Hut 8 Corp. announced an initial ASIC fleet upgrade on November 6, 2024, with the purchase of 31,145 BITMAIN Antminer S21+ miners. These new miners were acquired at a price of $15.00 per terahash, with delivery anticipated in early Q1 2025.
The upgrade is planned for 111 MW of self-mining capacity across existing sites, aiming to optimize fleet efficiency and self-mining economics. Upon energization, expected in Q1 2025, the new miners are projected to increase the company’s current self-mining hashrate by approximately 3.7 EH/s, representing a 66% increase to about 9.3 EH/s.
This initiative is also expected to drive a significant improvement in average fleet efficiency, reducing it from 31.7 to 19.9 J/TH, an improvement of approximately 37%. Combined with the previously announced purchase option for approximately 15 EH/s of hosted U3S21EXPH ASIC miners at its Vega site, this creates a path to approximately 24 EH/s of self-mining hashrate with an average fleet efficiency of 15.7 J/TH as early as Q2 2025.
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