marie@mfkpublicity.co, Author at Hut 8

Hut 8 Mining Production and Operations Update for August 2023

Posted on 12 September 20235 December 2023 by marie@mfkpublicity.co

At 9,255 BTC, Hut 8 continues to have one of the largest self-mined Bitcoin reserves of any publicly traded company
103 Bitcoin mined in August

TORONTO, Sept. 12, 2023 – 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 and high performance computing infrastructure provider, mined 103 Bitcoin in August 2023.

Production highlights for August 2023:

103 Bitcoin were generated, resulting in an average production rate of approximately 3.3 Bitcoin per day
No Bitcoin were sold during the month
Total balance of Bitcoin in reserve was 9,255 on August 31 – 7,158 of which was unencumbered
Installed ASIC hashrate capacity at our Alberta facilities was 2.6 EH/s at the end of the month
Hut 8 produced 39.6 BTC/EH in August

Operational highlights:

Repair and restoration efforts at our Drumheller, Alberta site continued as the team repaired more than 2,253 hashboards throughout the month, and the site is currently operating at approximately 25% of its total installed hash rate.
Despite a sharp increase in market energy prices last month, the team utilized mutually beneficial terms in the Electric Service Agreement covering its Medicine Hat site, which provides the opportunity for both parties to benefit from high prices in the Alberta power market while helping to stabilize the electrical grid.
Hut 8 High Performance Computing completed upgrades at our Kelowna data centre in early August, adding 100G diverse network infrastructure, improving reliability, capacity, and routing for customers.

“Our 9,255 Bitcoin held on balance sheet continues to provide Hut 8 and our shareholders with a strategic and differentiated advantage that we’re bullish on as we head into the halving,” said Jaime Leverton, CEO of Hut 8. “Our progress toward completing our transaction with USBTC continues with our shareholder meeting to approve the transaction set for September 12. If all conditions are met and approvals are attained, the new Hut 8 will have highly diversified fiat revenue streams, robust self-mining capacity, and 825 MW of total power under management.”

About Hut 8
Through innovation, imagination, and passion, Hut 8’s seasoned executive team is bullish on building and operating computing infrastructure that powers Bitcoin mining, traditional data centres, and emerging technologies like AI and machine learning. Hut 8’s infrastructure portfolio includes seven sites: five high performance computing data centres across British Columbia and Ontario that offer cloud, co-location, managed services, A.I., machine learning, and VFX rendering computing solutions, and two Bitcoin mining sites located in Southern Alberta. Long-distinguished for its unique treasury strategy, Hut 8 has one of the highest inventories of self-mined Bitcoin of any publicly-traded company globally. Follow us on X (formerly known as Twitter) at @Hut8Mining.

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”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions. In addition, any statements in this press release that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information and include, among others, statements regarding: Bitcoin network dynamics; the Company’s ability to advance its longstanding HODL strategy; the Company’s ability to produce additional Bitcoin and maintain existing rates of productivity at all sites; the Company’s ability to continue mining digital assets efficiently; the sale of the Company’s Bitcoin production and the proposed use of proceeds from such sale; the Company’s plans with respect to the energization of the miners that were removed from the North Bay facility; the Company’s expected recurring revenue and growth rate from its high performance computing business; the remediation of the operational issues at the Company’s Drumheller facility, and the timing thereof; expectations related to Hut 8 Corp.’s hashrate and self-mining capacity; the ability of Hut 8 and US Bitcoin Corp to complete the proposed business combination transaction, including, receipt of required regulatory approvals, shareholder approvals, court approvals, stock exchange approvals and satisfaction of other closing customary conditions; and the Company’s ability to successfully navigate the current market.

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements 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, security and cybersecurity threats and hacks, malicious actors or botnet obtaining control of processing power on the Bitcoin network, further development and acceptance of the Bitcoin network, changes to Bitcoin mining difficulty, loss or destruction of private keys, increases in fees for recording transactions in the Blockchain, erroneous transactions, reliance on a limited number of key employees, reliance on third party mining pool service providers, regulatory changes, classification and tax changes, momentum pricing risk, fraud and failure related to digital asset exchanges, difficulty in obtaining banking services and financing, difficulty in obtaining insurance, permits and licenses, internet and power disruptions, geopolitical events, uncertainty in the development of cryptographic and algorithmic protocols, uncertainty about the acceptance or widespread use of digital assets, failure to anticipate technology innovations, climate change, currency risk, lending risk and recovery of potential losses, litigation risk, business integration risk, changes in market demand, changes in network and infrastructure, system interruption, changes in leasing arrangements, failure to achieve intended benefits of power purchase agreements, potential for interrupted delivery, or suspension of the delivery, of energy to the Company’s mining sites, and other risks related to the digital asset and data centre business. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 9, 2023, and Hut 8’s other continuous disclosure documents which are available on the Company’s profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and on the EDGAR section of the U.S. Securities and Exchange Commission’s website at www.sec.gov.

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. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, sought, proposed, estimated, forecasted, expected, projected or targeted and such forward-looking statements included in this press release should not be unduly relied upon. The impact of any one assumption, risk, uncertainty, or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and Hut 8’s future decisions and actions will depend on management’s assessment of all information at the relevant time. 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.

Additional Information about the Transaction and Where to Find It
In connection with the proposed business combination (the “Transaction”) of Hut 8 and U.S. Data Mining Group, Inc. (dba US Bitcoin Corp.) (“USBTC”), that, if completed, would result in Hut 8 Corp. (“New Hut”) becoming a new public company, New Hut has filed a registration statement on Form S-4 (the “Form S-4”) with the U.S. Securities and Exchange Commission (the “SEC”). USBTC and Hut 8 urge investors, shareholders, and other interested persons to read the Form S-4, including any amendments thereto, the Hut meeting circular, as well as other documents to be filed with the SEC and documents to be filed with Canadian securities regulatory authorities in connection with the Transaction, as these materials will contain important information about USBTC, Hut 8, New Hut and the Transaction. New Hut also has, and will, file other documents regarding the Transaction with the SEC. This press release is not a substitute for the Form S-4 or any other documents that may be sent to Hut’s shareholders or USBTC’s stockholders in connection with the Transaction. Investors and security holders will be able to obtain free copies of the Form S-4 and all other relevant documents filed or that will be filed with the SEC by New Hut through the website maintained by the SEC at www.sec.gov or by contacting the investor relations department of Hut 8 at info@hut8.io and of USBTC at info@usbitcoin.com.

Contacts

Hut 8 Investor Relations

Sue Ennis

sue@hut8mining.com

Hut 8 Media Relations

Erin Dermer

erin.dermer@hut8mining.com

Hut 8 Reports Operating and Financial Results for Q2 2023

Posted on 14 August 20235 December 2023 by marie@mfkpublicity.co

Quarterly revenue of $19.1 million including $4.2 million from the high performance computing business

9,136 self-mined Bitcoin held in custody or pledged as collateral on June 30

TORONTO, Aug. 14, 2023 /PRNewswire/ — 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, and high performance computing infrastructure provider, announced its financial results for the quarter ended June 30, 2023 (“Q2 2023”). All dollar figures are in Canadian Dollars (“CAD”), unless otherwise stated.

“We continued to build momentum toward closing our transaction with USBTC by progressing toward receiving regulatory approvals to proceed and improving our projected post-merger self-mining capacity to 7.5 EH/s,” said Jaime Leverton, CEO of Hut 8. “That said, we are not here to simply chase exahash: we have been unique in our approach to growing our business primarily through inorganic means, and have done so with an infrastructure-first mindset. We believe that there is value to be captured beyond proprietary mining, which is why we acquired the HPC business. We are confident that this merger positively positions us on a path to growth by expanding into more stable energy markets and increasing our exposure to capex-light, scalable, fiat-based revenue streams like hosting and managed infrastructure operations, which includes purpose-built site management software, while improving our self-mining capabilities.”

“While we continued to face mining challenges during the second quarter at Drumheller, which are reflected in decreased revenue and fewer Bitcoin mined, we were successful in strategically managing our costs,” said Shenif Visram, CFO of Hut 8. “In our high performance computing business, we signed a significant five-year contract during the period, and will begin to realize that revenue later this year. In the meantime, we have more than 1 MW of data centre capacity and existing infrastructure readily available to meet customers’ AI and other high performance computing demands.”

Q2 2023 HIGHLIGHTS

Revenue decreased by $24.6 million to $19.2 million during the quarter ended June 30, 2023 compared to $43.8 million during the quarter ended June 30, 2022 (“Q2 2022”).
The Company mined 399 Bitcoin in the quarter ended June 30, 2023, an approximately 58% decrease compared to the quarter ended June 30, 2022, primarily due to an increase in average Bitcoin network difficulty resulting in decrease in Bitcoin mined, the impact of the suspension of operations at the Company’s North Bay Facility, and ongoing electrical issues at the Company’s Drumheller facility.
The Company’s high performance computing (“HPC”) operations generated $4.2 million of primarily monthly recurring revenue in Q2 2023 compared to $4.7 million in Q2 2022 as a result of the discontinuation of certain low-margin products and service offerings, customer churn, which were partially offset by new sales. The new sales do not reflect the newly signed five-year agreement with Interior Health, as the revenue earned from the agreement will commence later in 2023.
As previously reported, the Company encountered issues at the Drumheller site, primarily stemming from high energy input levels that have been causing miners to fail. This has materially reduced operations, which are currently at approximately 20% of our installed hash rate at the site. The team has implemented new custom firmware across all miner models designed to lower the power supply’s maximum output voltage, ensured our equipment operates within safe limits, increased repair staff, added an additional repair centre shift, and procured new hardware to expedite repairs and accelerate the speed at which we bring miners back online. The electrical issues at the Drumheller site have been compounded by high energy rates which further increased curtailment at the site.
The Company’s installed hashrate was 2.6 EH/s (excluding the Company’s North Bay facility) as of June 30, 2023compared to 2.6 EH/s as of March 31, 2023.

BITCOIN INVENTORY AND VALUE

As at June 30, 2023, the Company had a total self-mined Bitcoin balance held in custody or pledged as collateral of 9,136 with a market value of $368.7 million. During the second quarter of 2023, 399 Bitcoin were mined and 396 Bitcoin were sold, for which the Company received proceeds of $14.7 million.

OPERATING AND FINANCIAL OVERVIEW

For the periods ended June 30	Three Months Ended		Six Months Ended
(CAD thousands, except per share amounts)	2023	2022	2023	2022
Operating results
Digital assets mined	399	946	874	1,888

Financial results
Total revenue	$ 19,183	$ 43,845	$ 38,204	$ 97,178
Net (loss) income	(16,713)	(88,067)	91,790	(32,359)
Mining Profit ⁽ⁱ⁾	3,200	14,906	5,790	47,813
Adjusted EBITDA ⁽ⁱ⁾	(2,690)	(98,136)	133,340	(71,027)

Per share
Net income – basic	$ (0.08)	$ (0.49)	$ 0.42	$ (0.19)
Net income – diluted	$ (0.08)	$ (0.49)	$ 0.40	$ (0.19)

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

	As at
(CAD thousands)	June 30, 2023	December 31, 2022
Financial position
Cash	$ 26,687	$ 30,515
Total digital assets	368,942	203,627
Total assets	557,549	412,937
Total liabilities	86,383	61,547
Total shareholders’ equity	471,166	351,390
Working Capital ⁽ⁱⁱ⁾	345,314	215,490

⁽ⁱⁱ⁾ Calculated as current assets less current liabilities.

Revenue decreased by $24.6 million to $19.2 million during the quarter ended June 30, 2023 compared to $43.8 million during the quarter ended June 30, 2022 (“Q2 2022”). The Company mined 399 Bitcoin in the quarter ended June 30, 2023, an approximately 58% decrease compared to the quarter ended June 30, 2022, primarily due to an increase in average Bitcoin network difficulty resulting in decrease in Bitcoin mined, halt in the Company’s graphic processing units (“GPU”) mining activities due to the Ethereum network’s change in consensus mechanism from proof-of-work to proof-of-stake during the third quarter of 2022, the impact of the suspension of operations at the Company’s North Bay Facility, and ongoing electrical issues at the Company’s Drumheller facility which continued from the fourth quarter of 2022. Revenue from the Company’s digital asset mining operations also declined as a result of lower Digital Asset Revenue per Bitcoin Mined⁽ⁱ⁾ due to the decrease in the daily average closing Bitcoin price in the current quarter versus the comparative quarter. The Company’s high performance computing operations generated $4.2 million of primarily monthly recurring revenue in Q2 2023 compared to $4.7 million in Q2 2022 as a result of the discontinuation of certain low-margin products and service offerings, customer churn, which were partially offset by new sales. The new sales do not reflect the newly signed five-year agreement with Interior Health, as the revenue earned from the agreement will commence later in 2023.
Cost of revenue consists of site operating costs and depreciation. The cost of revenue was $23.8 million for the second quarter of 2023 compared to $47.7 million in the same period in 2022. Site operating costs consist primarily of electricity costs as well as personnel, network monitoring, and equipment repair and maintenance costs at our digital asset mining and high performance computing operations. Site operating costs for the quarter ended June 30, 2023 were $14.3 million, of which $11.8 million were attributable to our mining operations and $2.5 million were attributable to our high performance computing operations. The site operating costs for the quarter ended June 30, 2022 were $26.8 million, of which $24.5 million were attributable to our mining operations and $2.3 millionwere attributable to our high performance computing operations. The Mining Cost per Bitcoin⁽ⁱ⁾ for the second quarter of 2023 was $29,551 per Bitcoin, compared to $25,611 per Bitcoin in the prior year for the same quarter. The increase was due to higher power consumption per Bitcoin mined and ongoing electrical issues at the Drumhellerfacility, which was partially offset by the Company’s decision to curtail, lower average energy prices, and increased efficiencies in the miners deployed compared to prior year same quarter. The increase in site operating costs related to the high performance computing operations is primarily due to increased repairs and maintenance to improve the Company’s facilities. Depreciation expense decreased to $9.5 million during the second quarter of 2023 compared to $20.9 million in the same quarter of 2022, primarily driven by the lower net book value of digital asset mining assets after the recognition of non-cash impairment charge during the fourth quarter of 2022 as part of annual impairment testing.
Net loss was $16.7 million and net loss per share was $0.08 for the three months ended June 30, 2023, compared to net loss of $88.1 million and net loss per share of $0.49 for the same period in 2022. The change was primarily driven by the lower non-cash revaluation loss on digital assets recorded to income or loss, partially offset by the lower non-cash gain on revaluation of warrant liability, resulting in lower net loss. Additionally, the net loss per share was lower due to greater weighted average number of shares outstanding for earnings per share purposes under International Accounting Standards 33.
Mining Profit⁽ⁱ⁾ was $3.2 million for the quarter ended June 30, 2023, compared to $14.9 million in the prior year’s quarter. The decrease in Mining Profit⁽ⁱ⁾ compared to the prior year’s quarter is mainly due to the decrease in price of Bitcoin, lower quantity of Bitcoin mined due to increased Bitcoin network difficulty, halt in the Company’s GPU mining activities due to the Ethereum network’s change in consensus mechanism from proof-of-work to proof-of-stake during the third quarter of 2022, impact of the suspension of operations at the Company’s North Bay Facility, and the ongoing electrical issues at the Company’s Drumheller facility noted above, and was partially offset by lower average power prices.
Adjusted EBITDA⁽ⁱ⁾ was negative $2.7 million for the quarter ended June 30, 2023, compared to a negative Adjusted EBITDA⁽ⁱ⁾ of $98.1 million in the prior year’s quarter, primarily driven by a lower loss on revaluation of digital assets, partially offset by a lower digital asset Mining Profit⁽ⁱ⁾, and the aforementioned electrical issues at the Company’s Drumheller facility. Contributions from HPC operations were offset by lower margins in digital asset mining operations.

