Hut 8 Achieves Second Consecutive Record-Level Quarterly Revenue in Q2-2021

TORONTOAug. 12, 2021 /CNW/ – Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (“Hut 8” or the “Company”), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, is pleased to announce its financial results for the quarter ending June 30, 2021 (“Q2-2021”). All dollar figures are in Canadian Dollars (“CAD”), unless otherwise stated.

BITCOIN INVENTORY AND VALUE

Hut 8 continues to strategically emphasize its “hodl” strategy, taking active steps to generate Canadian and US dollars to help fund operating expenses, so as to avoid selling Bitcoin. During Q2-2021, 100% of self- mined Bitcoin was deposited into custody. As of June 30, 2021, the Company had a total Bitcoin balance of 3,824 with a market value of $166 million. Hut 8’s current Bitcoin balance, including 2,000 Bitcoin loaned as part of the Company’s fiat yield strategy, is approximately 4,240 Bitcoin, reflecting a market value of approximately $245 million.

HASHRATE AND COMPUTE POWER

Hut 8 currently has an installed hashrate of 1.37 exahash (“E/H”). Given pending orders, we have additional contracted hashrate of 1.3 E/H (including 1,600 gigahash equivalent), bringing contracted hashrate to approximately 2.7 E/H.

Based on current network dynamics, we anticipate daily settlement once all contracted equipment is hashing will equate to 20 – 25 Bitcoin per day.

Q2-2021 HIGHLIGHTS

  • Second consecutive record quarterly revenue, hitting $33.5 million in Q2-2021, with our self-mining operations generating $31.4 million of revenue and our expanded hosting service generating $2.2 million. We mined 553 Bitcoin in Q2-2021, all of which was added to our self-mined Bitcoin balance.

  • Successfully became the first Canadian digital asset miner to list its common shares on the Nasdaq stock exchange (“Nasdaq”). Further, Hut 8 is the only TSX-listed miner to achieve listing on The Nasdaq Global Select Market, which has the highest initial financial and liquidity requirements of any Nasdaq market tier. This achievement gives the Company access to a substantially increased pool of investors, both for purposes of future capital raises and providing improved liquidity to current and future shareholders.

  • Hut 8 closed a public offering on June 15, 2021, raising gross proceeds of $115 million, providing flexibility in the face of market uncertainty for the Company to continue making strategic investments, summarized as follows:
    • Two opportunistic purchases directly from MicroBT of 11,953 M30S, M30S+ and M31S miners, representing compute power of 1.08 E/H;

    • Investment in 10,000 high-performance NVIDIA CMPs, which will initially be deployed to mine the Ethereum network and settle in Bitcoin. These NVIDIA chips, delivery of which is expected to occur throughout August and September 2021, will consume only 3.5 – 4.0 MW of power, while operating at approximately 1,600 gigahash. We anticipate settlement in Bitcoin will result in 2.0 – 3.0 Bitcoin per day;

    • Investment into the power purchase agreement (“PPA”) and new power facility with Validus Power Corp. The initial phase of this facility is currently expected to be operational late in the fourth quarter of 2021 and will substantially increase Hut 8’s power capacity on a physical off-take basis at a compelling power rate of $0.0274/kWh, subject to an annual adjustment mechanism, for the five-year term of the PPA.

  • Launched several ESG-related initiatives, including establishing a robust recycling program to limit waste volumes sent to landfill, installation of low-emission LED lighting throughout all facilities and electrification of our fleet of on-site vehicles.

“It is gratifying to see the core strengths of Hut 8, namely our people and operational excellence, combine to advance our commitment to building a diversified leader in the digital asset infrastructure space,” commented Shane Downey, Chief Financial Officer of the Company. “Hut 8’s disciplined approach to managing our balance sheet, while prioritizing the efficient accumulation of Bitcoin, served us well in Q2- 2021, and that as we continue to focus on execution, we are well-positioned heading into the back half of 2021 and into 2022.”

OPERATING AND FINANCIAL OVERVIEW

For the periods ended June 30

Three Months Ended

Six Months Ended

(CAD thousands, except per share amounts)

2021

2020

2021

2020

Operating results

Digital assets mined

553

795

1,092

1,910

Financial results

Total revenue

$

33,549

$

9,230

$

65,532

$

21,970

Net income

(20,430)

2,840

15,094

(7,390)

Mining profit (i)

19,144

697

37,086

995

Adjusted EBITDA (i)

14,356

65

30,608

(322)

Per share

Net income – basic

$

(0.17)

$

0.03

$

0.13

$

(0.08)

Net income – diluted

$

(0.16)

$

0.03

$

0.12

$

(0.08)

(i)  Non-IFRS measure – see “Non-IFRS Measures” section below . Certain comparative figures have been restated w here necessary to conform with current period presentation.

