Hut 8 Buys 6.7 EH/s of S21+ Bitcoin Miners for Fleet Upgrade

Bitcoin mining and data center operator Hut 8 (NASDAQ: HUT) has entered into a purchase agreement with Bitmain to acquire 31,145 S21+ Antminers at a rate of $15/TH/s, totaling $100 million.

Hut 8 announced on Wednesday that the delivery of this equipment is anticipated in early Q1 2025. The company plans to upgrade 111 megawatts of its proprietary mining capacity with the new miners over the next quarter.

Hut 8 expects the new miners to boost its proprietary hashrate by 3.7 EH/s, reaching a total of 9.3 EH/s, while enhancing its average fleet efficiency from the current 31.7 J/TH to 19.9 J/TH.

The S21+ acquisition follows Hut 8’s recent hosting partnership with Bitmain for the latter’s 15 EH/s of U3S21EXPH ASIC mining systems. Hut 8 has the option to purchase this equipment within six months after successful energization. The company stated that its fleet efficiency could further improve to 15.7 J/TH as early as Q2 2025 if it exercised the U3S21EXPH option.

Hut 8’s planned fleet upgrade comes amid Bitcoin’s low hashprice, post-halving, which pressures its older generation of miners from the previous cycle.

According to TheEnergyMag’s analysis of Hut 8’s Q2 earnings, a fleet efficiency of 31.7 J/TH suggests a mining revenue of $0.06 per kilowatt-hour and an energy cost of approximately $0.047 per kilowatt-hour.