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Hut 8 Corp., a prominent Bitcoin mining operator in North America, revealed an enhancement to its mining fleet on November 6 by acquiring 31,145 BITMAIN Antminer S21+ ASIC machines.
This acquisition, scheduled for delivery in early Q1 2025, is part of Hut 8’s extensive initiative to improve mining efficiency and increase its self-mining capacity.
Hut 8 Acquires 31,145 BITMAIN Antminers to Boost Bitcoin Mining Efficiency
According to the purchase agreement, Hut 8 will obtain the miners at a rate of $15 per terahash, a strategy anticipated to significantly elevate its self-mining hashrate by around 3.7 exahashes per second (EH/s).
With this enhancement, Hut 8 seeks to maximize its mining efficiency across 111 megawatts (MW) of self-mining capacity.
Today we announced a fleet upgrade that is expected to increase our total self-mining hashrate to ~9.3 EH/s and improve our fleet efficiency to 19.9 J/TH.
Alongside our previously announced purchase option for ~15 EH/s of hosted U3S21EXPH ASIC miners at our Vega site, this… pic.twitter.com/jp9PzQRcWo— Hut 8 (@Hut8Corp) November 6, 2024
Once operational, the new machinery is projected to enhance Hut 8’s hashrate by 3.7 exahashes per second (EH/s), raising its total self-mining hashrate to 9.3 EH/s—a 66% increase.
The upgrade will also decrease the fleet’s energy consumption from 31.7 to 19.9 joules per terahash (J/TH), resulting in an efficiency improvement of approximately 37%.
This acquisition will supplement Hut 8’s current agreement to host up to 15 EH/s of U3S21EXPH ASIC miners at its Vega site, potentially leading to a total hashrate of 24 EH/s with an average efficiency of 15.7 J/TH by Q2 2025.
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Hut 8’s CEO, Asher Genoot, emphasized the rationale behind selecting the BITMAIN Antminer S21+ model, noting its favorable return on investment compared to more expensive, efficient alternatives.
This upgrade aligns with Hut 8’s previously announced option to acquire additional hosted U3S21EXPH ASIC miners, which could elevate the company’s total self-mining hashrate to nearly 24 EH/s by Q2 2025.
From Bitcoin to AI: Is Hut 8’s Diversification Key to Future-Proofing Profits?
On September 19, Hut 8 announced an expanded collaboration with mining rig manufacturer Bitmain. This partnership resulted in the development of the U3S21EXPH.
Furthermore, Hut 8 incorporates AI into its data center operations to enhance efficiency.
Hut 8 anticipates that the new miner will boost its managed hash rate and significantly support their profitability in light of increasing Bitcoin network difficulty.
To address industry challenges, including diminished block rewards and energy expenses, Hut 8 diversifies into high-performance computing (HPC) and AI to establish stable revenue streams.
This expansion was facilitated by a $150 million investment from Coatue Management in June 2024 to support Hut 8’s energy and AI infrastructure, further advancing the company’s growth strategy.
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