As At

(CAD thousands)

June 30,
2021

December 31,
2020

Financial position

Cash

$           92,681

$             2,816

Total digital assets

166,081

101,962

Total assets

362,658

145,202

Total liabilities

14,317

29,647

Total shareholder’s equity

348,341

115,555

Working Capital (i)

251,111

75,673

(ii)  Calculated as current assets less current liabilities.

  • Revenue for Q2-2021 of $33.5 million, was up significantly versus $9.2 million in the prior year period. This result stems from 553 self-mined Bitcoin generating $31.4 million of revenue, compared to 795 Bitcoin and $9.2 million revenue from mining in the prior year period. We also generated $2.2 million of revenue from hosting services, versus $nil in the prior year period, reflecting two hosting customers, the second of which was on-boarded in late May 2021.

  • Site operating costs for Q2-2021 were $13.8 million, up from the prior year period of $9.2 million, related principally to increased power consumption, driven by a substantial increase in average hashrate as well as Alberta power prices.

  • Net loss in Q2-2021 was $20.4 million, versus net income of $2.8 million in Q2-2020, with the difference stemming primarily from unrealized revaluation adjustment related to a change in loan receivable classification.

  • Adjusted EBITDA (a “Non-IFRS Measure”, please refer below) in Q2-2021 was $14.4 million, versus $0.1 million in the prior year period, driven by the expansion of Hut 8’s operations and the improvement in Bitcoin mining economics.

  • Digital assets consist of Bitcoin, which had a self-mined balance of 3,824 Bitcoin and a market value of $166 million as of June 30, 2021. This balance consisted of 1,824 Bitcoin held in custody and 2,000 held under lending arrangements.

FORWARD-LOOKING INFORMATION

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward- looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s businesses, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes, among others, statements regarding the anticipated expansion of the current installed hashrate, the Company’s trajectory to produce additional Bitcoin, planned investments for the balance of 2021 geopolitical impacts and the build-out of a new power facility.

Forward looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the “Risk Factors” section of the Company’s Annual Information Form dated March 25, 2021, which is available on www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

NON-IFRS MEASURES

This press release makes reference to certain measures that are not recognized under IFRS and do not have a standardized meaning prescribed by IFRS. They are therefore not necessarily comparable to similar measures presented by other companies. The Company uses non-IFRS measures including “Adjusted EBITDA” and “Mining Profit” as additional information to complement IFRS measures by providing further understanding of the Company’s results of operations from Management’s perspective.

“Adjusted EBITDA” represents EBITDA (net income or loss excluding net finance income or expense, income tax or recovery, depreciation, and amortization) adjusted to exclude non-cash share-based compensation, fair value gain or loss on revaluation of digital assets, non-recurring impairment charges or reversals of impairment, and costs associated with one-time or non-recurring transactions. Adjusted EBITDA is used to assess profitability without the impact of non-cash accounting policies, capital structure, taxation, and one-time or non-recurring transactions. This performance measure provides a consistent comparable metric for profitability of the Company across time periods.

“Mining profit” represents gross profit (revenue less cost of revenue), excluding depreciation and revenue and site operating costs directly attributable to hosting. Mining profit show profitability of the Company’s core digital asset mining operation, without the impact of non-cash depreciation expense.

The following table reconciles net income (loss) to our non-IFRS measure, Adjusted EBITDA:

For the periods ended June 30 

Three Months Ended

Six Months Ended

(CAD thousands)

2021

2020

2021

2020

Net income (loss)

$

(20,430)

$

2,840

$

15,094

$

(7,390)

Add (deduct):
   
Net finance costs

(639)

693

(987)

1,342

Depreciation and amortization

2,977

6,958

8,780

13,967

Share based payment

1,768

60

4,524

(648)

Revaluation of digital assets

(9,418)

(8,136)

Gain on used of digital assets

(689)

(182)

(1,603)

Foreign exchange

212

(1,073)

643

1,281

Unrealized revaluation related to loan 

receivable classification change

22,935

Share based payment taxes w itholding

1,246

Sales tax expense

1,018

152

1,801

323

One-time transaction costs

468

542

468

542

Deferred income tax recovery

6,046

(780)

Adjusted EBITDA

$

14,356

$

65

$

30,608

$

(322)

The following table reconciles gross profit to our non-IFRS measure, Mining profit:

For the periods ended June 30

Three Months Ended

Six Months Ended

(CAD thousands)

2021

2020

2021

2020

Gross profit (loss)

$

16,795

$

(6,261)

$

29,124

$

(12,972)

Add (deduct):