For more information, please refer to the Company’s management’s discussion & analysis (the “MD&A”) and the Company’s unaudited condensed consolidated interim financial statements for the six months ended June 30, 2023and 2022. These documents are available on the Company’s website at hut8.io, under the Company’s SEDAR profile at www.sedar.com, and under the Company’s EDGAR profile at www.sec.gov.

______________________________

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

NON-IFRS MEASURES AND RATIOS

This press release makes reference to certain measures and ratios 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 or ratios presented by other companies. The Company uses non-IFRS measures and ratios including “Mining Profit”, “Adjusted EBITDA”, “Digital Asset Revenue per Bitcoin Mined”, and “Mining Cost per Bitcoin” as additional information to complement IFRS measures by providing further understanding of the Company’s results of operations from Management’s perspective and should not be viewed as alternatives to, or replacements of, measures of operating results and liquidity presented in accordance with IFRS.

The following tables and definitions reconcile non-IFRS measures and ratios used by the Company to analyze the operational performance of Hut 8 to their nearest IFRS measure and should be read in conjunction with the Company’s unaudited condensed consolidated interim financial statements for the six months ended June 30, 2023 and 2022.

Mining Profit

“Mining Profit” represents gross profit (revenue less cost of revenue), excluding depreciation and revenue and site operating costs directly attributable to hosting services and high performance computing operations. Mining Profit shows profitability of the Company’s core digital asset mining operation, without the impact of non-cash depreciation expense. Mining Profit measure provides investors the ability to assess the profitability of the mining operations exclusive of general and administrative expenses.

The following table reconciles gross (loss) profit to our non-IFRS measure, Mining Profit:

For the periods ended June 30	Three Months Ended		Six Months Ended
(CAD thousands)	2023	2022	2023	2022
Gross (loss) profit	$ (4,651)	$ (3,841)	$ (10,858)	$ 12,614

Add (deduct):
Revenue from hosting	–	–	–	(751)
Revenue from high performance computing	(4,192)	(4,711)	(8,687)	(8,001)
Site operating costs attributable to hosting and high performance computing	2,551	2,554	4,984	4,682
Depreciation	9,492	20,904	20,351	39,269
Mining Profit	$ 3,200	$ 14,906	$ 5,790	$ 47,813

Adjusted EBITDA

“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 warrants, 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-recurring 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.

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

For the periods ended June 30	Three Months Ended		Six Months Ended
(CAD thousands)	2023	2022	2023	2022
Net (loss) income	$ (16,713)	$ (88,067)	$ 91,790	$ (32,359)

Add (deduct):
Net finance expense	1,437	1,543	2,869	2,835
Depreciation and amortization	9,669	21,247	20,705	39,841
Share based payment	2,477	1,977	5,512	3,276
Foreign exchange (gain) loss	(298)	(27)	(291)	684
One-time transaction costs	2,887	–	15,175	1,611
North Bay decommissioning costs	245	–	919	–
Deferred income tax (recovery) expense	(2,055)	8,472	(3,127)	9,593
Sales tax expense	–	–	–	913
Gain on revaluation of warrants	(339)	(43,281)	(212)	(97,421)
Adjusted EBITDA	$ (2,690)	$ (98,136)	$ 133,340	$ (71,027)

Digital Asset Revenue per Bitcoin Mined

“Digital Asset Revenue per Bitcoin Mined” represents revenue, excluding revenue from hosting services and high performance computing operations, measured on a per Bitcoin mined basis during a period. Digital Asset Revenue per Bitcoin Mined is used and provides investors the ability to assess the average revenue earned per Bitcoin mined during a period by the Company’s digital asset mining operations.

The following table reconciles revenue to our non-IFRS ratio, Digital Asset Revenue per Bitcoin Mined:

For the three months ended (CAD thousands, except per Bitcoin amounts)	June 30, 2023 Q2	Jun 30, 2022 Q2
Revenue	$ 19,183	$ 43,845

Deduct:
Revenue from high performance computing	(4,192)	(4,711)
Digital asset revenue	14,991	39,134

Divided by:
Number of Bitcoin mined	399	946
Digital Asset Revenue per Bitcoin Mined	$ 37,571	$ 41,368

Mining Cost per Bitcoin

“Mining Cost per Bitcoin” represents the cost of revenue, excluding site operating costs attributable to hosting services and high performance computing operations, and depreciation, measured on a per Bitcoin mined basis during a period. Mining Cost per Bitcoin is used and provides the investors the ability to evaluate the efficiency of the Company’s digital asset mining operations exclusive of general and administrative expenses.

The following table reconciles cost of revenue to our non-IFRS ratio, Mining Cost per Bitcoin:

For the periods ended June 30	Three Months Ended		Six Months Ended
(CAD thousands, except per Bitcoin amounts)	2023	2022	2023	2022
Cost of revenue	$ (23,834)	$ (47,686)	$ (49,062)	$ (84,564)

Add (deduct):
Site operating costs attributable to high performance computing and hosting	2,551	2,554	4,984	4,682
Depreciation	9,492	20,904	20,351	39,269
Mining cost	(11,791)	(24,228)	(23,727)	(40,613)

Divided by:
Number of Bitcoin mined	399	946	874	1,888
Mining Cost per Bitcoin	$ (29,551)	$ (25,611)	$ (27,148)	$ (21,511)

CORPORATE UPDATES

Hut 8 and U.S. Data Mining Group, Inc., doing business as US Bitcoin Corp (“USBTC”) continue to make progress on the proposed business combination pursuant to which the two companies will combine in all-stock merger of equals (the “Transaction”). The combined company will be named “Hut 8 Corp.” (“New Hut”) and will be a U.S.-domiciled entity. The Transaction is expected to establish New Hut as a large scale, publicly traded Bitcoin miner focused on economical mining, highly diversified revenue streams, and industry leading environmental, social, and governance (ESG) practices.

On June 15, 2023, The Company announced that it filed a further amendment to its Form S-4 Registration Statement (the “Amended Registration Statement”) with the U.S. Securities and Exchange Commission (the “SEC”).

As disclosed in the Amended Registration Statement:

New Hut’s expected installed self-mining capacity has increased from the previously disclosed 7.02 EH/s to 7.5 EH/s at mining facilities in Medicine Hat and Drumheller in Alberta; Niagara Falls, New York; Kearney, Nebraska; and Granbury and King Mountain, Texas upon the close of the Transaction. The improvement is due to the energization of additional miners at USBTC’s sites.
The 1.7 EH/s installed self-mining capacity at the King Mountain, Texas site is owned by the King Mountain Joint Venture in which USBTC has a 50% membership interest alongside a leading energy partner.

On July 17, 2023, The Company announced that it filed a further amendment to its Form S-4 Registration Statement with the U.S. Securities and Exchange Commission (the “SEC”).

The Transaction is particularly strategic as it will establish New Hut with geographic diversity across its self-mining business, which will include differentiated energy sources in a variety of markets, and improve efficiencies at the miner level by using proprietary, purpose-built software that can identify and mitigate machine and energy price issues in real-time. Notably, it will further diversify capex-light fiat revenue lines of business by adding USBTC’s 220 MW hosting and 680 MW managed infrastructure operations businesses to Hut 8’s existing HPC and repair centre operations. Completion of the Transaction is subject to obtaining the remaining regulatory approvals, shareholder approval, court approval, and other customary closing conditions. Hut 8 expects the Transaction to close by September 30, 2023.

On August 11, 2023, The Company announced that it has entered into a transaction support agreement (the “Support Agreement”) with Macquarie Equipment Finance Ltd. (“Macquarie”) a subsidiary of Macquarie Group Limited, a global financial services group, in support of an opportunity to potentially acquire certain assets of Validus Power Corp. (“Validus”) and Validus’ subsidiaries (collectively, the “Validus Entities”). Validus was previously a supplier of energy to the Company’s mining facility in North Bay, Ontario. Macquarie is a secured creditor of the Validus Entities under an existing secured lease and participation agreement.

Pursuant to an order of the Ontario Superior Court of Justice (Commercial List) (the “Court”) issued on August 10, 2023, on application by Macquarie, KSV Restructuring Inc. (“KSV”), a licensed insolvency trustee with extensive experience in receivership mandates, has been appointed as receiver of the property, assets, and undertakings of the Validus Entities (KSV in such capacity, the “Receiver”).

Subject to the satisfaction of certain conditions, under the terms of the Support Agreement, a stalking horse bid (the “Stalking Horse Bid”) is to be submitted to the Receiver in support of a proposed sale and investment solicitation process to be carried out in respect of the Validus Entities.

A Stalking Horse Bid, if ultimately successful, is expected to result in the full and final resolution of all litigation claims and counterclaims currently pending between Hut 8 and certain Validus Entities. Further details in respect of any Stalking Horse Bid will be provided if and as conditions warrant and subject to, among other things, the acceptance of a Stalking Horse Bid by the Receiver and approval of the Court.

CONFERENCE CALL

Hut 8 Mining Q2 2023 conference call will commence at 10 a.m. ET, today.

To join the conference call without operator assistance, you may register and enter your phone number at https://ow.ly/vmjc50PqkLA to receive an instant, automated call back that will place you in the conference

Those joining via operator should dial in 5-10 minutes early to: 1-888-664-6392 (toll-free, North America) and use access code: 388162 #

Analyst Coverage of Hut 8 Mining:

A full list of Hut 8 Mining analyst coverage can be found here: https://hut8.io/investors/

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. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Specifically, such forward-looking information included in this press release include, but are not limited to, statements with respect to the following: the Company’s position and ability to seize opportunities in the digital asset industry; the Company’s ability to advance the HODL strategy in the long-term; the Company’s growth strategy; expectations for other economic, business, regulatory and/or competitive factors related to the Company or the Bitcoin industry generally; projected hash rate, expenses and profitability; the ability of the Company to react to digital asset price volatility; fluctuating power and energy costs; the ability of the Company to navigate increased network difficulty; the remediation of the operational issues at the Company’s Drumheller facility, and the timing thereof; the expected outcomes of the Transaction, including New Hut’s assets and financial position; the ability of Hut 8 and USBTC to complete the Transaction on the terms described herein, or at all, including, receipt of required regulatory approvals, shareholder approvals, court approvals, stock exchange approvals and satisfaction of other closing customary conditions; the expected timing of the closing of the Transaction; the expected synergies related to the Transaction in respect of strategy, operations and other matters; projections related to expansion; expectations related to New Hut’s hashrate and self-mining capacity; expected ESG efforts and commitments; and the ability of New Hut to execute on future opportunities; the timing and completion (if at all) of a Stalking Horse Bid; the timing and completion (if at all) of a proposed sale and investment solicitation process; the timing of the proceedings in respect of the Receiver; and the expected resolution of litigation claims between Hut 8 and certain Validus Entities.

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: security and cybersecurity threats and hacks; malicious actors or botnet obtaining control of processing power on the Bitcoin network; further development and acceptance of the Bitcoin network; changes to Bitcoin mining difficulty; loss or destruction of private keys; increases in fees for recording transactions in the Blockchain; erroneous transactions; reliance on a limited number of key employees; reliance on third party mining pool service providers; regulatory changes; classification and tax changes; momentum pricing risk; fraud and failure related to digital asset exchanges; difficulty in obtaining banking services and financing; difficulty in obtaining insurance, permits and licenses; internet and power disruptions; geopolitical events; uncertainty in the development of cryptographic and algorithmic protocols; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; climate change; currency risk, lending risk and recovery of potential losses; litigation risk; business integration risk; changes in market demand; inflationary pressures and the rising cost of capital; changes in network and infrastructure; system interruption; changes in leasing arrangements; counterparty risk; failure to achieve intended benefits of power purchase agreements; potential for interrupted delivery, or suspension of the delivery, of energy to the Company’s mining sites; the ability to implement business plans, forecasts, and other expectations; the ability to identify and realize additional opportunities and other risks related to the digital asset mining and data centre business. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 9, 2023, and Hut 8’s other continuous disclosure documents which are available on Company’s website at hut8.io, under the Company’s SEDAR profile at www.sedar.com and under the Company’s EDGAR profile at www.sec.gov.

