What's Going On With Hut 8 Shares Thursday?

Hut 8 Corp. HUT stock is trading higher on Thursday after the company announced it expanded its partnership with BITMAIN to unveil the U3S21EXPH, a liquid-cooled ASIC miner for Bitcoin BTC/USD mining.

The Details: The company plans to implement the model in the 2025 second quarter, with a hosting agreement of roughly 15 EH/s, relying on a custom in-house data center infrastructure.

The agreement with BITMAIN allows Hut 8 to purchase the hosted machines in a maximum of three tranches. These potential purchases would come at a fixed rate within the first six months following energization of the relevant tranche(s).

The 15 EH/s outlined in the agreement is anticipated to increase Hut 8’s hash rate under management to 33.5 EH/s, assuming the company does not execute its purchase options. If it executes all of its purchase options, that is anticipated to bring the company’s self mining hash rate to about 20.6 EH/s.

The launch of this ASIC miner is part of Hut 8’s broader plan to expand its computing capabilities in energy-intensive areas like Bitcoin mining and AI, aiming to optimize returns from its power assets and infrastructure.

“Our partnership with BITMAIN has allowed us to advance our thinking on ASIC compute and create a more scalable model for data center design as we expand our footprint,” said Asher Genoot, CEO of Hut 8.

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HUT Price Action: At the time of writing, Hut 8 stock is trading 5.67% higher at $11.65, according to data from Benzinga Pro.

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