Revenue from hosting

(2,193)

(3,618)

Site operating costs attributable to hosting

1,565

2,801

Depreciation and amortization

2,977

6,958

8,780

13,967

Mining profit

$

19,144

$

697

$

37,086

$

995

ABOUT HUT 8

Hut 8 is a digital asset mining company with industrial-scale operations in Alberta, Canada. The Company is one of North America’s largest innovation-focused digital asset miners, supporting open and decentralized systems since 2018. Located in energy rich Alberta, Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any publicly traded company globally. Hut 8 is executing on its strategy of mining and holding Bitcoin, while building a diversified business and revenue strategy to grow and protect shareholder value, regardless of Bitcoin price action. The Company’s multi-pronged business strategy includes profitable digital asset mining, white-label high- performance compute hosting, as well as yield & income programs leveraging its Bitcoin held in reserve. Having demonstrated rapid growth and a stellar balance sheet, Hut 8 was the first publicly traded miner on the TSX and the first Canadian miner to be listed on The Nasdaq Global Select Market. Hut 8’s team of business building technologists are believers in decentralized systems, stewards of powerful industry- leading solutions, and drivers of innovation in digital asset mining and high-performance computing, with a focus on Environmental, Social and Governance (“ESG”) standards alignment. Through innovation, imagination, and passion, Hut 8 is helping to define the digital asset revolution to create value and positive impacts for its shareholders and generations to come.

SOURCE Hut 8 Mining Corp

For further information: MEDIA CONTACT: [email protected]

Related Links

www.hut8mining.com

Hut 8 to Present at the Canaccord Genuity 41st Annual Growth Conference on August 11, 2021

TORONTOAug. 9, 2021 /CNW/ – Hut 8 Mining Corp. (NASDAQ: HUT) (TSX: HUT) (“Hut 8” or “the Company”), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, is pleased to be joining Canaccord Genuity’s 41st Annual Growth Conference.

On August 11, 2021 at 3:00 PM ETJaime Leverton, CEO, will join the conference to present a Company overview along with the latest updates from Hut 8 Mining. Those wishing to attend can register ahead of the event via the link here.

About Hut 8:

Hut 8 is one of North America’s largest innovation-focused digital asset miners, supporting open and decentralized systems since 2018. Located in energy rich Alberta, Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally. Hut 8 is executing on its commitment to mining and holding Bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of Bitcoin’s market direction. The Company’s multi-pronged business strategy includes profitable digital asset mining, white-label high-performance compute hosting, as well as yield & income programs leveraging its Bitcoin held in reserve. Having demonstrated rapid growth and a stellar balance sheet, Hut 8 was the first publicly traded miner on the TSX and the first Canadian miner to be listed on The Nasdaq Global Select Market. Hut 8’s team of business building technologists are believers in decentralized systems, stewards of powerful industry-leading solutions, and drivers of innovation in digital asset mining and high-performance computing, with a focus on ESG alignment. Through innovation, imagination, and passion, Hut 8 is helping to define the digital asset revolution to create value and positive impacts for its shareholders and generations to come.

Cautionary Note Regarding Forward–Looking Information

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s businesses, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions, among others.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the “Risk Factors” section of the Company’s Annual Information Form dated March 25, 2021, which is available on www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE Hut 8 Mining Corp

For further information: Media Contact: Hut 8, [email protected]

Related Links

www.hut8mining.com

Hut 8 Mining to Release Q2 2021 Results and Host Conference Call on August 12, 2021

TORONTOAug. 6, 2021 /CNW/ – Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (“Hut 8” or “the Company”), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, is pleased to announce its intention to release its results for the quarter ended June 30, 2021 and to host a conference call on August 12, 2021.

Shareholders will hear from Hut 8 Executives, who will review the second quarter financial results and comment on the outlook for the balance of 2021.

Hut 8’s results for the quarter ended June 30, 2021 will be shared via press release and on the Company’s website at hut8mining.com before 9:30 a.m. ET on August 12, 2021. The conference call will commence at 10:00 a.m. ET.  Those wishing to join via telephone should dial in 5 minutes early to the number below using the confirmation number 50199320:

  • 1 (866)-215-5508 Canada Toll Free

  • For those joining from outside of Canada, a current list of available local and international freephone telephone numbers can be found here.

