Upgrade expected to improve average fleet efficiency from 31.7 to 19.9 J/TH and increase self-mining hashrate by ~66%
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 $15.00 per terahash, with delivery expected in early Q1 2025.
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 ~66%, while driving its average fleet efficiency down from 31.7 to 19.9 J/TH, an improvement of ~37%. Alongside the Company’s previously announced purchase option for ~15 EH/s of hosted U3S21EXPH ASIC miners at its Vega site, this upgrade creates a path to ~24 EH/s of self-mining hashrate with an average fleet efficiency of 15.7 J/TH as early as Q2 2025.
“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.