These factors are not intended to represent a complete list of the factors that could affect Hut 8, USBTC, or New Hut; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, sought, proposed, estimated, forecasted, expected, projected or targeted and such forward-looking statements included in this press release should not be unduly relied upon. The impact of any one assumption, risk, uncertainty, or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and Hut 8’s future decisions and actions will depend on management’s assessment of all information at the relevant time. 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. Except where otherwise indicated herein, the information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date of preparation.

ADDITIONAL INFORMATION ABOUT THE TRANSACTION AND WHERE TO FIND IT
In connection with the transaction, that, if completed, would result in New Hut becoming a new public company, New Hut has filed a registration statement on Form S-4 (the “Form S-4”) with the U.S. Securities and Exchange Commission’s (“SEC”). USBTC and Hut 8 urge investors, shareholders, and other interested persons to read the Form S-4, including any amendments thereto, the Hut 8 meeting circular, as well as other documents filed or to be filed with the SEC and documents to be filed with Canadian securities regulatory authorities in connection with the transaction, as these materials do and will contain important information about USBTC, Hut 8, New Hut and the transaction. New Hut also has, and will, file other documents regarding the transaction with the SEC. This press release is not a substitute for the Form S-4 or any other documents that may be sent to Hut 8’s shareholders or USBTC’s stockholders in connection with the transaction. Investors and security holders are or will be able to obtain free copies of the Form S-4 and all other relevant documents filed or that will be filed with the SEC by New Hut through the website maintained by the SEC at www.sec.gov or by contacting the investor relations department of Hut 8 at info@hut8.io and of USBTC at info@usbitcoin.com.

NO OFFER OR SOLICITATION
This press release is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of 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. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”) or in a transaction exempt from the registration requirements of the Securities Act.

Contacts

Hut 8 Investor Relations

Sue Ennis

sue@hut8mining.com

Hut 8 Media Relations

Erin Dermer

erin.dermer@hut8mining.com

Hut 8 Announces Receipt of Interim Order and Filing of Management Information Circular in Connection with the Business Combination with US Bitcoin

Posted on 14 August 20235 December 2023 by marie@mfkpublicity.co

Shareholders of record at the close of business on August 8, 2023 are encouraged to vote at the special meeting to be held on September 12, 2023

TORONTO, Aug. 14, 2023 /PRNewswire/ — 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, and high performance computing infrastructure provider, is pleased to announce that, in connection with its previously announced business combination (the “Transaction“) with U.S. Data Mining Group, Inc. dba US Bitcoin Corp (“USBTC“) to be effected by way of a court-approved plan of arrangement (the “Arrangement“) under the Business Corporations Act (British Columbia), the Company has obtained an interim order from the Supreme Court of British Columbia (the “Interim Order“). The Interim Order provides for, among other things, the holding of a special meeting (the “Special Meeting“) of the holders of common shares of the Company (the “Shareholders“) to approve the Arrangement. The Special Meeting is scheduled to be held on September 12, 2023 at 10 a.m. ET and the record date for determining Shareholders entitled to receive notice of and vote at the Special Meeting has been fixed as the close of business on August 8, 2023.

The Company has filed the management information circular and related materials in respect of the Special Meeting that will be mailed to Shareholders under the Company’s profile on SEDAR at www.sedarplus.ca and EDGAR at www.sec.gov, and on Hut8.io. The management information circular and related materials provide details of the Special Meeting and how Shareholders or their duly appointed proxyholders can attend, access, and participate in the Special Meeting.

The completion of the Transaction is subject to certain conditions, including the receipt of the requisite approval from the Shareholders, the final order of the Supreme Court of British Columbia at an application which is scheduled for September 15, 2023, and other closing conditions customary in transactions of this nature. If all necessary approvals are obtained and the conditions to the completion of the Transaction are satisfied or waived, it is currently anticipated that the Transaction will be completed by September 30, 2023.

Shareholder Questions and Assistance

If you have any questions or require more information with respect to the procedures for voting, please contact our proxy solicitation agents, Alliance Advisors at 1-888-511-2641 toll free in North America or by email at Hut8@allianceadvisors.com if you are a retail Hut 8 Shareholder or Morrow Sodali at 1-888-777-2059 toll free in North America, 1-289-695-3075 call collect outside of North America or by email at assistance@morrowsodali.com if you are an institutional Hut 8 Shareholder.

About Hut 8

Through innovation, imagination, and passion, Hut 8’s seasoned executive team is bullish on building and operating computing infrastructure that powers Bitcoin mining, traditional data centres, and emerging technologies like AI and machine learning. Hut 8’s infrastructure portfolio includes seven sites: five high performance computing data centres across British Columbia and Ontario that offer cloud, co-location, managed services, A.I., machine learning, and VFX rendering computing solutions, and two Bitcoin mining sites located in Southern Alberta. Long-distinguished for its unique treasury strategy, Hut 8 has one of the highest inventories of self-mined Bitcoin of any publicly-traded company globally. Follow us on X (formerly known as Twitter) at @Hut8Mining.

FORWARD-LOOKING INFORMATION

Although the Company believes that the forward-looking statements in this news release are based on certain expectations and assumptions that are current, reasonable and complete, these statements are by their nature subject to a number of known and unknown risks and uncertainties and other factors that could cause actual events, results, performance and achievements to differ materially from management’s expectations and plans as set forth in such forward-looking statements, including, without limitation, the following factors, many of which are beyond the Company’s control and the effects of which can be difficult to predict: (a) the possibility that the Transaction will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all due to a failure to obtain or satisfy, in a timely manner or otherwise, required Shareholder and regulatory approvals and other conditions of closing necessary to complete the Transaction or for other reasons; (b) the possibility of adverse reactions or changes in business relationships resulting from the announcement or completion of the Transaction; (c) risks relating to the retention of key personnel during the interim period; (d) the possibility of litigation relating to the Transaction; (e) risks related to the diversion of management’s attention from the Company’s ongoing business operations; and (f) other risks inherent to the Company’s business and/or factors beyond its control which could have a material adverse effect on the Company or the ability to consummate the Transaction. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 9, 2023, and Hut 8’s other continuous disclosure documents which are available on Company’s website at hut8.io, under the Company’s SEDAR profile at www.sedar.com and under the Company’s EDGAR profile at www.sec.gov.

These factors are not intended to represent a complete list of the factors that could affect Hut 8, USBTC, or the combined company; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, sought, proposed, estimated, forecasted, expected, projected or targeted and such forward-looking statements included in this press release should not be unduly relied upon. The impact of any one assumption, risk, uncertainty, or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and Hut 8’s future decisions and actions will depend on management’s assessment of all information at the relevant time. 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. Except where otherwise indicated herein, the information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date of preparation.

ADDITIONAL INFORMATION ABOUT THE TRANSACTION AND WHERE TO FIND IT

In connection with the Transaction, that, if completed, would result in the combined company becoming a new public company, the combined company has filed a registration statement on Form S-4 (the “Form S-4”) with the U.S. Securities and Exchange Commission’s (“SEC”). USBTC and Hut 8 urge investors, shareholders, and other interested persons to read the Form S-4, including any amendments thereto, as well as other documents filed or to be filed with the SEC, as these materials do and will contain important information about USBTC, Hut 8, the combined company and the Transaction. This press release is not a substitute for the Form S-4 or any other documents that may be sent to Shareholders or USBTC’s stockholders in connection with the Transaction. Investors and security holders are or will be able to obtain free copies of the Form S-4 and all other relevant documents filed or that will be filed with the SEC by the combined company through the website maintained by the SEC at www.sec.gov or by contacting the investor relations department of Hut 8 at info@hut8.io and of USBTC at info@usbitcoin.com.

NO OFFER OR SOLICITATION

This press release is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of 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. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act“) or in a transaction exempt from the registration requirements of the Securities Act.

Hut 8 Mining Production and Operations Update for July 2023

Posted on 11 August 20235 December 2023 by marie@mfkpublicity.co

Remediation continuing in Drumheller, Alberta

At 9,152 BTC, Hut 8 continues to have one of the largest self-mined Bitcoin reserves of any publicly traded company

116 Bitcoin mined in July

TORONTO, Aug. 11, 2023 — 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 and high performance computing infrastructure provider, mined 116 Bitcoin in July 2023.

Production highlights for July 2023:

116 Bitcoin were generated, resulting in an average production rate of approximately 3.7 Bitcoin per day
100 Bitcoin – 50 Bitcoin produced in June and 50 Bitcoin produced in July – were sold during the month for proceeds totalling $3.9 million
Total balance of Bitcoin in reserve was 9,152 on July 31 – 8,305 of which was unencumbered
Installed ASIC hashrate capacity at our Albertafacilities was 2.6 EH/s at the end of the month
Hut 8 produced 44.6 BTC/EH in July

Operational highlights:

Repair and restoration efforts at our Drumheller, Alberta site continued as the team repaired more than 4,337 hashboards throughout the month, and the site is currently operating at approximately 20% of the installed hash rate.
In late July, the team utilized mutually beneficial terms in the Electric Service Agreement covering its Medicine Hatsite, which provides the opportunity for both parties to benefit from high prices in the Alberta power market.
Earlier today, Hut 8 announced that we have entered into a transaction support agreement with Macquarie Equipment Finance Ltd. (“Macquarie”) in support of an opportunity to potentially acquire certain assets of Validus Power Corp. (“Validus”) and Validus’ subsidiaries. While this process is underway, the Company has paused plans to relocate approximately 6,400 miners originally operating in North Bay, Ontario to Texas.

“Our operational challenges at Drumheller have persisted, and despite implementing custom firmware to manage the power supply output and repairing more than 11,693 hashboards to date, we are seeing some additional failures when reinstalling the miners, which is adversely affecting our remediation timeline,” said CEO Jaime Leverton. “While we continue to work to increase operations beyond 20 per cent at Drumheller, we are pursuing growth opportunities through the transaction with USBTC and our transaction support agreement with Macquarie.”

About Hut 8

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”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions. In addition, any statements in this press release that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information and include, among others, statements regarding: Bitcoin network dynamics; the Company’s ability to advance its longstanding HODL strategy; the Company’s ability to produce additional Bitcoin and maintain existing rates of productivity at all sites; the Company’s ability to continue mining digital assets efficiently; the sale of the Company’s Bitcoin production and the proposed use of proceeds from such sale; the Company’s plans with respect to the energization of the miners that were removed from the North Bay facility; the Company’s expected recurring revenue and growth rate from its high performance computing business; the remediation of the operational issues at the Company’s Drumheller facility, and the timing thereof; expectations related to Hut 8 Corp.’s hashrate and self-mining capacity; the ability of Hut 8 and US Bitcoin Corp to complete the proposed business combination transaction, including, receipt of required regulatory approvals, shareholder approvals, court approvals, stock exchange approvals and satisfaction of other closing customary conditions; and the Company’s ability to successfully navigate the current market.

Additional Information about the Transaction and Where to Find It

In connection with the proposed business combination (the “Transaction”) of Hut 8 and U.S. Data Mining Group, Inc. (dba US Bitcoin Corp.) (“USBTC”), that, if completed, would result in Hut 8 Corp. (“New Hut”) becoming a new public company, New Hut has filed a registration statement on Form S-4 (the “Form S-4”) with the U.S. Securities and Exchange Commission (the “SEC”). USBTC and Hut 8 urge investors, shareholders, and other interested persons to read the Form S-4, including any amendments thereto, the Hut meeting circular, as well as other documents to be filed with the SEC and documents to be filed with Canadian securities regulatory authorities in connection with the Transaction, as these materials will contain important information about USBTC, Hut 8, New Hut and the Transaction. New Hut also has, and will, file other documents regarding the Transaction with the SEC. This press release is not a substitute for the Form S-4 or any other documents that may be sent to Hut’s shareholders or USBTC’s stockholders in connection with the Transaction. Investors and security holders will be able to obtain free copies of the Form S-4 and all other relevant documents filed or that will be filed with the SEC by New Hut through the website maintained by the SEC at www.sec.gov or by contacting the investor relations department of Hut 8 at info@hut8.io and of USBTC at info@usbitcoin.com.

No Offer or Solicitation

This press release is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of 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. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”) or in a transaction exempt from the registration requirements of the Securities Act.

Contacts

Hut 8 Investor Relations

Sue Ennis

sue@hut8mining.com

Hut 8 Media Relations

Erin Dermer

erin.dermer@hut8mining.com

Media Advisory: Hut 8 to Attend Three Annual Conferences in the Coming Weeks

Posted on 4 August 20235 December 2023 by marie@mfkpublicity.co

TORONTO, Aug. 4, 2023 /PRNewswire/ – 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 and high performance computing infrastructure provider, will be attending three conferences in the coming weeks.

Canaccord Genuity 43^rd Annual Growth conference

Who: Institutional investors are invited to attend
When: August 7-10
Where: Intercontinental Boston Hotel (510 Atlantic Ave, Boston, MA)

3rd Annual Needham Virtual Crypto Conference

Who: Institutional, private equity, and venture capital investors are invited to attend
When: September 7
Where: Virtual (conferences@needhamco.com)

HC Wainwright 25^th Annual Global Investment Conference

Who: Industry professionals, institutional investors, and public companies are invited to attend
When: September 11-13
Where: Lotte New York Palace (455 Madison Ave, New York, NY)

Sue Ennis, VP of Corporate Development will be attending these events and taking meetings. Analysts and investors can reach out via the contact information below.