About Hut 8:

Hut 8 is one of North America’s largest innovation-focused digital asset miners, supporting open and decentralized systems since 2018. Located in energy rich Alberta, Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally. Hut 8 is executing on its commitment to mining and holding Bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of Bitcoin’s market direction. The Company’s multi-pronged business strategy includes profitable digital asset mining, white-label high-performance compute hosting, as well as yield & income programs leveraging its Bitcoin held in reserve. Having demonstrated rapid growth and a stellar balance sheet, Hut 8 was the first publicly traded miner on the TSX and the first Canadian miner to be listed on The Nasdaq Global Select Market. Hut 8’s team of business building technologists are believers in decentralized systems, stewards of powerful industry-leading solutions, and drivers of innovation in digital asset mining and high-performance computing, with a focus on ESG alignment. Through innovation, imagination, and passion, Hut 8 is helping to define the digital asset revolution to create value and positive impacts for its shareholders and generations to come.

SOURCE Hut 8 Mining Corp

For further information: Media Contact: Hut 8, [email protected]

Related Links

www.hut8mining.com

Hut 8 Mining Provides Production Update for July 2021; Craig-Hallum Initiates Coverage

TORONTOAug. 4, 2021 /CNW/ – Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (“Hut 8” or “the Company”), one of North America’s largest, innovation-focused digital asset mining pioneers supporting open and decentralized systems since 2018, is pleased to provide the following corporate update.

Mining Production Highlights for July 2021:

  • 300 Bitcoin mined, resulting in average production of 9.7 Bitcoin per day
  • 100% of self-mined Bitcoin were deposited into custody as at July 31, consistent with Hut 8’s ongoing commitment to holding Bitcoin in reserve
  • Total Bitcoin balance held in reserve: 4,123 as of July 31, 2021
  • Received and installed 920 net new machines, adding 73 PH/s to production rate

The sharp decline in global hash rate stemming from the ongoing prohibition on cryptocurrency mining in China, and the resultant downward Bitcoin network difficulty adjustments, has resulted in Hut 8 producing significantly higher quantities of Bitcoin at a lower cost per Bitcoin produced. The average production for Hut 8 increased by approximately 50%, from 6 – 6.5 Bitcoin per day in late June 2021, to approximately 9.5 – 10 Bitcoin per day in late July 2021.

Based on current mining conditions and installed hash rate, Hut 8 projects to mine approximately 910 Bitcoin in the third quarter of 2021, which would bring the Company’s self-mined Bitcoin balance to approximately 4,733 as of September 30, 2021.

“Since our IPO in early 2018, Hut 8 has been a significant producer of Bitcoin in North America,” commented Jaime Leverton, Chief Executive Officer of Hut 8. “With the recent ban on Bitcoin mining in China, Hut 8 has nearly doubled its market share and is currently producing approximately 10 Bitcoin per day. Reports suggest that the exodus of miners from China may take an extended period to resolve and global network hash rate could remain depressed well into 2022. With 109 MW of installed power in Alberta, and with a third site being stood up in the fourth quarter of 2021, Hut 8 is well positioned to take advantage of favorable Bitcoin mining economics expected to continue into 2022.”

New Equity Research Coverage:

Craig–Hallum Capital Group LLC published their initiating equity research coverage on Hut 8 on August 3, 2021.

About Hut 8:

Hut 8 is one of North America’s largest innovation-focused digital asset miners, supporting open and decentralized systems since 2018. Located in energy rich Alberta, Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally. Hut 8 is executing on its commitment to mining and holding Bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of Bitcoin’s market direction. The Company’s multi-pronged business strategy includes profitable digital asset mining, white-label high-performance compute hosting, as well as yield & income programs leveraging its Bitcoin held in reserve. Having demonstrated rapid growth and a stellar balance sheet, Hut 8 was the first publicly traded miner on the TSX and the first Canadian miner to be listed on The Nasdaq Global Select Market. Hut 8’s team of business building technologists are believers in decentralized systems, stewards of powerful industry-leading solutions, and drivers of innovation in digital asset mining and high-performance computing, with a focus on sustainability and ESG alignment. Through innovation, imagination, and passion, Hut 8 is helping to define the digital asset revolution to create value and positive impacts for its shareholders and generations to come.

Cautionary Note Regarding Forward–Looking Information

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s businesses, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes, among others, statements regarding Bitcoin network dynamics, geo-political impacts, the Company’s trajectory to produce additional Bitcoin, the build-out of a third facility, the expected timing of equipment deliveries, and planned investments for the balance of 2021.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the “Risk Factors” section of the Company’s Annual Information Form dated March 25, 2021, which is available on www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Hut 8 Mining Corp

For further information: Media Contact: Hut 8, [email protected]

Related Links

www.hut8mining.com

Hut 8 and Bitfury BV agree to terminate Investor Rights Agreement

TORONTO, July 2, 2021 /CNW/ – Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (“Hut 8” or the “Company”), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, is pleased to provide the following corporate update.

