Hut 8 Forecasts Its Self-Mining Hash Rate Will Increase by 66% in Q1 2025 After Agreeing to Buy 31,145 Bitmain Antminers S21+ Machines

Hut 8 expects its self-mining hashrate to increase from 5.6 exahashes per second to around 9.3 exhashes per second (EH/s) once the machines are installed

Bitcoin (BTC) miner Hut 8 Mining Corp. (NASDAQ: HUT) is set to increase its self-mining hash rate by 66% around Q1 2025 after agreeing to buy 31,145 Bitmain Antminer S21+ machines.

Hut 8 will pay $15 per terahash for the miners, scheduled for delivery early in Q1 2025, the firm revealed in a Nov. 6 statement.

Once the machines are installed, Hut 8 expects its self-mining hashrate to increase from 5.6 exahashes per second to around 9.3 exhashes per second (EH/s) — a 66% increase.

The latest purchase comes after Hut 8 announced a purchase option with Bitmain in September that would allow the firm to add roughly another 15 EH/s. If the option is taken, the firm’s hashrate could rise even further, forming a path to 24 EH/s “as early as Q2 2025.”

Details of Hut 8's latest Bitcoin mining achievements. Source: Hut 8Major Bitcoin miners have continued to purchase new hardware to boost hashrate after the April 2024 halving event.

According to Hut 8 CEO Asher Genoot, the firm chose the Bitmain Antminer S21+ machines due to their “strong return profile relative to higher-efficiency models that require larger capital outlays.”

Deployment of the 31,145 Bitmain Antminers will also drive its average fleet efficiency from 31.7 to 19.9 joules per terahash (J/TH) — an improvement of 37%, Hut 8 claimed.

Should Hut 8 execute the purchase option for the U3S21EXPH ASIC miners from the September agreement, its average fleet efficiency could be lowered further to 15.7 J/TH.

The Bitmain Antminer S21+ machines will be installed across several of Hut 8’s 11 mining sites, while the U3S21EXPH ASIC miners will be hosted by Bitmain.

Like several other Bitcoin miners, Hut 8 will use the increased hashrate to maximize returns through its AI and high-performance computing businesses.

Hut 8’s announcement was made a day after Bitcoin rocketed to a new all-time high following Donald Trump’s presidential victory.

Hut 8’s (HUT) share price also increased 11% to $18.59 on Nov. 6 — consistent with many other crypto-related stocks, Google Finance data shows.