diff --git a/pkg/cache/cache.go b/pkg/cache/cache.go
index 87036c0078de..148c7a8b2040 100644
--- a/pkg/cache/cache.go
+++ b/pkg/cache/cache.go
@@ -36,4 +36,6 @@ const (
 const (
 	// DefaultCleanupInterval triggers cache cleanup (lazy eviction) at this interval.
 	DefaultCleanupInterval = 10 * time.Minute
+	// InstanceTypesAndZonesCleanupInterval is the time before we refresh instance types and zones at EC2
+	InstanceTypesAndZonesCleanupInterval = time.Minute
 )
diff --git a/pkg/operator/operator.go b/pkg/operator/operator.go
index 33d6d4528c84..4ff6b271bf98 100644
--- a/pkg/operator/operator.go
+++ b/pkg/operator/operator.go
@@ -160,7 +160,7 @@ func NewOperator(ctx context.Context, operator *operator.Operator) (context.Cont
 	)
 	instanceTypeProvider := instancetype.NewProvider(
 		*sess.Config.Region,
-		cache.New(awscache.InstanceTypesAndZonesTTL, awscache.DefaultCleanupInterval),
+		cache.New(awscache.InstanceTypesAndZonesTTL, awscache.InstanceTypesAndZonesCleanupInterval),
 		ec2api,
 		subnetProvider,
 		unavailableOfferingsCache,
diff --git a/pkg/providers/instancetype/instancetype.go b/pkg/providers/instancetype/instancetype.go
index 05ce497b5ff0..90e59d734a3a 100644
--- a/pkg/providers/instancetype/instancetype.go
+++ b/pkg/providers/instancetype/instancetype.go
@@ -88,6 +88,7 @@ func NewProvider(region string, cache *cache.Cache, ec2api ec2iface.EC2API, subn
 }
 
 func (p *Provider) List(ctx context.Context, kc *corev1beta1.KubeletConfiguration, nodeClass *v1beta1.EC2NodeClass) ([]*cloudprovider.InstanceType, error) {
+	p.cache.DeleteExpired()
 	// Get InstanceTypes from EC2
 	instanceTypes, err := p.GetInstanceTypes(ctx)
 	if err != nil {
@@ -112,8 +113,9 @@ func (p *Provider) List(ctx context.Context, kc *corev1beta1.KubeletConfiguratio
 	// Compute fully initialized instance types hash key
 	subnetHash, _ := hashstructure.Hash(subnets, hashstructure.FormatV2, &hashstructure.HashOptions{SlicesAsSets: true})
 	kcHash, _ := hashstructure.Hash(kc, hashstructure.FormatV2, &hashstructure.HashOptions{SlicesAsSets: true})
-	key := fmt.Sprintf("%d-%d-%d-%s-%016x-%016x", p.instanceTypesSeqNum, p.instanceTypeOfferingsSeqNum, p.unavailableOfferings.SeqNum, nodeClass.UID, subnetHash, kcHash)
-
+	amiFamilyHash, _ := hashstructure.Hash(nodeClass.Spec.AMIFamily, hashstructure.FormatV2, &hashstructure.HashOptions{})
+	blockDeviceMappingsHash, _ := hashstructure.Hash(nodeClass.Spec.BlockDeviceMappings, hashstructure.FormatV2, &hashstructure.HashOptions{SlicesAsSets: true})
+	key := fmt.Sprintf("%d-%d-%d-%016x-%016x-%016x-%016x", p.instanceTypesSeqNum, p.instanceTypeOfferingsSeqNum, p.unavailableOfferings.SeqNum, subnetHash, kcHash, amiFamilyHash, blockDeviceMappingsHash)
 	if item, ok := p.cache.Get(key); ok {
 		return item.([]*cloudprovider.InstanceType), nil
 	}
@@ -221,10 +223,12 @@ func (p *Provider) getInstanceTypeOfferings(ctx context.Context) (map[string]set
 		}); err != nil {
 		return nil, fmt.Errorf("describing instance type zone offerings, %w", err)
 	}
-	if p.cm.HasChanged("instance-type-count", len(instanceTypeOfferings)) {
+	if p.cm.HasChanged("instance-type-offering", instanceTypeOfferings) {
+		// Only update instanceTypesSeqNun with the instance type offerings  have been changed
+		// This is to not create new keys with duplicate instance type offerings option
+		atomic.AddUint64(&p.instanceTypeOfferingsSeqNum, 1)
 		logging.FromContext(ctx).With("instance-type-count", len(instanceTypeOfferings)).Debugf("discovered offerings for instance types")
 	}
-	atomic.AddUint64(&p.instanceTypeOfferingsSeqNum, 1)
 	p.cache.SetDefault(InstanceTypeOfferingsCacheKey, instanceTypeOfferings)
 	return instanceTypeOfferings, nil
 }
@@ -261,10 +265,12 @@ func (p *Provider) GetInstanceTypes(ctx context.Context) ([]*ec2.InstanceTypeInf
 		return nil, fmt.Errorf("fetching instance types using ec2.DescribeInstanceTypes, %w", err)
 	}
 	if p.cm.HasChanged("instance-types", instanceTypes) {
+		// Only update instanceTypesSeqNun with the instance types have been changed
+		// This is to not create new keys with duplicate instance types option
+		atomic.AddUint64(&p.instanceTypesSeqNum, 1)
 		logging.FromContext(ctx).With(
 			"count", len(instanceTypes)).Debugf("discovered instance types")
 	}
-	atomic.AddUint64(&p.instanceTypesSeqNum, 1)
 	p.cache.SetDefault(InstanceTypesCacheKey, instanceTypes)
 	return instanceTypes, nil
 }