Today, Hut 8 and Bitfury BV announce their mutual agreement to terminate the historical Investor Rights Agreement (“IRA”) between the two companies. The years of collaboration have enabled a strong partnership for both companies and have led to the advancement of bitcoin mining in Canada. The termination of the IRA will most notably bring to a close Bitfury’s right to a nominee on Hut 8’s Board effective immediately. Notwithstanding the foregoing, to enable time for the Hut 8 Board to transition, Hut 8 has agreed to allow for the delayed resignation of Bitfury’s former nominee Jeremy Sewell, until December 31, 2021.

About Hut 8:

Hut 8 is one of North America’s largest innovation-focused digital asset miners, supporting open and decentralized systems since 2018. Located in energy rich Alberta, Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally. Hut 8 is executing on its commitment to mining and holding Bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of Bitcoin’s market direction. The Company’s multi-pronged business strategy includes profitable digital asset mining, white-label high-performance compute hosting, as well as yield & income programs leveraging its Bitcoin held in reserve. Having demonstrated rapid growth and a stellar balance sheet, Hut 8 was the first publicly traded miner on the TSX and the first Canadian miner to be listed on The Nasdaq Global Select Market. Hut 8’s team of business building technologists are believers in decentralized systems, stewards of powerful industry-leading solutions, and drivers of innovation in digital asset mining and high-performance computing, with a focus on ESG alignment. Through innovation, imagination, and passion, Hut 8 is helping to define the digital asset revolution to create value and positive impacts for its shareholders and generations to come.

Cautionary Note Regarding Forward–Looking Information

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s businesses, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes, among others, statements regarding the anticipated expansion of the current installed hashrate, the Company’s trajectory to produce additional Bitcoin, planned investments for the balance of 2021, the expected timing of equipment purchase from Bitfury, and the expected incremental production of Bitcoin resulting therefrom, the build-out of a 100 MW facility and the anticipated readiness of the initial 35 MW portion of such facility.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the “Risk Factors” section of the Company’s Annual Information Form dated March 25, 2021, which is available on www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Hut 8 Mining Corp

For further information: Media Contact: Hut 8, [email protected]

Related Links
www.hut8mining.com

Hut 8 Mining Provides Corporate Update Following Recent Financing and Ongoing New Machine Installation Initiatives (Revised)

TORONTO, June 30, 2021 — Hut 8 Mining Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, is providing a revision to its corporate update, shared on June 28.

Hut 8 adds the following disclaimers to the press release filed on June 28, 2021.

Cautionary Note Regarding Forward‐Looking Information

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s businesses, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes, among others, statements regarding the anticipated expansion of the current installed hashrate, the Company’s trajectory to produce additional Bitcoin, planned investments for the balance of 2021, the expected timing of the installation and deployment of the NVIDIA CMPs and the expected incremental production of Bitcoin resulting therefrom, the build-out of a 100 MW facility and the anticipated readiness of the initial 35 MW portion of such facility.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the “Risk Factors” section of the Company’s Annual Information Form dated March 25, 2021, which is available on www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Hut 8:

Hut 8 is one of North America’s largest innovation-focused digital asset miners, supporting open and decentralized systems since 2018. Located in energy rich Alberta, Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally. Hut 8 is executing on its commitment to mining and holding Bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of Bitcoin’s market direction. The Company’s multi-pronged business strategy includes profitable digital asset mining, white-label high performance compute hosting, as well as yield & income programs leveraging its Bitcoin held in reserve. Having demonstrated rapid growth and a stellar balance sheet, Hut 8 was the first publicly traded miner on the TSX and the first Canadian miner to be listed on the Nasdaq Global Select Market. Hut 8’s team of business-building technologists are believers in decentralized systems, stewards of powerful industry-leading solutions, and drivers of innovation in digital asset mining and high performance computing, with a focus on ESG. Through innovation, imagination, and passion, Hut 8 is helping to define the digital asset revolution to create value and positive impacts for its shareholders and generations to come.

###
Media Contact

Hut 8
[email protected]

Hut 8 Mining Announces Purchase of 12,000 New MicroBT Miners for Deployment by End of Q4 2021

TORONTO, June 30, 2021 /CNW/ – Hut 8 Mining Corp. (NASDAQ: HUT) (TSX: HUT) (“Hut 8” or the “Company”), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, is pleased to provide the following corporate update. All figures are in Canadian dollars unless otherwise stated.

Hut 8 has executed on a $44.373 million USD purchase of 11,090 MicroBT M30S, M30S+ and M31S miners from SuperAcme Technology (Hong Kong) Limited (“SuperAcme”), representing approximately $44/Terahash. The miners are expected to be delivered starting in October 2021 and full deployment is anticipated to be complete by December 2021. This purchase complements a smaller purchase of 863 M30S+ and M30S miners made earlier this week that is expected to be delivered and fully deployed in July, 2021.