About Hut 8

Contacts

Hut 8 Investor Relations

Sue Ennis

sue@hut8mining.com

Hut 8 Media Relations

Erin Dermer

erin.dermer@hut8mining.com

Hut 8 Provides Update on Business Combination with USBTC

Posted on 17 July 20235 December 2023 by marie@mfkpublicity.co

TORONTO, July 17, 2023 /PRNewswire/ — 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 and high performance computing infrastructure provider, continues to make progress on the proposed business combination pursuant to which Hut 8 and U.S. Data Mining Group, Inc. dba US Bitcoin Corp (“USBTC”) will combine in an all-stock merger of equals (the “Transaction”). The combined company will be named “Hut 8 Corp.” (“New Hut”) and will be a U.S.-domiciled entity. The Transaction is expected to establish New Hut as a large scale, publicly traded Bitcoin miner focused on economical mining, highly diversified revenue streams, and industry leading environmental, social, and governance (ESG) practices.

New Hut has filed a further amendment to its Form S-4 Registration Statement with the U.S. Securities and Exchange Commission (the “SEC”).

“We continue to make progress toward closing the transaction with USBTC and look forward to securing SEC clearance for New Hut’s registration statement in the near term,” said Jaime Leverton, CEO of Hut 8. “We believe that once completed, the merger will establish a strengthened, dynamic business backed by both Bitcoin and fiat revenues generated from robust North American-wide operations.”

Completion of the Transaction remains subject to the remaining regulatory approvals, shareholder approval, court approval, and other customary closing conditions of the transaction.

About Hut 8

Hut 8 is one of North America’s largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on bitcoin, blockchain, Web 3.0, and bridging the nascent and traditional high performance computing worlds. With two operational digital asset mining sites located in Southern Alberta, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined Bitcoin of any digital asset miner or publicly-traded company globally. With over 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select Market. 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

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements 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 ability to obtain requisite shareholder approvals and the satisfaction of other conditions to the consummation of the Transaction on the proposed terms or at all; the ability to obtain necessary stock exchange, regulatory, governmental or other approvals in the time assumed or at all; the anticipated timeline for the completion of the Transaction; the ability to realize the anticipated benefits of the Transaction or implementing the business plan for New Hut, including as a result of a delay in completing the Transaction or difficulty in integrating the businesses of the companies involved (including the retention of key employees); the ability to realize synergies and cost savings at the times, and to the extent, anticipated; the potential impact on mining activities; the potential impact of the announcement or consummation of the Transaction on relationships, including with regulatory bodies, employees, suppliers, customers, competitors and other key stakeholders; security and cybersecurity threats and hacks; malicious actors or botnet obtaining control of processing power on the Bitcoin network; further development and acceptance of the Bitcoin network; changes to Bitcoin mining difficulty; loss or destruction of private keys; increases in fees for recording transactions in the Blockchain; internet and power disruptions; geopolitical events; uncertainty in the development of cryptographic and algorithmic protocols; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; the COVID-19 pandemic; climate change; currency risk; lending risk and recovery of potential losses; litigation risk; business integration risk; changes in market demand; changes in network and infrastructure; system interruption; changes in leasing arrangements; failure to achieve intended benefits of power purchase agreements; potential for interrupted delivery, or suspension of the delivery, of energy to New Hut’s mining sites. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 9, 2023 and Hut 8’s other continuous disclosure documents which are available on the Company’s profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and on the EDGAR section of the SEC’s website at www.sec.gov.

These risks are not intended to represent a complete list of the factors that could affect Hut 8, USBTC, or New Hut; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, sought, proposed, estimated, forecasted, expected, projected or targeted and such forward-looking statements included in this press release should not be unduly relied upon. The impact of any one assumption, risk, uncertainty, or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and New Hut’s future decisions and actions will depend on management’s assessment of all information at the relevant time. 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. Except where otherwise indicated herein, the information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date of preparation.

Additional Information about the Transaction and Where to Find It

In connection with the Transaction, that, if completed, would result in New Hut becoming a new public company, New Hut has filed a registration statement on Form S-4 (the “Form S-4”) with the SEC. USBTC and Hut 8 urge investors, shareholders, and other interested persons to read the Form S-4, including any amendments thereto, the Hut meeting circular, as well as other documents to be filed with the SEC and documents to be filed with Canadian securities regulatory authorities in connection with the Transaction, as these materials will contain important information about USBTC, Hut 8, New Hut and the Transaction. New Hut also has, and will, file other documents regarding the Transaction with the SEC. This press release is not a substitute for the Form S-4 or any other documents that may be sent to Hut’s shareholders or USBTC’s stockholders in connection with the Transaction. Investors and security holders will be able to obtain free copies of the Form S-4 and all other relevant documents filed or that will be filed with the SEC by New Hut through the website maintained by the SEC at www.sec.gov or by contacting the investor relations department of Hut 8 at info@hut8.io and of USBTC at info@usbitcoin.com.

No Offer or Solicitation

This press release is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of 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. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”) or in a transaction exempt from the registration requirements of the Securities Act.

Hut 8 Mining Production and Operations Update for June 2023

Posted on 6 July 20235 December 2023 by marie@mfkpublicity.co

Remediation progressing in Drumheller, Alberta

At 9,136 BTC, Hut 8 continues to have one of the largest self-mined Bitcoin reserves of any publicly traded company

120 Bitcoin mined in June

TORONTO, July 6, 2023 — 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 and high performance computing infrastructure provider, mined 120 Bitcoin in June 2023.

Production highlights for June 2023:

120 Bitcoin were generated, resulting in an average production rate of approximately 4.0 Bitcoin per day
217 Bitcoin – 100% of Bitcoin produced in May and 70 Bitcoin produced in June – were sold during the month for proceeds totalling $7.9 million
Total balance of Bitcoin in reserve is 9,136; 8,289 of Bitcoin in reserve is unencumbered
Installed ASIC hashrate capacity at our Albertafacilities was 2.6 EH/s at the end of the month
Hut 8 produced 46.2 BTC/EH in June

Operational highlights:

In June 2023, our repair and restoration efforts at our Drumheller, Alberta site continued as the team repaired more than 3,700 hashboards throughout the month. Our focus is on re-installation and energization of the repaired miners while continuing to complete repairs on other miners.
Earlier this month, Interior Health, the health authority for southern British Columbia signed a five-year agreement for co-location services with Hut 8 at our flagship Kelowna data centre.
Hut 8 disclosed in an amendment to its Form S-4 Registration Statement filed in mid-June that it expects the installed self-mining capacity of Hut 8 Corp. to be 7.5 EH/s, assuming the completion of the proposed all-stock merger of equals between U.S. Data Mining Group, Inc. dba US Bitcoin Corp (“USBTC”) and Hut 8 (the “Transaction”). This includes the 1.8 EH/s installed self-mining capacity at the King Mountain, Texas site which is owned by a joint venture in which USBTC has a 50% membership interest alongside a leading energy partner.
On June 26, Hut 8 announced that it entered a US$50 million credit facility with Coinbase Credit, Inc.

“June was very productive, with key developments across our mining and high performance computing operations businesses, and progress on obtaining key regulatory approvals related to the merger with USBTC,” said CEO Jaime Leverton. “We are committed to keeping that momentum going as we work diligently at closing the transaction with USBTC.”

About Hut 8

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”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions. In addition, any statements in this press release that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information and include, among others, statements regarding: Bitcoin network dynamics; the Company’s ability to advance its longstanding HODL strategy; the Company’s ability to produce additional Bitcoin and maintain existing rates of productivity at all sites; the Company’s ability to continue mining digital assets efficiently; the sale of the Company’s Bitcoin production and the proposed use of proceeds from such sale; the Company’s plans with respect to the energization of the miners that were removed from the North Bay facility; the Company’s expected recurring revenue and growth rate from its high performance computing business; the remediation of the operational issues at the Company’s Drumheller facility, and the timing thereof; expectations related to Hut 8 Corp.’s hashrate and self-mining capacity; the ability of Hut 8 and USBTC to complete the Transaction, including, receipt of required regulatory approvals, shareholder approvals, court approvals, stock exchange approvals and satisfaction of other closing customary conditions; and the Company’s ability to successfully navigate the current market.

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements 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, security and cybersecurity threats and hacks, malicious actors or botnet obtaining control of processing power on the Bitcoin network, further development and acceptance of the Bitcoin network, changes to Bitcoin mining difficulty, loss or destruction of private keys, increases in fees for recording transactions in the Blockchain, erroneous transactions, reliance on a limited number of key employees, reliance on third party mining pool service providers, regulatory changes, classification and tax changes, momentum pricing risk, fraud and failure related to digital asset exchanges, difficulty in obtaining banking services and financing, difficulty in obtaining insurance, permits and licenses, internet and power disruptions, geopolitical events, uncertainty in the development of cryptographic and algorithmic protocols, uncertainty about the acceptance or widespread use of digital assets, failure to anticipate technology innovations, the COVID19 pandemic, climate change, currency risk, lending risk and recovery of potential losses, litigation risk, business integration risk, changes in market demand, changes in network and infrastructure, system interruption, changes in leasing arrangements, failure to achieve intended benefits of power purchase agreements, potential for interrupted delivery, or suspension of the delivery, of energy to the Company’s mining sites, and other risks related to the digital asset and data centre business. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 9, 2023, and Hut 8’s other continuous disclosure documents which are available on the Company’s profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and on the EDGAR section of the U.S. Securities and Exchange Commission’s website at www.sec.gov.

Additional Information about the Transaction and Where to Find It

In connection with the Transaction, that, if completed, would result in New Hut becoming a new public company, Hut 8 Corp. (“New Hut”) has filed a registration statement on Form S-4 (the “Form S-4”) with the U.S. Securities and Exchange Commission (the “SEC”). USBTC and Hut 8 urge investors, shareholders, and other interested persons to read the Form S-4, including any amendments thereto, the Hut meeting circular, as well as other documents to be filed with the SEC and documents to be filed with Canadian securities regulatory authorities in connection with the Transaction, as these materials will contain important information about USBTC, Hut 8, New Hut and the Transaction. New Hut also has, and will, file other documents regarding the Transaction with the SEC. This press release is not a substitute for the Form S-4 or any other documents that may be sent to Hut’s shareholders or USBTC’s stockholders in connection with the Transaction. Investors and security holders will be able to obtain free copies of the Form S-4 and all other relevant documents filed or that will be filed with the SEC by New Hut through the website maintained by the SEC at www.sec.gov or by contacting the investor relations department of Hut 8 at info@hut8.io and of USBTC at info@usbitcoin.com.

No Offer or Solicitation

This press release is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of 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. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”) or in a transaction exempt from the registration requirements of the Securities Act.

Hut 8 Releases Second Annual ESG Report

Posted on 5 July 20235 December 2023 by marie@mfkpublicity.co

Company is innovating to support a positive and more sustainable future; report includes data from HPC operations

TORONTO, July 5, 2023 — 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 and high performance computing infrastructure provider, today published its 2022 Environmental, Social, and Governance Report, its second annual report following its inaugural 2021 findings. This report highlights Hut 8’s objectives to minimize its environmental footprint while driving operational innovation. It also includes the Company’s high performance computing (HPC) business data for the first time following the acquisition of five enterprise-grade data centres last year.

“At Hut 8, we understand that our environmental, social, and governance commitments are fundamental to who we are as a company,” said Hut 8 CEO Jaime Leverton. “We take pride in taking a proactive approach to protect the planet, support our communities and people, and advance inclusive and transparent workplace practices.”

Key highlights of the report include:

Environment

Continued commitment to achieving carbon neutrality by 2025
Procured carbon instruments to offset 40% of our 2022 scope 1 and 2 emissions (up from 20% in 2021)
HPC data centres in Ontario and British Columbia reported a carbon-free grid mix of 94% and 97%, respectively
Diverted more than 94% of waste from landfills in 2022, up from 61% in 2021
Partnered with ERS International to recycle 220 metric tonnes of outdated machinery and earned 5,200 metric tonnes of carbon dioxide-equivalent serialized carbon credits
Renovated the flagship data centre in Kelowna with 100% LED lighting and recycled and reused materials, including recycling 1,800 pounds of carpet tiles

Social

Zero total recordable workplace safety incidents in 2022
43% of executive management roles are held by women; 29% by BIPOC individuals
Endorsed and donated to local and national organizations including Hackergal, Medicine Hat College, and the Drumheller Dragons Hockey Team

Governance

Completed Hut 8’s first Diversity and Inclusion survey to gain an understanding of the BIPOC, age, and gender diversity across the team
40% of Board of Director seats are held by women; 40% by BIPOC individuals

Among Hut 8’s chief ESG objectives is to advocate for employee health, safety, and well-being while also establishing community partnerships and committing to transparency. Over the past year, Hut 8 has expanded operations while still keeping its ESG commitments at the forefront.

In January 2022, Hut 8 completed the acquisition of five traditional data centres, increasing the mix of the Company’s energy sources to include hydroelectric power. Hut 8 also continued to work as a founding member of the Bitcoin Mining Council to increase education, share key data points, and promote best environmental practices on behalf of the industry.

“We are an ESG leader in our space and we also know that the more transparency we can bring to the industry, the more we can help educate key stakeholders on best practices,” said Leverton.

The report was prepared in accordance with guidance provided by the Sustainability Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI) and Ernst & Young LLP provided limited assurances over certain disclosures contained in the report.

For more detailed information on Hut 8’s ESG goals, accomplishments, and last year’s report, please click here.

About Hut 8

Cautionary Note Regarding Forward-Looking Information

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements 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, security and cybersecurity threats and hacks, malicious actors or botnet obtaining control of processing power on the Bitcoin network, further development and acceptance of the Bitcoin network, changes to Bitcoin mining difficulty, loss or destruction of private keys, increases in fees for recording transactions in the Blockchain, erroneous transactions, reliance on a limited number of key employees, reliance on third party mining pool service providers, regulatory changes, classification and tax changes, momentum pricing risk, fraud and failure related to digital asset exchanges, difficulty in obtaining banking services and financing, difficulty in obtaining insurance, permits and licenses, internet and power disruptions, geopolitical events, uncertainty in the development of cryptographic and algorithmic protocols, uncertainty about the acceptance or widespread use of digital assets, failure to anticipate technology innovations, the COVID-19 pandemic, climate change, currency risk, lending risk and recovery of potential losses, litigation risk, business integration risk, changes in market demand, changes in network and infrastructure, system interruption, changes in leasing arrangements, failure to achieve intended benefits of power purchase agreements, potential for interrupted delivery, or suspension of the delivery, of energy to the Company’s mining sites, and other risks related to the digital asset and data centre business. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 9, 2023, and Hut 8’s other continuous disclosure documents which are available on the Company’s profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and on the EDGAR section of the U.S. Securities and Exchange Commission’s website at www.sec.gov.

