30s Summary

Hut 8, a Bitcoin mining company, plans to increase its mining power by 66% by buying 31,145 Bitmain Antminers machines in early 2025. The increased mining power will raise Hut 8’s hashrate from 5.6 exahashes to around 9.3 exahashes per second. An additional offer could potentially raise the hashrate to 24 EH/s. Improved efficiency and financial gains are expected following the installation of these new machines. The move follows the Bitcoin halving event in 2024 and coincides with a new high in Bitcoin value after Donald Trump’s presidential victory.

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Bitcoin mining company Hut 8 has announced that its mining power is set to increase by about 66% in early 2025. This boost comes as they’ve agreed to buy 31,145 Bitmain Antminers S21+ machines.

They’re set to pay $15 per terahash for these miners, and they’ll be delivered at the beginning of 2025. Hut 8 says once these new machines are installed, their mining power (also known as hashrate) will increase from 5.6 exahashes per second to roughly 9.3 exahashes per second. That’s a 66% increase!

Adding to the excitement, back in September, Hut 8 got an option that allows them to buy more machines which could add another 15 EH/s to their hashrate. If they take that offer, they could possibly increase their hashrate to 24 EH/s by the second quarter of 2025.

Big Bitcoin miners like Hut 8 have been regularly buying new hardware to increase their mining power, especially after the Bitcoin halving event in April 2024.

Hut 8’s CEO, Asher Genoot, said they chose the Bitmain Antminer S21+ machines because they “offer a faster payback period than more efficient models.”

Once the new machines are installed, Hut 8’s average fleet efficiency will improve by 37% – impressive, right? It could even improve more if they decide to get more U3S21EXPH ASIC miners from the September deal.

These new Bitmain Antminer S21+ machines will be installed across several of Hut 8’s 11 mining sites. The other miners from Hut 8’s purchase agreement will be hosted by Bitmain.

Like other Bitcoin miners, Hut 8 will use the increased mining power to make more money through its AI and high-performance computing businesses. The announcement came right after Bitcoin hit a new all-time high following Donald Trump’s presidential victory. Hut 8’s (HUT) share price also rose 11% to $18.59 on Nov. 6 – quite a successful day for them!