Hut 8 announces initial ASIC fleet upgrade

Hut 8 (HUT) 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.