Hut 8 Announces Initial ASIC Fleet Upgrade
Hut 8 has announced the purchase of 31,145 BITMAIN Antminer S21+ miners at $15.00 per terahash, with delivery expected in early Q1 2025. The upgrade will enhance 111 MW of self-mining capacity, increasing hashrate by ~66% to ~9.3 EH/s and improving fleet efficiency by ~37% from 31.7 to 19.9 J/TH. Combined with their previous purchase option for ~15 EH/s of hosted U3S21EXPH ASIC miners at the Vega site, this creates a pathway to achieve ~24 EH/s of self-mining hashrate with an average fleet efficiency of 15.7 J/TH by Q2 2025.
Hut 8 ha annunciato l'acquisto di 31.145 mineratori BITMAIN Antminer S21+ a $15,00 per terahash, con consegna prevista all'inizio del primo trimestre del 2025. L'upgrade migliorerà 111 MW di capacità di auto-mining, aumentando il hashrate di circa il 66% a circa 9,3 EH/s e migliorando l'efficienza della flotta di circa il 37%, passando da 31,7 a 19,9 J/TH. Combinato con la loro opzione di acquisto precedente per circa 15 EH/s di mineratori ASIC U3S21EXPH ospitati presso il sito Vega, questo crea un percorso per raggiungere circa 24 EH/s di hashrate di auto-mining con un'efficienza media della flotta di 15,7 J/TH entro il secondo trimestre del 2025.
Hut 8 ha anunciado la compra de 31.145 mineros BITMAIN Antminer S21+ a $15.00 por terahash, con entrega esperada a principios del primer trimestre de 2025. La actualización mejorará 111 MW de capacidad de auto-minado, aumentando la tasa de hash en aproximadamente un 66% a aproximadamente 9.3 EH/s y mejorando la eficiencia de la flota en aproximadamente un 37%, de 31.7 a 19.9 J/TH. Combinado con su opción de compra previa de aproximadamente 15 EH/s de mineros ASIC U3S21EXPH alojados en el sitio de Vega, esto crea un camino para lograr aproximadamente 24 EH/s de tasa de hash de auto-minado con una eficiencia media de flota de 15.7 J/TH para el segundo trimestre de 2025.
Hut 8은 31,145개의 BITMAIN Antminer S21+ 마이너를 terahash당 $15.00에 구매한다고 발표했으며, 배송은 2025년 1분기 초에 예상됩니다. 이 업그레이드는 111 MW의 자체 채굴 용량을 향상시켜 해시레이트를 약 66% 증가시켜 약 9.3 EH/s로 만들고, 플릿 효율성을 약 37% 개선하여 31.7에서 19.9 J/TH로 줄입니다. 또한 Vega 사이트에서 약 15 EH/s의 호스팅된 U3S21EXPH ASIC 마이너에 대한 이전 구매 옵션과 결합되어 2025년 2분기까지 평균 플릿 효율성 15.7 J/TH로 약 24 EH/s의 자체 채굴 해시레이트를 달성할 수 있는 경로를 만듭니다.
Hut 8 a annoncé l'achat de 31 145 mineurs BITMAIN Antminer S21+ au prix de 15,00 $ par terahash, avec une livraison prévue au début du premier trimestre 2025. Cette mise à niveau augmentera la capacité d'auto-exploitation à 111 MW, augmentant le taux de hachage d'environ 66 % pour atteindre environ 9,3 EH/s et améliorant l'efficacité de la flotte d'environ 37 %, passant de 31,7 à 19,9 J/TH. Associé à leur option d'achat précédente pour environ 15 EH/s de mineurs ASIC U3S21EXPH hébergés sur le site de Vega, cela ouvre la voie à atteindre environ 24 EH/s de taux de hachage d'auto-exploitation avec une efficacité moyenne de la flotte de 15,7 J/TH d'ici le deuxième trimestre 2025.
Hut 8 hat den Kauf von 31.145 BITMAIN Antminer S21+ Minern zum Preis von 15,00 $ pro Terahash angekündigt, mit einer Lieferung, die für Anfang des ersten Quartals 2025 erwartet wird. Das Upgrade wird die Selbstabbaukapazität um 111 MW erhöhen und die Hashrate um etwa 66% auf etwa 9,3 EH/s steigern sowie die Effizienz der Flotte um etwa 37% von 31,7 auf 19,9 J/TH verbessern. In Kombination mit ihrer früheren Kaufoption für etwa 15 EH/s von gehosteten U3S21EXPH ASIC-Minern am Standort Vega schafft dies einen Weg, um bis zum zweiten Quartal 2025 etwa 24 EH/s an Selbstabbau-Hashrate mit einer durchschnittlichen Flotteneffizienz von 15,7 J/TH zu erreichen.
