Hut 8 Mining Corp, a prominent Bitcoin miner, anticipates a significant hash rate boost of 66% in early 2025 after securing a deal to acquire 31,145 Bitmain Antminer S21+ machines.
According to a November 6 announcement, Hut 8 expects this acquisition to elevate its self-mining capacity from 5.6 exahashes per second (EH/s) to approximately 9.3 EH/s.
This deal follows Hut 8’s strategic agreement with Bitmain in September, which grants the company an option to purchase an additional 15 EH/s of mining hardware. Both companies revealed plans to launch the U3S21EXPH, an advanced ASIC mining machine boasting speeds of up to 860 TH/s. Hut 8 predicts that if it exercises this option, its total hash rate could surge to as high as 24 EH/s by the second quarter of 2025.
Hut 8 CEO Asher Genoot explained that the company selected the S21+ model for its favourable return profile, which aligns with Hut 8’s focus on rapid payback and optimized investment returns. The S21+ miners, which cost the firm $15 per terahash, offer a faster payback period compared to more efficient but pricier alternatives, allowing Hut 8 to prioritize value creation, he noted.
Once deployed, the new Bitmain machines will improve the overall fleet efficiency from 31.7 to 19.9 joules per terahash (J/TH) — a 37% gain in energy efficiency. Should Hut 8 proceed with the September purchase option, its fleet efficiency could drop further to 15.7 J/TH, reflecting even greater cost-effectiveness, he claimed.
The new Antminer S21+ units will be distributed across Hut 8’s 11 mining facilities, while the additional ASIC miners, if acquired, will be hosted by Bitmain.
Alongside its Bitcoin mining operations, Hut 8 is significantly expanding its infrastructure thanks to a new power purchase agreement (PPA). This deal grants Hut 8 exclusive access to 205 megawatts of power and land in West Texas. According to a company press release, when completed, the agreement would boost its total energy infrastructure capacity to 1.3 gigawatts.
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