Miami-based cryptocurrency mining company Hut 8 has announced the expansion of its partnership with mining equipment manufacturer Bitmain. Together, they unveiled plans to launch a new ASIC miner model, U3S21EXPH, in 2025.
New ASIC Miner Launch
According to a press release published on September 19, the new ASIC miner model, which will be deployed in Q2 2025, will be the first mass-produced ASIC chassis incorporating direct liquid-to-chip cooling within a U-shaped form factor. Hut 8 CEO, Asher Genoot, stated: 'We believe this model represents a more thoughtful approach to capturing the lucrative economics offered by next-generation machines, reducing upfront capital requirements.'
Hut 8's Financial and Infrastructure Plans
As part of the hosting agreement, Hut 8 has the option to acquire all or a portion of the hosted miners in up to three phases at a fixed price within six months of deployment. Fully exercising this option could increase the company's self-mining hashrate from 5.6 EH/s to 20.6 EH/s. The agreement is structured to reduce upfront capital expenses while providing flexibility for future acquisitions. This approach allows Hut 8 to evaluate market conditions before making further financial commitments.
Increasing Energy Capacity
Additionally, in June, Hut 8 received a $150 million investment from Coatue Management to expand its presence in AI infrastructure. The funds will be used to develop a new AI platform to meet growing demand and strengthen the company’s leadership in the sector. Hut 8 also secured a power purchase agreement, granting 205 megawatts of power in West Texas, increasing its total energy capacity to 1.3 gigawatts by leveraging low-cost power from a nearby wind farm.
The new partnership between Hut 8 and Bitmain, along with investment support from Coatue Management, will enable Hut 8 to significantly increase its mining capabilities and improve its AI infrastructure, further solidifying its leading position in the industry.
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