The anticipated production capacity increase with both purchases upon full deployment is expected to be 1.081 E/H, which alongside previously announced investments, should bring Hut 8’s total installed capacity to approximately 2.5 E/H. The new fleet of miners is expected to make up the first operational fleet in the Company’s planned 100 MW facility being developed in partnership with Validus Power.

“We are excited to have identified this unique opportunity to purchase MicroBT equipment that will enable us to almost double our hashrate before the end of the year and substantially increase the number of Bitcoins earned on a daily basis,” remarked Jaime Leverton, Chief Executive Officer of Hut 8 Mining.

The 2.5 E/H installed production capacity noted above adds to the 1,600 Gigahash anticipated from the NVIDIA cryptocurrency mining processors. Given current bitcoin network dynamics, these hashrate installations are expected to increase Hut 8’s current average production from 6.5 – 7.5 Bitcoin per day, to 14 – 16 Bitcoin per day based on current economic conditions.

Bitcoin Network Difficulty Update

As recently reported, with the exodus of bitcoin network hashrate from China, latest estimates suggest a sharp reduction in network difficulty on July 2, 2021, in the range of 24% to 26%. While early in the transition, it is anticipated that the reduction in network difficulty will increase Hut 8’s current average self-mined production by approximately 2 Bitcoin, from 6.5 – 7.5 Bitcoin per day, to 8.5 – 9.5 Bitcoin per day, without any direct corresponding costs. After giving effect to (i) the announced hash rate expansion above (2.5 E/H plus 1600 Gigahash, expected to be in place by the end of 2021) and (ii) the anticipated reduction in network difficulty, all else being equal, Hut 8 estimates that its average daily self-mined Bitcoin will increase to 20 – 22 Bitcoin per day.

About Hut 8:

Hut 8 is one of North America’s largest innovation-focused digital asset miners, supporting open and decentralized systems since 2018. Located in energy rich Alberta, Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally. Hut 8 is executing on its commitment to mining and holding Bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of Bitcoin’s market direction. The Company’s multi-pronged business strategy includes profitable digital asset mining, white-label high performance compute hosting, as well as yield & income programs leveraging its Bitcoin held in reserve. Having demonstrated rapid growth and a stellar balance sheet, Hut 8 was the first publicly traded miner on the TSX and the first Canadian miner to be listed on The Nasdaq Global Select Market. Hut 8’s team of business building technologists are believers in decentralized systems, stewards of powerful industry-leading solutions, and drivers of innovation in digital asset mining and high-performance computing, with a focus on being ESG aligned. Through innovation, imagination, and passion, Hut 8 is helping to define the digital asset revolution to create value and positive impacts for its shareholders and generations to come.

Cautionary Note Regarding Forward–Looking Information

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s businesses, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes, among others, statements regarding the anticipated expansion of the current installed hashrate, the Company’s trajectory to produce additional Bitcoin, planned investments for the balance of 2021, the expected timing of the installation and deployment of the SuperAcme miners, the NVIDIA CMPs and the expected incremental production of Bitcoin resulting therefrom, the build-out of a 100 MW facility and the anticipated readiness of the initial 35 MW portion of such facility.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the “Risk Factors” section of the Company’s Annual Information Form dated March 25, 2021, which is available on www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

Hut 8 Announces Results of 2021 Annual and Special Meeting of Shareholders

TORONTOJune 24, 2021 /CNW/ – Hut 8 Mining Corp. (TSX: HUT) (“Hut 8” or “the Company“) is pleased to announce that all resolutions proposed to shareholders at the Annual and Special Meeting of Shareholders (the “Meeting“) held virtually via teleconference on June 23, 2021 were passed. Voting as to each of the directors nominees was as follows:

Nominee

For

Withheld

Actual

Percentage

Actual

Percentage

Bill Tai

36,199,872

99.45%

201,845

0.55%

Joseph Flinn

36,110,323

99.20%

291,394

0.80%

Jeremy Sewell

35,743,095

98.19%

658,622

1.81%

Jaime Leverton

36,196,404

99.44%

205,313

0.56%

Alexia Hefti

36,165,265

99.35%

236,452

0.65%

Please see the report of voting results filed under Hut 8’s profile at www.sedar.com for the detailed results of the other matters voted on by shareholders at the Meeting.

ABOUT HUT 8 MINING CORP.

