Hut 8’s Cryptocurrency Mining Upgrade Targets 66% Hashrate Growth by 2025

Hut 8 Corp., a Cryptocurrency Mining company and major energy operator in North America, announced the purchase of 31,145 BITMAIN Antminer S21+ units as part of its initial ASIC fleet upgrade.

The company has agreed to a price of $15.00 per terahash for these miners, which are scheduled for delivery in early Q1 2025.

Hut 8 Upgrades Mining Fleet Efficiency

Asher Genoot, CEO of Hut 8, Source: LinkedIn

Hut 8 plans to use these new miners to improve the efficiency of its 111 MW self-mining capacity at existing sites. Once operational, the upgrade will increase Hut 8’s self-mining rate by about 3.7 exahashes per second (EH/s), reaching a total of around 9.3 EH/s—a 66% increase.

“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.”

This move is also expected to improve energy efficiency, reducing power consumption from 31.7 to 19.9 joules per terahash, which marks a 37% improvement.

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Cryptocurrency Mining Capacity Expansion Planned

Hut 8’s existing option to purchase approximately 15 EH/s of hosted ASIC miners at its Vega site could allow it to reach about 24 EH/s in self-mining capacity by Q2 2025, achieving an average efficiency of 15.7 J/TH.

Genoot added: “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.”

According to Hut 8, this upgrade aligns with company’s long-term strategy to grow in energy-demanding sectors like Bitcoin mining and AI computing, aiming to maximize returns from its energy assets and infrastructure.

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