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. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, sought, proposed, estimated, forecasted, expected, projected or targeted and such forward-looking information included in this press release should not be unduly relied upon. The impact of any one assumption, risk, uncertainty, or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and Hut 8’s future decisions and actions will depend on management’s assessment of all information at the relevant time. The forward-looking information contained in this press release is 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.

Contacts

Hut 8 Investor Relations

Sue Ennis

sue@hut8mining.com

Hut 8 Media Relations

Erin Dermer

erin.dermer@hut8mining.com

Hut 8 Announces US$50 Million Credit Facility

Posted on 26 June 20235 December 2023 by marie@mfkpublicity.co

TORONTO, June 26, 2023 – 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, and high performance computing infrastructure provider, announced today that, together with its subsidiary, Hut 8 Holdings Inc. (the “Borrower”), it has entered into a US$50 million credit facility (the “Credit Facility”) with Coinbase Credit, Inc., as lender. The loan proceeds will be used for general corporate purposes.

“This credit facility gives us additional financial flexibility,” said CEO Jaime Leverton. “At the same time, it ensures that we can maintain our dynamic Bitcoin treasury management strategy going into the halving.”

The Credit Facility provides a US$15 million term loan which is expected to be funded at or shortly following closing. The Credit Facility also provides an option of drawing an additional US$20 million delayed-draw term loan tranche in a second borrowing between one and two months following closing, as well as an option of further drawing an additional US$15 million delayed-draw term loan tranche in a third borrowing within 15 business days following completion of the previously announced merger between Hut 8 and U.S. Data Mining Group, Inc. (d/b/a “US Bitcoin Corp.”), in each case subject to maintaining a specified loan-to-value ratio.

All amounts borrowed under the Credit Facility will bear interest at a rate equal to (a) the greater of (i) the federal funds rate on the date of the applicable borrowing, and (ii) 3.25%, plus (b) 5.0%. The Credit Facility matures 364 days after the date of the first borrowing. The obligations under the Credit Facility are secured by the Borrower’s interest in certain Bitcoin held in the custody of Coinbase Custody Trust Company, LLC and are guaranteed by the Company.

About Hut 8

Hut 8 is one of North America’s largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on bitcoin, blockchain, Web 3.0, and bridging the nascent and traditional high performance computing worlds. With two operational digital asset mining sites located in Southern Alberta, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of unencumbered, self-mined Bitcoin of any digital asset miner or publicly-traded company globally. With over 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select Market. 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

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements 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, security and cybersecurity threats and hacks, malicious actors or botnet obtaining control of processing power on the Bitcoin network, further development and acceptance of the Bitcoin network, changes to Bitcoin mining difficulty, loss or destruction of private keys, increases in fees for recording transactions in the Blockchain, erroneous transactions, reliance on a limited number of key employees, reliance on third party mining pool service providers, regulatory changes, classification and tax changes, momentum pricing risk, fraud and failure related to digital asset exchanges, difficulty in obtaining banking services and financing, difficulty in obtaining insurance, permits and licenses, internet and power disruptions, geopolitical events, uncertainty in the development of cryptographic and algorithmic protocols, uncertainty about the acceptance or widespread use of digital assets, failure to anticipate technology innovations, the COVID-19 pandemic, climate change, currency risk, lending risk and recovery of potential losses, litigation risk, business integration risk, changes in market demand, changes in network and infrastructure, system interruption, changes in leasing arrangements, failure to achieve intended benefits of power purchase agreements, potential for interrupted delivery, or suspension of the delivery, of energy to the Company’s mining sites, and other risks related to the digital asset and data centre business. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 9, 2023, and Hut 8’s other continuous disclosure documents which are available on the Company’s profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and on the EDGAR section of the U.S. Securities and Exchange Commission’s website at www.sec.gov.

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. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, sought, proposed, estimated, forecasted, expected, projected or targeted and such forward-looking information included in this press release should not be unduly relied upon. The impact of any one assumption, risk, uncertainty, or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and Hut 8’s future decisions and actions will depend on management’s assessment of all information at the relevant time. The forward-looking information contained in this press release is 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.

Contacts

Hut 8 Investor Relations

Sue Ennis

sue@hut8mining.com

Hut 8 Media Relations

Erin Dermer

erin.dermer@hut8mining.com

Hut 8 announces hosting agreement for approximately 6,400 ASIC miners

Posted on 22 June 20235 December 2023 by marie@mfkpublicity.co

Miners from the company’s North Bay site to be energized in Texas in Late July

TORONTO, June 22, 2023 /PRNewswire/ — 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, and high performance computing infrastructure provider, has entered a hosting agreement for approximately 6,400 ASIC miners previously energized at the Company’s North Bay site.

“Relocating our miners will provide us with approximately 600 PH/s of additional installed operating capacity,” said Jaime Leverton, CEO of Hut 8. “Once the machines are energized, our total installed hashrate will increase to approximately 3.2 EH/s.”

The agreement includes a 3-month initial term which will renew for successive one-month periods unless terminated by either party by providing 30 days’ notice. The machines are being shipped immediately and are expected to be energized in late July.

As announced on May 9, the Hut 8 team has been actively pursuing options to operationalize the bulk of the miners it had installed in its North Bay site. An additional 988 miners previously located at the North Bay facility were energized at the Hut 8 Medicine Hat facility in March 2023.

About Hut 8

Hut 8 is one of North America’s largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on bitcoin, blockchain, Web 3.0, and bridging the nascent and traditional high performance computing worlds. With two operational digital asset mining sites located in Southern Alberta, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of unencumbered, self-mined Bitcoin of any digital asset miner or publicly-traded company globally. With over 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select Market. 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

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements 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, security and cybersecurity threats and hacks, malicious actors or botnet obtaining control of processing power on the Bitcoin network, further development and acceptance of the Bitcoin network, changes to Bitcoin mining difficulty, loss or destruction of private keys, increases in fees for recording transactions in the Blockchain, erroneous transactions, reliance on a limited number of key employees, reliance on third party mining pool service providers, regulatory changes, classification and tax changes, momentum pricing risk, fraud and failure related to digital asset exchanges, difficulty in obtaining banking services and financing, difficulty in obtaining insurance, permits and licenses, internet and power disruptions, geopolitical events, uncertainty in the development of cryptographic and algorithmic protocols, uncertainty about the acceptance or widespread use of digital assets, failure to anticipate technology innovations, the COVID-19 pandemic, climate change, currency risk, lending risk and recovery of potential losses, litigation risk, business integration risk, changes in market demand, changes in network and infrastructure, system interruption, changes in leasing arrangements, failure to achieve intended benefits of power purchase agreements, potential for interrupted delivery, or suspension of the delivery, of energy to the Company’s mining sites, and other risks related to the digital asset and data centre business. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 9, 2023, and Hut 8’s other continuous disclosure documents which are available on the Company’s profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and on the EDGAR section of the U.S. Securities and Exchange Commission’s website at www.sec.gov.

Hut 8 Provides Update on Business Combination with USBTC

Posted on 15 June 20235 December 2023 by marie@mfkpublicity.co

TORONTO, June 15, 2023 /PRNewswire/ – 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 and high performance computing infrastructure provider, continues to make progress on the proposed business combination pursuant to which Hut 8 and U.S. Data Mining Group, Inc. dba US Bitcoin Corp (“USBTC”) will combine in an all-stock merger of equals (the “Transaction”). The combined company will be named “Hut 8 Corp.” (“New Hut”) and will be a U.S.-domiciled entity. The Transaction is expected to establish New Hut as a large scale, publicly traded Bitcoin miner focused on economical mining, highly diversified revenue streams, and industry leading environmental, social, and governance (ESG) practices.

New Hut has filed a further amendment to its Form S-4 Registration Statement (the “Amended Registration Statement”) with the U.S. Securities and Exchange Commission (the “SEC”). As disclosed in the Amended Registration Statement, New Hut’s expected installed self-mining capacity has increased from the previously disclosed 7.02 EH/s to 7.5 EH/s at mining facilities in Medicine Hat and Drumheller in Alberta; Niagara Falls, New York; Kearney, Nebraska; and Granburyand King Mountain, Texas upon the close of the Transaction. The improvement is due to the energization of additional miners at USBTC’s sites. The 1.7 EH/s installed self-mining capacity at the King Mountain, Texas site is owned by the joint venture in which USBTC has a 50% membership interest alongside a leading energy partner.

“We are making measurable progress on key files that will positively position New Hut to be very competitive in the market with 7.5 EH/s of self-mining capacity,” said Jaime Leverton, CEO of Hut 8. “We continue to be laser-focused on completing this merger in an expedient manner to form a stronger business backed by both Bitcoin and fiat revenues generated from robust North American-wide operations.”

Completion of the Transaction remains subject to the remaining regulatory approvals, shareholder approval, court approval, and other customary closing conditions of the transaction.

About Hut 8

Hut 8 is one of North America’s largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on bitcoin, blockchain, Web 3.0, and bridging the nascent and traditional high performance computing worlds. With two operational digital asset mining sites located in Southern Alberta, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of unencumbered, self-mined Bitcoin of any digital asset miner or publicly-traded company globally. With over 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select Market. 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

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements 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 ability to obtain requisite shareholder approvals and the satisfaction of other conditions to the consummation of the Transaction on the proposed terms or at all; the ability to obtain necessary stock exchange, regulatory, governmental or other approvals in the time assumed or at all; the anticipated timeline for the completion of the Transaction; the ability to realize the anticipated benefits of the Transaction or implementing the business plan for New Hut, including as a result of a delay in completing the Transaction or difficulty in integrating the businesses of the companies involved (including the retention of key employees); the ability to realize synergies and cost savings at the times, and to the extent, anticipated; the potential impact on mining activities; the potential impact of the announcement or consummation of the Transaction on relationships, including with regulatory bodies, employees, suppliers, customers, competitors and other key stakeholders; security and cybersecurity threats and hacks; malicious actors or botnet obtaining control of processing power on the Bitcoin network; further development and acceptance of the Bitcoin network; changes to Bitcoin mining difficulty; loss or destruction of private keys; increases in fees for recording transactions in the Blockchain; internet and power disruptions; geopolitical events; uncertainty in the development of cryptographic and algorithmic protocols; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; the COVID-19 pandemic; climate change; currency risk; lending risk and recovery of potential losses; litigation risk; business integration risk; changes in market demand; changes in network and infrastructure; system interruption; changes in leasing arrangements; failure to achieve intended benefits of power purchase agreements; potential for interrupted delivery, or suspension of the delivery, of energy to New Hut’s mining sites. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 9, 2023 and Hut 8’s other continuous disclosure documents which are available on the Company’s profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and on the EDGAR section of the SEC’s website at www.sec.gov.

Additional Information about the Transaction and Where to Find It

No Offer or Solicitation

This press release is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of 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. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”) or in a transaction exempt from the registration requirements of the Securities Act.

Interior Health selects Hut 8 as data centre partner for co-location high performance computing services

Posted on 14 June 20235 December 2023 by marie@mfkpublicity.co

Services will be delivered at Hut 8’s flagship Kelowna data centre over five years

TORONTO, June 14, 2023 – Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (“Hut 8” or the “Company”), innovation-focused high performance computing infrastructure provider, has signed an agreement with Interior Health, trusted health authority that delivers public health, hospital care, long-term care, community-based and primary health care services to people across southern British Columbia, to support their operations by delivering safe, secure, and reliable colocation services from the company’s flagship Kelowna data centre through 2028.

“We’ve been investing in our high-performance computing business, as well as in our customers, and are proud to expand our services further into the health sector,” said Josh Rayner, VP of High Performance Computing at Hut 8. “We are honoured to have been chosen as Interior Health’s trusted high performance computing infrastructure provider.”

With five data centres located in B.C. and Ontario, Hut 8 delivers colocation, public and private cloud, and managed services to government, private-sector, and non-profit organizations across a variety of industries including finance, gaming, technology, AI, and more.

“We look forward to partnering with Hut 8 as our new hosting facility and infrastructure provider,” said Mark Braidwood, executive director technology at Interior Health. “In an increasingly interconnected world, businesses are demanding more reliable, secure, and scalable hosting options to ensure optimal performance and uninterrupted operations.”

About Hut 8

Hut 8 is one of North America’s largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on bitcoin, blockchain, Web 3.0 and bridging the nascent and traditional high performance computing worlds. With two operational digital asset mining sites located in Southern Alberta, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined Bitcoin of any digital asset miner or publicly-traded company globally. With over 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and predominantly emission-free sources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select Market. 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.

About Interior Health

For over 20 years, Interior Health has been providing a range of integrated health services for more than 843,000 people living in the southern Interior of British Columbia. Interior Health’s programs and services span the continuum of care including public health, community health services, hospital care, and long-term care. Interior Health is committed to working together for the health and well-being of all, inspired by innovation and partnership. By working together with the Ministry of Health and Ministry of Mental Health and Addictions, as well as health organizations, communities and leaders, we deliver services and solutions that make a positive difference in the lives of everyone in the region – all 215,000 square kilometres located on the ancestral, unceded, and traditional territories of the seven Interior Region First Nations: Dãkelh Dené, St’át’imc, Syilx, Tŝilhqot’in, Ktunaxa, Secwépemc, and Nlaka’pamux Nations. Interior Health also acknowledges Métis Nation BC, the 15 Chartered Métis Communities within the Interior, and the continued connection to this land.