Hut  8  is  one  of  North  America’s  oldest,  largest  and  innovation-focused  digital  asset  miners.  Hut  8  has  one  of  the  highest installed capacity rates in the industry and is #1 globally in held, self-mined Bitcoin of any crypto miner or publicly  traded  company.  Recently  ranked  11th  (of  10,000)  on  the  2021  OTCQX®  Best  50,  and  the  first  publicly  traded miner on the TSX, the Hut 8 leadership team is continually looking for ways to accelerate innovation in high performance computing, and the blockchain ecosystem. We are stewards of powerful, industry-leading solutions, and drivers of innovation in digital asset mining and high-performance computing. – Hut 8 applies a growth mindset to our revenue diversification, ESG and carbon footprint reduction strategy. We are a company committed to growing shareholder value regardless of #BTC market direction. #HodltheHut.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

www.hut8mining.com    

SOURCE Hut 8 Mining Corp.

For further information: Media Contact: Hut 8, Dea Masotti Payne, T. 204-583-1695, E. [email protected]

Hut 8 Mining Announces Closing of Previously Announced Bought Deal Public Offering and Listing of Common Shares on Nasdaq

TORONTO, June 15, 2021 /CNW/ – Hut 8 Mining Corp. (TSX: HUT) (the “Company”) is pleased to announce that it has closed its previously announced bought deal public offering (the “Offering”), pursuant to which the Company issued an aggregate of 23,000,000 units of the Company (the “Units”) at a price of C$5.00 per Unit for gross proceeds to the Company of C$115,000,000.00 (the “Offering”), which includes 3,000,000 Units issued with the full exercise of the over-allotment option granted to the Underwriters (as defined below).

The Company is also pleased to announce that trading of the Company’s common shares on The Nasdaq Global Select Market (“Nasdaq”) is expected to begin later today under the symbol “HUT”.

The Offering was led by Canaccord Genuity, as sole bookrunner, and Stifel GMP acting as co-lead underwriters, together with a syndicate of underwriters including Craig-Hallum Capital Group LLC (collectively, the “Underwriters”).

Each Unit is comprised of one common share of the Company (a “Common Share”) and one-half of one Common Share purchase warrant of the Company (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one additional Common Share (a “Warrant Share”) at an exercise price of C$6.25 per Warrant Share at any time up to 24 months from the closing date of the Offering.

The Company intends to use the net proceeds from the Offering to support the growth of its business, as further described in the Prospectus Supplement (as defined below).

The Offering was made pursuant to a prospectus supplement dated June 11, 2021 (the “Prospectus Supplement”) to the Company’s short form base shelf prospectus dated April 7, 2021 (the “Base Shelf Prospectus”), filed with the securities commissions or similar securities regulatory authorities in each of the provinces and territories of Canada. In addition, the Prospectus Supplement was filed with the United States Securities and Exchange Commission (the “SEC”) as a supplement to the Company’s registration statement on Form F-10 (SEC File No. 333-254059) (the “Registration Statement”) under the United States/Canada Multi-Jurisdictional Disclosure System, which includes the Base Shelf Prospectus. The Prospectus Supplement, the Base Shelf Prospectus, and the Registration Statement contain important detailed information about the Company and the Offering.

Copies of the Prospectus Supplement and the Base Shelf Prospectus are available on SEDAR under the Company’s profile, at www.sedar.com, and copies of the Prospectus Supplement and the Registration Statement are available on EDGAR on the SEC’s website under the Company’s profile at www.sec.gov. Copies of the Prospectus Supplement, the Base Shelf Prospectus and the Registration Statement may also be obtained in Canada from Canaccord Genuity Corp., 161 Bay Street, Suite 3000, Toronto, ON M5J 2S1 and in the United States from Canaccord Genuity LLC, 99 High Street, Suite 1200, Boston, Massachusetts 02110, Attn: Syndicate Department, by telephone at (617) 371-3900, or by email at [email protected]

No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction

About Hut 8 Mining Corp.

Hut 8 is one of North America’s oldest, largest and innovation-focused digital asset miners. Hut 8 has one of the highest installed capacity rates in the industry and is #1 globally in held, self-mined Bitcoin of any crypto miner or publicly traded company. Recently ranked 11th (of 10,000) on the 2021 OTCQX® Best 50, and the first publicly traded miner on the TSX, the Hut 8 leadership team is continually looking for ways to accelerate innovation in high performance computing, and the blockchain ecosystem. We are stewards of powerful, industry-leading solutions, and drivers of innovation in digital asset mining and high-performance computing. – Hut 8 applies a growth mindset to our revenue diversification, ESG and carbon footprint reduction strategy. We are a company committed to growing shareholder value regardless of #BTC market direction. #HodltheHut.

Cautionary Note Regarding Forward–Looking Information

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s businesses, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes, among others, information regarding the expected commencement of trading of the Company’s common shares on Nasdaq and the intended use of proceeds from the Offering.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the “Risk Factors” section of the Company’s Prospectus Supplement. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Hut 8 Mining Corp.

