut. 8’s self-mining capacity has increased to approximately 9.3 EH/s, a 66% increase from current levels.

According to the press release, the new units are expected to increase fleet efficiency by 37%, reducing average energy consumption per terahash from 31.7 joules to 19.9 joules.

Hut 8 improves mining fleet

Hut 8 announced a goal of achieving approximately 24 EH/s in self-mining hashrate and 15.7 J/TH in fleet efficiency by mid-2025, along with the option to purchase an additional 15 EH/s Bitmain miners at the Vega facility.

Hut 8 CEO Asher Genoot added that the S21+ offers “a faster payback period than more efficient models across a wide range of future hash price scenarios” and that these machines can help the company optimize its returns on investment. Following the news, Hut 8 shares rose approximately 7.6% to $16.74, according to Nasdaq data.

The upgrade comes just a few months after Hut 8 expanded its partnership with Bitmain, revealing the upcoming release of the next-generation ASIC miner U3S21EXPH, which can reach up to 860 TH/s. Scheduled to go live in Q2 2025, the miner is the first mass-commercialized ASIC model to feature direct liquid-to-chip cooling in a U-form factor.