Hut 8 Mining Production and Operations Update for May 2023

Posted on 9 June 20235 December 2023 by marie@mfkpublicity.co

Remediation progressing in Drumheller, Alberta

At 9,233 BTC, Hut 8 has one of the largest self-mined Bitcoin reserves of any publicly traded company

147 Bitcoin mined in May

TORONTO, June 9, 2023 – 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 and high performance computing infrastructure provider, mined 147 Bitcoin in the period ending May 31, 2023.

Production highlights for May 2023:

147 Bitcoin were generated, resulting in an average production rate of approximately 4.7 Bitcoin per day
179 Bitcoin were sold in May 2023 for proceeds totalling $6.8 million
Total balance of unencumbered Bitcoin held in reserve as of May 31 is 9,233
Installed ASIC hashrate capacity at our Alberta facilities was 2.6 EH/s at the end of the month
Hut 8 produced 56.54 BTC/EH in May

Operational highlights:

Remediation at our Drumheller, Alberta site continued throughout the month:
- Custom firmware has been installed across our miner models and is working as intended
- The repair and restoration of damaged equipment continues, but progress in bringing the equipment back online has been slower than expected given frequent curtailments and hardware failures due to power surges
- As individual miner hashboards are repaired and re-installed, other hashboards are failing and require repair, which is impairing our hashrate and production
- Given the challenges with bringing the equipment back online, we will not meet the previous restoration timeline estimate as communicated on May 8, 2023, but will continue to provide updates on our progress at the site
Our team is finalizing options to operationalize the bulk of the approximately 7,000 miners that were previously running in North Bay, Ontario
Our HPC team signed a five-year agreement with a government client

“While the re-energization at Drumheller has been challenging, our team continues to show grit and perseverance and is making progress,” said CEO Jaime Leverton. “In addition to recognizing our mining team for their hard work and dedication, I would also like to congratulate our HPC team for winning a significant five-year client contract at our flagship data centre in Kelowna.”

About Hut 8

Hut 8 is one of North America’s largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on bitcoin, blockchain, Web 3.0, and bridging the nascent and traditional high performance computing worlds. With two operational digital asset mining sites located in Southern Alberta, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of unencumbered, self-mined Bitcoin of any digital asset miner or publicly-traded company globally. With over 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select Market. 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”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions. In addition, any statements in this press release that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information and include, among others, statements regarding: Bitcoin network dynamics; the Company’s ability to advance its longstanding HODL strategy; the Company’s ability to produce additional Bitcoin and maintain existing rates of productivity at all sites; the Company’s ability to deploy additional miners; the Company’s ability to continue mining digital assets efficiently; the sale of the Company’s Bitcoin production and the proposed use of proceeds from such sale; the Company’s plans with respect to the energization of the miners that were removed from the North Bay facility; the Company’s expected recurring revenue and growth rate from its high performance computing business; the remediation of the operational issues at the Company’s Drumheller facility, and the timing thereof; and the Company’s ability to successfully navigate the current market.

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements 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, security and cybersecurity threats and hacks, malicious actors or botnet obtaining control of processing power on the Bitcoin network, further development and acceptance of the Bitcoin network, changes to Bitcoin mining difficulty, loss or destruction of private keys, increases in fees for recording transactions in the Blockchain, erroneous transactions, reliance on a limited number of key employees, reliance on third party mining pool service providers, regulatory changes, classification and tax changes, momentum pricing risk, fraud and failure related to digital asset exchanges, difficulty in obtaining banking services and financing, difficulty in obtaining insurance, permits and licenses, internet and power disruptions, geopolitical events, uncertainty in the development of cryptographic and algorithmic protocols, uncertainty about the acceptance or widespread use of digital assets, failure to anticipate technology innovations, the COVID19 pandemic, climate change, currency risk, lending risk and recovery of potential losses, litigation risk, business integration risk, changes in market demand, changes in network and infrastructure, system interruption, changes in leasing arrangements, failure to achieve intended benefits of power purchase agreements, potential for interrupted delivery, or suspension of the delivery, of energy to the Company’s mining sites, and other risks related to the digital asset and data centre business. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 9, 2023, and Hut 8’s other continuous disclosure documents which are available on the Company’s profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and on the EDGAR section of the U.S. Securities and Exchange Commission’s website at www.sec.gov.

Cointelegraph: 15 influential women entrepreneurs in Web3

Posted on 8 March 202324 September 2023 by marie@mfkpublicity.co

PBN: Hut 8 Game NFTs Sold Out Instantly

Posted on 7 March 20238 March 2023 by marie@mfkpublicity.co

The Brand is Female podcast: Jaime Leverton, Hut 8 CEO

Posted on 28 February 202324 September 2023 by marie@mfkpublicity.co

Cointelegraph: Hut 8 CEO weighs in on the bull and bear markets from a mining perspective

Posted on 21 February 20233 April 2023 by marie@mfkpublicity.co

Hut 8 advances its goal of achieving carbon neutrality by 2025 through innovative recycling program

Posted on 21 February 20235 December 2023 by marie@mfkpublicity.co

Partnering with Sparta Group’s ERS International, Hut 8 recycled retired miners and parts, earning approximately 5,200 high-quality carbon credits

TORONTO, February 21, 2023 /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 and high performance computing infrastructure provider, partnered with Sparta Group’s carbon credit program established by their e-waste division, ERS International, to reduce their carbon footprint by reusing and recycling approximately 220 metric tonnes of electronic waste, earning approximately 5,200 metric tons of carbon dioxide equivalent serialized carbon credits.

Under the recycling program, first of its kind in Canada, after accounting for shipping and processing costs, for every metric tonne of carbon dioxide diverted from landfills, one carbon credit is generated. The carbon credits are verified by AET Group, who have been verifiers with BGIS and Brookfield. Hut 8 will receive the carbon credits in the first half of 2023.

“We chose to partner with ERS International because their innovative program allowed us to responsibly recycle obsolete miners while taking meaningful steps to achieve our carbon neutrality goals,” said Arnold Lee, Director of ESG at Hut 8. “This program allows Hut 8 to minimize the impact of electronic waste and divert CO₂from releasing into the atmosphere, while generating verified carbon credits approved by the Canadian Standards Association.”

“It’s great to have Hut 8, a company that is determined to set an example in terms of reducing carbon footprint in the digital mining sector as one of the first to take advantage of our carbon credit program. Anytime we can help a company achieve their sustainability goals it’s a win for us too. We are laser focused on helping companies that trust in our service achieve their carbon neutrality goals through this program,” said Joseph Cimorelli, Director of Global Business Development for ERS International.

About Hut 8

Hut 8 is one of North America’s largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on bitcoin, blockchain, Web 3.0 and bridging the nascent and traditional high performance computing worlds. With two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario, all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of unencumbered, self-mined Bitcoin of any digital asset miner or publicly traded company globally. With 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high-performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select Market. 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.

About Sparta

Sparta Group (a.k.a. Sparta Capital Ltd.) is a public company (TSXV: SAY) focused on advanced technology designed to improve the health of the planet, the health of businesses, and the health of humankind. Sparta owns or holds a controlling interest in a network of independent businesses that supply energy saving technologies designed to reduce energy inefficiencies, achieve reduced emissions, and increase operating efficiencies in various industries. At the same time, the company also diverts waste from landfill, transforming it into something of value. While it began as an environmental technology company, Sparta expanded its technological expertise to address the growing demand for healthier workplaces and healthy employees. Its strong Technical Advisory Board reflects Sparta’s dedication to advancing technologies that incorporate the latest in high-tech, including Artificial Intelligence (AI), to solve some of the world’s pressing problems, including climate change, viral outbreaks, and mounting waste. The company is now structured into three divisions: Environment, Innovation, and Energy. These divisions better categorize the growing list of products and services offered by the Company.

Cautionary Note Regarding Forward–Looking Information

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements 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, security and cybersecurity threats and hacks, malicious actors or botnet obtaining control of processing power on the Bitcoin network, further development and acceptance of the Bitcoin network, changes to Bitcoin mining difficulty, loss or destruction of private keys, increases in fees for recording transactions in the Blockchain, erroneous transactions, reliance on a limited number of key employees, reliance on third party mining pool service providers, regulatory changes, classification and tax changes, momentum pricing risk, fraud and failure related to digital asset exchanges, difficulty in obtaining banking services and financing, difficulty in obtaining insurance, permits and licenses, internet and power disruptions, geopolitical events, uncertainty in the development of cryptographic and algorithmic protocols, uncertainty about the acceptance or widespread use of digital assets, failure to anticipate technology innovations, the COVID19 pandemic, climate change, currency risk, lending risk and recovery of potential losses, litigation risk, business integration risk, changes in market demand, changes in network and infrastructure, system interruption, changes in leasing arrangements, failure to achieve intended benefits of power purchase agreements, potential for interrupted delivery, or suspension of the delivery, of energy to the Company’s mining sites, and other risks related to the digital asset and data centre business. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 17, 2022, and Hut 8’s other continuous disclosure documents which are available on the Company’s profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and on the EDGAR section of the U.S. Securities and Exchange Commission’s website at www.sec.gov.

Investor contact:

Sue Ennis

sue@hut8.io

Media contact:

Yamini Coen

Yamini.coen@hut8.io

Hut 8 provides update on North Bay Facility

Posted on 21 February 20235 December 2023 by marie@mfkpublicity.co

TORONTO, CANADA February 21, 2023 – Hut 8 Mining Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”) announces that it received the Statement of Defence and Counterclaim (the “Counterclaim”) of Validus Power Corp. and its subsidiary, Bay Power Corp. (collectively, “Validus“).

The Counterclaim relates to the Company’s ongoing dispute with Validus in respect of Validus’ failure to meet its contractual obligations under the power purchase agreement it entered into with the Company as well as the associated lease between the Company and Validus at the Company’s mining facility in North Bay, Ontario. In addition to denying the majority of allegations in the Company’s Statement of Claim, Validus has brought counterclaims against the Company and is seeking monetary damages. The Company intends to pursue the claims set out in its Statement of Claim as previously announced. The Company considers the Counterclaim to be without sufficient merit and will vigorously defend all of the claims in the Counterclaim.

As the matter is now before the court, Hut 8 does not intend to make additional comments on this subject unless otherwise determined to be appropriate.

About Hut 8

Hut 8 is one of North America’s largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on bitcoin, blockchain, Web 3.0, and bridging the nascent and traditional high performance computing worlds. With two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario, all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of unencumbered, self-mined Bitcoin of any digital asset miner or publicly-traded company globally. With 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select Market. 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

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements 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, security and cybersecurity threats and hacks, malicious actors or botnet obtaining control of processing power on the Bitcoin network, further development and acceptance of the Bitcoinnetwork, changes to Bitcoin mining difficulty, loss or destruction of private keys, increases in fees for recording transactions in the Blockchain, erroneous transactions, reliance on a limited number of key employees, reliance on third party mining pool service providers, regulatory changes, classification and tax changes, momentum pricing risk, fraud and failure related to digital asset exchanges, difficulty in obtaining banking services and financing, difficulty in obtaining insurance, permits and licenses, internet and power disruptions, geopolitical events, uncertainty in the development of cryptographic and algorithmic protocols, uncertainty about the acceptance or widespread use of digital assets, failure to anticipate technology innovations, the COVID19 pandemic, climate change, currency risk, lending risk and recovery of potential losses, litigation risk, business integration risk, changes in market demand, changes in network and infrastructure, system interruption, changes in leasing arrangements, failure to achieve intended benefits of power purchase agreements, potential for interrupted delivery, or suspension of the delivery, of energy to the Company’s mining sites, and other risks related to the digital asset and data centre business. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 17, 2022, as well as its most recent Base Shelf Prospectus dated August 5, 2022 and Prospectus Supplement dated August 17, 2022, and Hut 8’s other continuous disclosure documents which are available on the Company’s profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and on the EDGAR section of the U.S. Securities and Exchange Commission’s website at www.sec.gov.

For further information:

Investor contact:

Sue Ennis

sue@hut8.io

Media contact:

Erin Dermer

erin.dermer@hut8.io

Bloomberg: Bitcoin Miners US Bitcoin and Hut 8 Merge

Posted on 14 February 20238 March 2023 by marie@mfkpublicity.co

Forbes: How Leaders Can Build A Sustainable Business Structure

Posted on 6 February 20233 April 2023 by marie@mfkpublicity.co

Cointelegraph: Top 100 2023, Jaime Leverton

Posted on 15 January 20233 April 2023 by marie@mfkpublicity.co

Hut 8 Appoints New Chief Financial Officer

Posted on 12 December 20225 December 2023 by marie@mfkpublicity.co

Shenif Visram replaces Shane Downey, effective immediately

This news release constitutes a “designated news release” for purposes of the Company’s prospectus supplement dated August 17, 2022 to its short form base shelf prospectus dated August 5, 2022.

TORONTO, December 12, 2022 /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 and high performance computing infrastructure provider, is pleased to announce the appointment of Shenif Visram, CPA, CMA as the company’s Chief Financial Officer (CFO), effective immediately. With more than 20 years of financial management experience in the infrastructure and technology businesses, Shenif brings a wealth of leadership expertise working in medium and large public and private companies.

Shenif, who will be based in Toronto and will report to CEO Jaime Leverton, is replacing Hut 8’s CFO Shane Downey, who is moving on to pursue new opportunities after 20 months with the organization.

“With deep financial experience at IBM Canada, Cogeco Peer 1, and Aptum Technologies, Shenif is a senior leader with excellent financial acumen and the skill set we need to lead us through the next crucial growth period at Hut 8,” said Jaime Leverton, Chief Executive Officer of Hut 8. “The Board and I would like to thank Shane for his dedication through a significant period of change at Hut 8, including the strategic expansion of our business into high performance computing.”