For further information: Media Contact: Hut 8, Dea Masotti Payne, T. 204-583-1695, E. [email protected], www.hut8mining.com

Hut 8 Mining Announces Anticipated Nasdaq Listing Date and CAD$100 million Bought Deal Unit Offering

TORONTO, June 11, 2021 /CNW/ – Hut 8 Mining Corp. (TSX: HUT) (“Hut 8” or the “Company”) announced today that it has entered into an agreement with Canaccord Genuity Corp. (“Canaccord”) as lead underwriter, on behalf of itself and a syndicate of underwriters (collectively with Canaccord, the “Underwriters”) under which the Underwriters have agreed to purchase an aggregate of 20.0 million units (the “Offered Units”) at a price of CAD$5.00 per Offered Unit (the “Issue Price”) for aggregate gross proceeds of approximately CAD$100.0 million (the “Offering”). It is expected that trading of the Company’s common shares on The Nasdaq Global Select Market (“Nasdaq”) will begin on or about June 15, 2021, the expected closing date of the Offering, under the symbol “HUT”.

Each Offered Unit will consist of one common share in the capital of the Company (each a “Common Share”) and one-half of one Common Share purchase warrant (each a “Warrant”). Each Warrant is exercisable to acquire one Common Share (a “Warrant Share”) at an exercise price of CAD$6.25 per Warrant Share for 24 months after issuance.

In addition, Hut 8 has agreed to grant to the Underwriters an over-allotment option (the “Over-Allotment Option”) exercisable, in whole or in part, at the sole discretion of the Underwriters, to purchase up to an additional 3.0 million Offered Units at the Issue Price for a period of up to 30 days after the closing of the Offering, for potential additional gross proceeds to Hut 8 of up to CAD$15.0 million.

The net proceeds of the Offering are anticipated to be used by the Company: (i) to fund expansion of digital mining sites; (ii) to expand the Company’s available power capacity; (iii) to fund new commitments to purchase additional digital mining equipment; (iv) to fund potential strategic partnerships, joint ventures or acquisitions; and (v) for general corporate purposes and working capital.

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX.

The Offering is being made by way of a preliminary prospectus supplement dated June 11, 2021 (the “Prospectus Supplement”) to the Company’s existing Canadian short form base shelf prospectus (the “Base Shelf Prospectus”) and related United States registration statement on Form F-10 (SEC File No. 333-254059) (the “Registration Statement”). The Prospectus Supplement has been filed with the securities commissions in each of the provinces and Territories of Canada as well as the United States Securities and Exchange Commission (the “SEC”). The Canadian Prospectus Supplement (together with the related Canadian Base Shelf Prospectus) is available on SEDAR at www.sedar.com. The United States Prospectus Supplement (together with the United States Base Shelf Prospectus and the Registration Statement) is available on the SEC’s website at www.sec.gov. Alternatively, the Prospectus Supplement may be obtained upon request by contacting the Corporate Secretary of the Company at 130 King Street West, Suite 1800, Toronto, Ontario, M5X 2A2 or Canaccord Genuity LLC, Attention: Syndicate Department, 99 High Street, 12th Floor, Boston, MA 021990, by email at [email protected]

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon by the accuracy or adequacy of the Prospectus Supplement, the Base Shelf Prospectus or the Registration Statement.

About Hut 8 Mining Corp.

Hut 8 is one of North America’s oldest, largest and innovation-focused bitcoin miners. Hut 8 has one of the highest installed capacity rates in the industry and is #1 globally in held, self-mined Bitcoin of any crypto miner or publicly traded company. Recently ranked 11th (of 10,000) on the 2021 OTCQX® Best 50, and the first publicly traded miner on the TSX, the Hut 8 leadership team is continually looking for ways to accelerate innovation in high performance computing and the blockchain ecosystem. We are stewards of powerful, industry-leading solutions, and drivers of innovation in digital asset mining and high-performance computing. Hut 8 applies a growth mindset to our revenue diversification, ESG and carbon footprint reduction strategy. We are a company committed to growing shareholder value regardless of #BTC market direction. #HodltheHut.

Cautionary Statement Regarding Forward-Looking Statements

This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian and United States securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements and information include, but are not limited to, statements with respect to, the use of proceeds from the Offering, the closing of the Offering, the expected timing of the listing of the Common Shares on the Nasdaq and the ability to obtain the necessary regulatory approvals.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the “Risk Factors” section of the Company’s Prospectus Supplement. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

www.hut8mining.com

SOURCE Hut 8 Mining Corp.