As a seasoned analyst with over two decades of experience in the tech and mining industries, I find Hut 8’s recent move to upgrade its ASIC fleet quite intriguing. The purchase of 31,145 Bitmain Antminer S21+ units, set to deliver in early 2025, is a strategic step towards boosting self-mining capacity by 66%. This move not only demonstrates Hut 8’s foresight but also their commitment to staying at the forefront of technological advancements in the crypto mining sector.
Hut 8 is making an improvement to their ASIC mining equipment by buying 31,145 Antminer S21+ devices for a price of fifteen dollars per terahash.
The significant North American company specializing in cryptocurrency mining, Hut 8, has revealed their intention to modernize their ASIC (Application-Specific Integrated Circuit) collection by acquiring 31,145 cutting-edge Bitmain Antminer S21+ miners.
As an analyst, I’m reporting on a press release dated November 6th by a Miami-based mining company. According to the agreement, they will acquire miners at a price of $15.00 per terahash, with the delivery scheduled for early 2025. This upgrade is anticipated to augment Hut 8’s self-mining capacity significantly, increasing it from its current level by around 66%. Specifically, the addition will amount to 3.7 exahashes per second, pushing the total up to approximately 9.3 EH/s.
According to the press announcement, it’s anticipated that the latest additions will boost fleet efficiency by a significant 37%. This means the average energy usage per terahash will decrease from 31.7 to approximately 19.9 joules.
Hut 8 upgrades mining fleet
In addition to the current choice to buy an extra 15 EH/s of Bitmain miners at its Vega location, Hut 8 aims to boost its self-mining hashrate to approximately 24 EH/s and achieve a fleet efficiency of 15.7 J/TH by mid-2025.
The CEO of Hut 8, Asher Genoot, mentioned that the S21+ has a quicker timeframe for recouping costs compared to more efficient models in various future bitcoin price situations. He also suggested that these machines could enhance the company’s investment earnings. After this announcement, shares of Hut 8 increased by approximately 7.6%, reaching $16.74 as per data from Nasdaq.
The upgrade occurs not long after Hut 8 extended its collaboration with Bitmain, unveiling the imminent release of the U3S21EXPH – an advanced ASIC miner projected to achieve up to 860 terahashes per second. Slated for implementation in Q2 2025, this miner is significant as it’s the first mass-produced ASIC model boasting direct liquid-to-chip cooling within a U-shaped form factor.
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2024-11-06 17:30