Shenif began his finance career with IBM Canada, quickly progressing to take on CFO roles within key business units including Global Business Services, Global Technology Services, and leading as Chief Operating Officer in Global Business Services. He then moved to Cogeco Peer 1 as Vice President, Finance, before assuming the CFO role, which he lead through the company’s rebranding to Aptum Technologies, a multi-cloud managed services provider delivering complex, high performance computing solutions.

“I am incredibly energized by the opportunity to work with a team of seasoned executives with robust backgrounds in this exciting industry,” said Shenif. “Leveraging my previous experience in M&A and driving growth in the infrastructure technology space, I am eager to make a meaningful contribution at Hut 8 by building on our established balance sheet-first approach as we continue to successfully navigate the market by executing on our differentiated strategy and grow as a leader in Bitcoin mining and high-performance computing.”

About Hut 8

Hut 8 is one of North America’s largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on bitcoin, blockchain, Web 3.0, and bridging the nascent and traditional high performance computing worlds. With two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario, all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined unencumbered Bitcoin of any digital asset miner or publicly-traded company globally. With 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select Market. 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

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements 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, security and cybersecurity threats and hacks, malicious actors or botnet obtaining control of processing power on the Bitcoin network, further development and acceptance of the Bitcoin network, changes to Bitcoin mining difficulty, loss or destruction of private keys, increases in fees for recording transactions in the Blockchain, erroneous transactions, reliance on a limited number of key employees, reliance on third party mining pool service providers, regulatory changes, classification and tax changes, momentum pricing risk, fraud and failure related to digital asset exchanges, difficulty in obtaining banking services and financing, difficulty in obtaining insurance, permits and licenses, internet and power disruptions, geopolitical events, uncertainty in the development of cryptographic and algorithmic protocols, uncertainty about the acceptance or widespread use of digital assets, failure to anticipate technology innovations, the COVID19 pandemic, climate change, currency risk, lending risk and recovery of potential losses, litigation risk, business integration risk, changes in market demand, changes in network and infrastructure, system interruption, failure to achieve intended benefits of power purchase agreements; potential for interrupted delivery, or suspension of the delivery, of energy to the Company’s mining sites; changes in leasing arrangements, and other risks related to the digital asset and data centre business. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 17, 2022, and Hut 8’s other continuous disclosure documents which are available on the Company’s profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and on the EDGAR section of the U.S. Securities and Exchange Commission’s website at www.sec.gov.

Contacts

Hut 8 Investor Relations

Sue Ennis

sue@hut8mining.com

Hut 8 Media Relations

Erin Dermer

erin.dermer@hut8mining.com

Aniss Amdiss Joins Hut 8 Mining as Chief Legal Officer

Posted on 21 June 20225 December 2023 by marie@mfkpublicity.co

This appointment further strengthens Hut 8’s blue-chip executive team by adding expertise in corporate governance, capital markets, and mergers and acquisitions

TORONTO, June 21, 2022 /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 the appointment of Aniss Amdiss as the company’s Chief Legal Officer, effective July 11, 2022. Based in Toronto, Aniss will lead Hut 8’s legal and governance portfolios and serve as Corporate Secretary, reporting to Chief Executive Officer Jaime Leverton.

“Aniss is going to be an excellent addition to Hut 8’s seasoned, dynamic executive team,” said Jaime Leverton, Chief Executive Officer of Hut 8. “Aniss’ vast experience and leadership acumen will ensure that Hut 8 continues to operate with integrity and transparency while consistently elevating our governance and compliance processes, which will truly differentiate us in a nascent, rapidly evolving industry.”

Aniss brings extensive legal expertise to Hut 8, including significant experience in securities laws matters, leading acquisitions and other corporate transactions, and advising on best practices with respect to corporate governance matters. Prior to joining Hut 8, he served as Vice President, Legal, General Counsel, and Corporate Secretary at Greenbrook TMS Inc., a TSX and Nasdaq listed healthcare services company.

“The opportunity to move into a relatively new and incredibly exciting industry really attracted me to Hut 8, and I cannot wait to join such a high-performing leadership team,” said Aniss. “Leveraging my previous experience at a growth company operating in a highly regulated industry, I look forward to making a meaningful contribution as Hut 8 continues to successfully execute on its strategy and grow as a leader in both the digital asset mining and high-performance computing spaces.”

About Hut 8

Hut 8 is one of North America’s largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on bitcoin, blockchain, Web 3.0 and bridging the nascent and traditional high performance computing worlds. With two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario, all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined Bitcoin of any crypto miner or publicly-traded company globally. With 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select composite index and the first blockchain company to be added to the S&P/TSX Composite Index in 2021. 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

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements 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 security and cybersecurity threats and hacks, malicious actors or botnet obtaining control of processing power on the Bitcoin or Ethereum network, further development and acceptance of Bitcoin and Ethereum networks, changes to Bitcoin or Ethereum mining difficulty, loss or destruction of private keys, increases in fees for recording transactions in the Blockchain, erroneous transactions, reliance on a limited number of key employees, reliance on third party mining pool service providers, regulatory changes, classification and tax changes, momentum pricing risk, fraud and failure related to cryptocurrency exchanges, difficulty in obtaining banking services and financing, difficulty in obtaining insurance, permits and licenses, internet and power disruptions, geopolitical events, uncertainty in the development of cryptographic and algorithmic protocols, uncertainty about the acceptance or widespread use of cryptocurrency, failure to anticipate technology innovations, the COVID19 pandemic, climate change, currency risk, lending risk and recovery of potential losses, litigation risk, business integration risk, changes in market demand, changes in network and infrastructure, system interruption, changes in leasing arrangements, and other risks related to the cryptocurrency and data centre business. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 17, 2022, and Hut 8’s other continuous disclosure documents which are available on www.sedar.com.

Contacts

Hut 8 Investor Relations

Sue Ennis

sue@hut8mining.com

Hut 8 Media Relations

Erin Dermer

erin.dermer@hut8mining.com

Hut 8 Announces Results of 2022 Annual Meeting of Shareholders

Posted on 16 June 20225 December 2023 by marie@mfkpublicity.co

TORONTO, June 16, 2022 – Hut 8 Mining Corp. (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 that all resolutions considered by the shareholders of Hut 8 at the Company’s Annual Meeting of Shareholders (the “Meeting”) held virtually via teleconference on June 16, 2022 were passed. Voting as to each of the director nominees was as follows:

Nominee	Total Votes Cast by Ballot	Total Votes For
Bill Tai	27,025,691	26,642,950
Joseph Flinn	27,025,691	18,862,947
Jaime Leverton	27,025,692	26,321,422
K. Alexia Hefti	27,025,690	15,026,340
Rick Rickertsen	27,025,691	18,262,644

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

Hut 8 is one of North America’s largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on bitcoin, blockchain, Web 3.0 and bridging the nascent and traditional high performance computing worlds. With two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario, all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined Bitcoin of any crypto miner or publicly-traded company globally. With 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select composite index and the first blockchain company to be added to the S&P/TSX Composite Index in 2021. 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.

Contacts

Hut 8 Investor Relations

Sue Ennis

sue@hut8mining.com

Hut 8 Media Relations

Erin Dermer

erin.dermer@hut8mining.com

Hut 8 Mining Production and Operations Update

Posted on 6 June 20225 December 2023 by marie@mfkpublicity.co

7,078 self-mined Bitcoin in reserve after 309 were generated in May

Testing complete at North Bay, Ontario site; mining began on June 2

TORONTO, June 6, 2022 — 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, advanced its Bitcoin holdings in the period ending May 31 and began operations at its North Bay site on June 2.

Production highlights for May 2022:

309 Bitcoin were mined, resulting in an average production rate of 10 Bitcoin per day
Our Ethereum mining – for which we receive payment in Bitcoin – generated approximately 14% of our total production at a cost of approximately $3654 per BTC
100% of the self-mined Bitcoin in May were deposited into custody, consistent with Hut 8’s longstanding HODL strategy
We concluded our Bitcoin yield programs during the month, bringing 100% of our reserves into custody
Total Bitcoin balance held in reserve is 7,078 as of May 31, 2022
Installed operating capacity was 2.64 EH/s

Additional updates:

Power costs continued to fluctuate throughout the month, and we limited our consumption at Drumheller when the spot price of power spiked
Testing began at Hut 8’s third mine in North Bay, Ontario in late May and began operating on 15 MW of power on June 2, adding approximately 400 PH/s to Hut 8’s operating capacity
We are continuing to add miners and increase our power supply throughout June, and anticipate that the North Bay mine will have a measurable impact on our production results going forward

“We are thrilled that our most powerful and efficient machines are now mining Bitcoin at our North Bay site,” said Jaime Leverton, CEO of Hut 8. “Over the next several weeks, our team will continue to install and bring miners online in real-time, complementing production at our facilities in Medicine Hat and Drumheller.”

About Hut 8

Hut 8 is one of North America’s largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on bitcoin, blockchain, Web 3.0 and bridging the nascent and traditional high performance computing worlds. With two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario, all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined Bitcoin of any crypto miner or publicly-traded company globally. With 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select composite index and the first blockchain company to be added to the S&P/TSX Composite Index in 2021. 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

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements 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, security and cybersecurity threats and hacks, malicious actors or botnet obtaining control of processing power on the Bitcoin or Ethereum network, further development and acceptance of Bitcoin and Ethereum networks, changes to Bitcoin or Ethereum mining difficulty, loss or destruction of private keys, increases in fees for recording transactions in the Blockchain, erroneous transactions, reliance on a limited number of key employees, reliance on third party mining pool service providers, regulatory changes, classification and tax changes, momentum pricing risk, fraud and failure related to cryptocurrency exchanges, difficulty in obtaining banking services and financing, difficulty in obtaining insurance, permits and licenses, internet and power disruptions, geopolitical events, uncertainty in the development of cryptographic and algorithmic protocols, uncertainty about the acceptance or widespread use of cryptocurrency, failure to anticipate technology innovations, the COVID19 pandemic, climate change, currency risk, lending risk and recovery of potential losses, litigation risk, business integration risk, changes in market demand, changes in network and infrastructure, system interruption, changes in leasing arrangements, and other risks related to the cryptocurrency and data centre business. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 17, 2022, and Hut 8’s other continuous disclosure documents which are available on www.sedar.com.

Contacts

Hut 8 Investor Relations

Sue Ennis

sue@hut8mining.com

Hut 8 Media Relations

Erin Dermer

erin.dermer@hut8mining.com

Entrepreneur: This CEO Believes We Need More Women In Crypto

Posted on 12 May 2022 by marie@mfkpublicity.co

CoinDesk: Hut 8 CEO on Bitcoin Mining, ESG Concerns, Spot ETF

Posted on 12 May 20228 March 2023 by marie@mfkpublicity.co

Hut 8 Reports Operating and Financial Results for Q1 2022

Posted on 12 May 20225 December 2023 by marie@mfkpublicity.co

Strong quarterly revenue of $53.3 million

Bitcoin holdings increased 17% to 6,460

Adjusted EBITDA⁽ⁱ⁾ of $27.1 million

High performance computing business delivered solid financial results

TORONTO, ON, May 12, 2022 — 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 pleased to announce its financial results for the quarter ended March 31, 2022. All dollar figures are in Canadian Dollars (“CAD”), unless otherwise stated.

“We made measurable progress in the first quarter of 2022, significantly advancing our diversification strategy by completing the acquisition of five data centres and cementing our role as the only digital asset mining company that is delivering the high performance computing infrastructure to support companies in the blockchain and Web 3.0 spaces,” said Jaime Leverton, CEO of Hut 8. “Thanks to our leadership role in the digital asset mining industry backed by our HODL strategy, we are uniquely positioned to seize opportunities in this burgeoning industry as they arise.”

“Our mining operations, thanks in large part to the installation of nearly 9,600 new MicroBT miners, continued to deliver strong results during the first quarter,” said Shane Downey, CFO of Hut 8. “We realized strong revenue and profitability while advancing our HODL strategy, and are confident that we have the fundamentals in place to serve us for the long term.”

Q1 2022 HIGHLIGHTS

Revenue increased 67% to $53.3 million during the quarter ended March 31, 2021, with our self-mining operations generating $49.3 million of revenue on 942 Bitcoin mined.

The Company installed 9,592 new MicroBT M30S, M30S+, and M31S+ miners at the Drumheller and Medicine Hat facilities in Alberta. The installation of these miners brought the Company’s operating capacity to 2.54 EH/s, an increase of 27% from December 31, 2021.

The acquisition of TeraGo Inc.’s cloud services and colocation data centre business was completed on January 31, 2022, establishing the Company as a leader in high performance computing, with five data centres across Ontario and British Columbia and approximately 400 commercial customers. The high performance computing operation currently contributes monthly recurring revenue of approximately $1.6 million.

^{(i.) Non-IFRS measure – see “Non-IFRS Measures” section below.}

The Company expanded its management team with the appointment of Erin Dermer as Vice President Marketing, Communications, and Public Affairs; James Beer as Senior Vice President Operations; and Josh Rayner as Vice President Sales. Collectively, these individuals bring more than 45 years of leadership of experience to the Company to support the growth of its operations.

