Cryptocurrency Mining Company Hut 8 Aims to Expand, Increase Hash Rate: Details
Cryptocurrency mining company Hut 8 Corp. has announced the purchase of 31,145 BITMAIN Antminer S21+ devices as part of an upgrade plan that aims to increase hash rate by 66% by 2025.
These devices, which cost $15 per terahash each, are expected to be delivered in the first quarter of 2025 and will increase the company’s mining rate by approximately 3.7 exahashes, bringing it to a total of approximately 9.3 exahashes/s.
Improved Efficiency and Reduced Power Consumption:
These devices will contribute to a 37% reduction in power consumption, from 31.7 to 19.9 joules per terahash, boosting the efficiency of mining operations at Hut 8’s 111 megawatt centers.
CEO Asher Genot explained that the selection of the Antminer S21 from BITMAIN came after an extensive study of its ability to achieve a rapid return compared to other models that require larger investments, which enhances the value of the return on investment.
Hut 8 also seeks to increase its mining capacity to about 24 exahash/s by mid-2025, by strengthening its partnerships with BITMAIN and others to develop its energy infrastructure, which will support its growth in the fields of Bitcoin mining and artificial intelligence computing.