- Significant hashrate increase of ~66% to ~9.3 EH/s
- Fleet efficiency improvement of ~37% (from 31.7 to 19.9 J/TH)
- Potential pathway to ~24 EH/s self-mining hashrate by Q2 2025
- Strategic pricing at $15.00 per terahash with favorable payback period
- Significant capital expenditure required for 31,145 new miners
- Delivery and implementation delayed until Q1 2025
Insights
This strategic ASIC upgrade marks a significant operational transformation for Hut 8. The purchase of 31,145 BITMAIN Antminer S21+ units at
The decision to opt for S21+ over higher-efficiency models demonstrates astute financial planning, prioritizing faster ROI over absolute efficiency. When combined with the Vega site option, the potential to reach ~24 EH/s with 15.7 J/TH efficiency positions Hut 8 as a major player in North American Bitcoin mining. The Q1 2025 delivery timeline aligns well with anticipated market conditions, particularly considering the upcoming Bitcoin halving.
The upgrade strategy reflects Hut 8's evolution into a sophisticated energy infrastructure operator. By optimizing 111 MW of self-mining capacity, they're effectively modernizing their power utilization profile. The dual focus on Bitcoin mining and AI compute infrastructure shows forward-thinking diversification in energy-intensive computing applications.
The improved J/TH metrics will translate to significantly lower electricity costs per Bitcoin mined, enhancing operational margins. This power-first approach, combining traditional mining with AI compute capabilities, creates a more resilient business model that can adapt to market conditions and maximize returns from their power assets.
Upgrade expected to improve average fleet efficiency from 31.7 to 19.9 J/TH and increase self-mining hashrate by ~
Combined with BITMAIN purchase option at Vega, creates path to ~24 EH/s of self-mining hashrate with average fleet efficiency of 15.7 J/TH as early as Q2 2025
MIAMI, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, today announced an initial ASIC fleet upgrade with the purchase of 31,145 BITMAIN Antminer S21+ miners. Under the purchase agreement, Hut 8 will acquire the miners at a price of
Hut 8 plans to upgrade 111 MW of self-mining capacity across existing sites with a focus on optimizing fleet efficiency and self-mining economics. Upon energization, expected in Q1 2025, the new miners are expected to increase the Company’s current self-mining hashrate by ~3.7 EH/s to ~9.3 EH/s, an increase of ~
“After extensive modeling, we selected the BITMAIN Antminer S21+ for our initial fleet upgrade due to its strong return profile relative to higher-efficiency models that require larger capital outlays,” said Asher Genoot, CEO of Hut 8. “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.”
“Deep, strategic partnerships across the value chain are central to our approach to building a next-generation energy infrastructure platform. This purchase builds on our previously announced ~15 EH/s partnership with BITMAIN to host the U3S21EXPH ASIC miner, and we look forward to further developing our relationship with BITMAIN and other partners as we focus on disciplined, creatively structured growth across Bitcoin mining and AI compute infrastructure.”
As part of its long-term power-first strategy, Hut 8 continues to scale its compute layer across energy-intensive technologies, including both Bitcoin mining and AI compute, with the aim of maximizing returns on its portfolio of power assets and digital infrastructure.
About Hut 8
Hut 8 Corp. is an energy infrastructure operator and Bitcoin miner with self-mining, hosting, managed services, and traditional data center operations across North America. Headquartered in Miami, Florida, Hut 8 Corp.’s portfolio comprises twenty sites: ten Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.
Cautionary Note Regarding Forward–Looking Information
This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that Hut 8 expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the business, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions. Specifically, such forward-looking information included in this press release includes statements relating to the execution of the purchase agreement with BITMAIN, including the expected delivery and energization of the miners and the anticipated impact to the Company’s self-mining hashrate and average fleet efficiency, as well as the Company’s focus on disciplined, creatively structured growth and aim to maximize returns on its portfolio of power assets and digital infrastructure.
Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, security and cybersecurity threats and hacks; malicious actors or botnet obtaining control of processing power on the Bitcoin network; further development and acceptance of the Bitcoin network; changes to Bitcoin mining difficulty; loss or destruction of private keys; increases in fees for recording transactions in the Blockchain; erroneous transactions; reliance on a limited number of key employees; reliance on third party mining pool service providers; regulatory changes; classification and tax changes; momentum pricing risk; fraud and failure related to digital asset exchanges; difficulty in obtaining banking services and financing; difficulty in obtaining insurance, permits and licenses; internet and power disruptions; geopolitical events; uncertainty in the development of cryptographic and algorithmic protocols; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; the COVID19 pandemic, climate change; currency risk; lending risk and recovery of potential losses; litigation risk; business integration risk; changes in market demand; changes in network and infrastructure; system interruption; changes in leasing arrangements; failure to achieve intended benefits of power purchase agreements; potential for interrupted delivery, or suspension of the delivery, of energy to mining sites and other risks related to the digital asset mining and data center business. For a complete list of the factors that could affect Hut 8, please see the “Risk Factors” section of Hut 8’s Transition Report on Form 10-K, available under the Company’s EDGAR profile at www.sec.gov, and Hut 8’s other continuous disclosure documents which are available under the Company’s SEDAR+ profile at www.sedarplus.ca and EDGAR profile at www.sec.gov.
FAQ
What is Hut 8's new mining capacity after the ASIC fleet upgrade?
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