OPERATING AND FINANCIAL OVERVIEW

For the periods ended March 31	Three Months Ended
(CAD thousands, except per share amounts)	2022	2021⁽ⁱ⁾
Operating results
Digital assets mined	942	539

Financial results
Total revenue	$ 53,333	$ 31,983
Net income	55,708	19,134
Mining profit ⁽ⁱⁱ⁾	32,906	17,498
Adjusted EBITDA ⁽ⁱⁱ⁾	27,109	16,181

Earnings Per Share
Net income – basic	$ 0.33	$ 0.17
Net income – diluted	$ 0.31	$ 0.15
(i) Non-IFRS measure – see “Non-IFRS Measures” section below. (ii) Certain comparative figures have been restated where necessary to conform with current period presentation.
	As At
(CAD thousands)	March 31, 2022	December 31, 2021
Financial position
Cash	$ 78,524	$ 140,127
Total digital assets	367,600	323,946
Total assets	753,443	720,709
Total liabilities	102,886	154,741
Total shareholder’s equity	650,557	565,968

Revenue for the quarter ended March 31, 2022, was $53.3 million compared to $32.0 million in the prior year period. The increase was primarily driven by the Company’s digital asset mining operations, where the Company mined 942 Bitcoin and generated $49.3 million of revenue, versus 539 Bitcoin mined and $30.6 million of revenue in the prior year period. The increase in Bitcoin mined is due to the deployment of incremental higher efficiency miners during the quarter in 2022 compared to the same period in 2021. The increase in revenue due to higher number of Bitcoin mined was partially offset by a decrease in average Bitcoin price, which resulted in average revenue per Bitcoin mined of $52,327 for the quarter compared to $56,692 in the prior year’s quarter. Hosting revenue was $0.8 million for the quarter compared to $1.4 million in the prior year’s quarter. The decrease in hosting revenue is due to a reduced number of hosting clients, as the Company acquired the digital asset mining equipment from one of two historical hosting customers in December 2021.

The Company’s newly acquired high performance computing operations added $3.3 million of revenue, reflecting two months’ worth of contributions. The Company estimates that recurring revenue from the high performance computing business will increase 15-18% over the course of 2022. Hut 8’s preliminary view is that this acquired business will generate gross margins ranging between 35% and 40%, with opportunities to further optimize margins going forward.

Cost of revenue consists of site operating costs and depreciation and was $36.9 million for the first quarter of 2022 compared to $19.8 million in the prior year period. Site operating costs consist primarily of electricity costs as well as personnel, network monitoring, software licensing and equipment repair and maintenance costs at our mining and high performance computing operations. Site operating costs for the quarter ended March 31, 2022 were $18.5 million, of which $16.9 million was attributable to our mining operations and $1.6 million was attributable to our high performance computing operations. The average cost of mining each Bitcoin for the first quarter of 2022 was approximately $18,000, compared to approximately $25,900 in the prior year for the same period. The decrease is primarily due to deployment of a larger and significantly more efficient fleet of mining equipment. Depreciation expense increased to $18.4 million during the first quarter of 2022 compared to $5.8 million in the same period of 2021, driven by the increased number of miners deployed during the quarter as well as $0.7 million of additional depreciation from our newly acquired high performance computing operations.

Net income was $55.7 million and net income per share was $0.33 for the three months ended March 31, 2022, compared with net income of $19.1 million and net income per share of $0.17 for the same period in 2021. The change was driven by the higher revenue and non-cash gain on revaluation of warrant liability recorded in first quarter of 2022 partially offset by lower general and administrative expenses incurred in first quarter of 2021.

Adjusted EBITDA⁽ⁱ⁾ (a non-IFRS measure) increased by $10.9 million for the quarter ended March 31, 2022, compared to the same period in 2021. The increase was driven by higher digital asset mining profit⁽ⁱ⁾, partially offset by higher general and administrative expenses incurred to support the growth in the Company’s operations.

Digital assets consist of Bitcoin, which had a balance of 6,460 Bitcoin and a market value of $367.6 million as of March 31, 2022. This balance consisted of 4,460 Bitcoin held in custody and 2,000 held under lending arrangements.

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.

The following tables reconcile non-IFRS measures used by the Company to analyze the operational performance of Hut 8, to their nearest IFRS measure and should be read in conjunction with the unaudited condensed consolidated interim statement of operations and comprehensive income (loss) and unaudited condensed consolidated interim statement of cash flows included in the unaudited condensed consolidated interim financial statements for the quarter ended March 31, 2022.

Mining Profit

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

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

For the three months ended March 31	2022	2021
Gross profit	$ 16,455	$ 12,207

Add (deduct):
Revenue from hosting	(751)	(1,426)
Revenue from high performance computing	(3,290)	–
Site operating costs attributable to hosting and high performance computing	2,127	915
Depreciation	18,365	5,802
Mining profit	$ 32,906	$ 17,498

^{Non-IFRS measure – see “Non-IFRS Measures” section below.}

Adjusted EBITDA

“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.

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

For the three months ended March 31	2022	2021
Net income	$ 55,708	$ 19,134

Add (deduct):
Net finance expense (income)	1,292	(348)
Depreciation and amortization	18,594	5,802
Share based payment	1,299	2,756
Gain on disposition of digital assets	–	(182)
Foreign exchange	711	431
Share based payment taxes withholding	–	1,246
One-time transaction costs	1,611	–
Deferred income tax expense (recovery)	1,121	(13,370)
Sales tax expense	913	712
Gain on revaluation of warrants liability	(54,140)	–
	$ 27,109	$ 16,181

CONFERENCE CALL

Hut 8 Q1 2022 conference call will commence at 10 a.m. ET, today, May 12, 2022. Those wishing to join via telephone should dial in 5 minutes early:

Within Canada: 1-866-455-3403 access code: 81669575#
Within the US: 1-866-374-5140 access code: 81669575#

Analyst Coverage of Hut 8 Mining:

A full list of Hut 8 Mining analyst coverage can be found here.

FORWARD-LOOKING INFORMATION

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 security and cybersecurity threats and hacks, malicious actors or botnet obtaining control of processing power on the Bitcoin network, further development and acceptance of the Bitcoin network, changes to Bitcoin mining difficulty, loss or destruction of private keys, increases in fees for recording transactions in the Blockchain, erroneous transactions, reliance on a limited number of key employees, reliance on third party mining pool service providers, regulatory changes, classification and tax changes, momentum pricing risk, fraud and failure related to cryptocurrency exchanges, difficulty in obtaining banking services and financing, difficulty in obtaining insurance, permits and licenses, internet and power disruptions, geopolitical events, uncertainty in the development of cryptographic and algorithmic protocols, uncertainty about the acceptance or widespread use of cryptocurrency, failure to anticipate technology innovations, the COVID19 pandemic, climate change, currency risk, lending risk and recovery of potential losses, litigation risk, business integration risk, changes in market demand, changes in network and infrastructure, system interruption, changes in leasing arrangements, and other risks related to the cryptocurrency and data centre business. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 17, 2022 and Hut 8’s other continuous disclosure documents which are available on www.sedar.com.

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 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 one of the largest holdings of self-mined Bitcoin relative to other digital asset miners and publicly traded companies 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. 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.

INVESTOR CONTACT

Sue Ennis

sue@hut8mining.com

MEDIA CONTACT

Erin Dermer

erin.dermer@hut8mining.com

Hut 8 Highlights Industry Leading ESG Performance in Inaugural Report

Posted on 10 May 20225 December 2023 by marie@mfkpublicity.co

Company continues to champion industry standards through measurable, holistic ESG goals that will drive a more sustainable future

TORONTO, May 10, 2022 – Today, 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, published its inaugural ESG report.

“Technology, sustainability, inclusivity, and innovation are a part of Hut 8’s DNA,” said Hut 8 CEO Jaime Leverton. “While our executive and board have long been proponents of strong environmental, social, and governance standards, we have worked with the entire Hut 8 team to set measurable ESG targets, and are proud to be achieving meaningful results.”

The report, which discloses against the Sustainability Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI), was reviewed and provided a statement of assurance from Ernst & Young, demonstrates progress made since holistic ESG goals and targets were announced in December, 2021.

Environment

On track to achieving carbon neutrality by 2025
Procured carbon instruments to offset 20% of our 2021 scope 1 & 2 emissions
Diverted 61% of waste from landfills
Installed 100% LED lighting at the Medicine Hat and Drumheller mines
Added electric skid steers and UTVs

Social

Proudly supported charities including the United Way, YMCA, and Santa Fund in North Bay
Volunteered more than 30 hours for the United Way
50% of executive management roles held by women
Zero recordable injuries across the business

Governance

40% of Board seats held by women
Committed to conducting our business with accountability, integrity, respect, and teamwork

“This is an important step in our ESG journey,” said Leverton. “We will continue to embed ESG priorities into everything we do, continually adapting our approach based on new data, best practices, and insights that align with our business priorities.”

Taking a proactive role in driving transparency and progress across the digital asset industry, Hut 8 became a founding member of the Bitcoin Mining Council in 2021. The Council is a voluntary group of digital asset miners that promotes energy usage transparency and encourages the use of renewable energy sources. Hut 8 also joined the Crypto Climate Accord, the result of a collaborative effort inspired by the Paris Climate Agreement, the Global Blockchain Business Council, and was the first digital asset miner to join the Business Renewables Centre Canada.

For more detailed information on Hut 8’s ESG goals and accomplishments, please click here.

About the Company:

Hut 8 is one of North America’s largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on Bitcoin, blockchain, Web 3.0 and bridging the nascent and traditional high performance computing worlds. With two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario, all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined Bitcoin of any crypto miner or publicly-traded company globally. With 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high-performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select composite index and the first blockchain company to be added to the S&P/TSX Composite Index in 2021. 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:

Hut 8 Mining Monthly Production Update for April 2022

Posted on 6 May 20225 December 2023 by marie@mfkpublicity.co

6,769 self-mined Bitcoin in reserve following 309 generated last month

TORONTO, May 6, 2022 — 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, advanced its Bitcoin holdings in the period ending April 30, 2022.

Production highlights for April 2022:

309 Bitcoin were mined, resulting in an average production rate of 10.3 Bitcoin per day
Our Ethereum mining – for which we receive payment in Bitcoin – generated approximately 15% of our total production, at an average cost of less than C$3200 per Bitcoin
100% of the self-mined Bitcoin for the month of April were deposited into custody, consistent with Hut 8’s HODL strategy
Total Bitcoin balance held in reserve is 6,769 as of April 30, 2022
Installed operating capacity currently sits at 2.58 EH/s

Additional updates for March 2022:

Our mining up-time was curtailed for a few days in April
- As unseasonable weather drove increased power demand from residents and businesses, we reduced our consumption to ensure a steady supply on the grid
- We limited our consumption when the price of power supplied to our Drumheller facility spiked
April marked the last month that Hut 8 hosted miners; the company’s operations became 100% self-mined on May 1, 2022

“Our upgraded machines allow us to be as nimble and efficient as possible,” said Jason Zaluski, VP of Strategic Technologies, Hut 8. “Although April was unseasonably cold, limiting our mining during a few snowstorms, we were able to increase our hashrate.”

About Hut 8

Hut 8 is one of North America’s largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on bitcoin, blockchain, Web 3.0 and bridging the nascent and traditional high performance computing worlds. With two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario, all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined Bitcoin of any crypto miner or publicly-traded company globally. With 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select composite index and the first blockchain company to be added to the S&P/TSX Composite Index in 2021. 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

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 the delay in anticipated timing for completion of the construction and development activities at the Company’s mining site in North Bay, Ontario, impacts of the COVID 19 pandemic including impacts of the global supply chain delays on the Company’s activities, the Company’s ability to make interest payments on any drawn portions of loan with Trinity Capital, the impact of general economic conditions on the Company, industry conditions, currency fluctuations (including BTC), taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, political and geopolitical instability and the Company’s ability to access sufficient capital from internal and external sources. The foregoing and other risks are described in greater detail in the “Risk Factors” section of the Company’s Annual Information Form dated March 17, 2022, 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, and you should not place undue reliance on any forward-looking information. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking information 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 circumstances, or otherwise, except as required by law. New factors emerge from time to time, and it is not possible for Hut 8 to predict all of these factors or to assess in advance the impact of each such factor on Hut 8’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

Contacts

Hut 8 Investor Relations

Sue Ennis

sue@hut8mining.com

Hut 8 Media Relations

Erin Dermer

erin.dermer@hut8mining.com

Media advisory: Hut 8 to Release Q1 2022 Results May 12

Posted on 5 May 20225 December 2023 by marie@mfkpublicity.co

TORONTO, May 5, 2022 — 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 results for the quarter ended March 31, 2022 and to host a conference call on May 12, 2022.

Who: Analysts, media, and investors are invited to attend.

What: Hut 8 executives will review the company’s first quarter financial results and comment on recent corporate developments.

When: Results will be shared via media release and on the Company’s website at http://hut8mining.com/investors/and on SEDAR by 9:30 a.m. ET on May 12, 2022. The conference call and webinar will begin at 10 a.m. ET.

Where: Those joining via telephone should dial in 5 minutes early.

Within Canada: 1-866-455-3403 access code: 81669575#
Within the US: 1-866-374-5140 access code: 81669575#

About Hut 8

Hut 8 is one of North America’s largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on Bitcoin, blockchain, Web 3.0 and bridging the nascent and traditional high performance computing worlds. With two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario, all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined Bitcoin of any crypto miner or publicly-traded company globally. With 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select composite index and the first blockchain company to be added to the S&P/TSX Composite Index in 2021. 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.

Contacts

Hut 8 Investor Relations

Sue Ennis

sue@hut8mining.com

Hut 8 Media Relations

Erin Dermer

erin.dermer@hut8mining.com

Hut 8 Mining to Release Q3 2021 Results and Host Conference Call on November 11, 2021

Posted on 2 November 20215 December 2023 by marie@mfkpublicity.co

TORONTO, Nov. 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 announce its intention to release results for the quarter ended September 30, 2021 and to host a conference call on November 11, 2021.

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

Hut 8’s results for the quarter ended September 30, 2021 will be shared via press release and on the Company’s website at hut8mining.com before 9:30 a.m. ET on November 11, 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 50245577:

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 richAlberta, 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

The Hut 8 Digital Asset Mining Advantage

Hosting

Repair Center

Managed Services

The Hut 8 Digital Asset Mining Advantage

Hosting

Repair Center

Managed Services

Company is innovating to support a positive and more sustainable future; report includes data from HPC operations

7,078 self-mined Bitcoin in reserve after 309 were generated in May

Testing complete at North Bay, Ontario site; mining began on June 2