Hut 8 completes transaction to acquire four power generation facilities totaling 310 MW in partnership with Macquarie

MIAMI, February 15, 2024 (GLOBE NEWSWIRE) – Hut 8 Corp. (Nasdaq | TSX: HUT), (“Hut 8” or the “Company”) one of North America’s largest, most innovative digital asset mining pioneers and high performance computing infrastructure providers has completed its previously announced stalking horse bid transaction (the “Transaction“) to acquire four natural gas power plants in Ontario, Canada, in partnership with Macquarie Equipment Finance Ltd. (“Macquarie”), a subsidiary of Macquarie Group Limited, a global financial services group.

“We have developed a deep partnership with Macquarie throughout this process and are actively working with them on a plan to generate a return on our ownership interest in these assets in the near term,” said Hut 8 CEO Asher Genoot. “We are evaluating a range of strategic options for these assets and look forward to sharing updates as they materialize.”

The joint venture entity formed by Hut 8 and Macquarie, Far North Power Corp. (“Far North”), is now the owner of 310 MW of power infrastructure, including:

  • A 110 MW facility in Kingston
  • A 120 MW facility in Iroquois Falls
  • A 40 MW facility in Kapuskasing
  • A 40 MW facility and Bitcoin mine in North Bay

“Our leadership team not only brings a proven track record of maximizing the value of distressed assets to this transaction but also brings a wealth of energy sector expertise and relationships,” said Chris Vickery, Vice President of Energy at Hut 8. “We are excited to continue collaborating with the Macquarie team to refine a commercial strategy for these assets and look forward to exploring further opportunities to deepen our relationship with our partner.”

With the completion of the Transaction, Macquarie has entered into a new secured funding arrangement with Far North in the form of an operating lease facility. In addition, Macquarie now holds a minority equity interest of approximately 20% in Far North, and Hut 8, indirectly, is the majority owner and holds an approximately 80% interest. The completion of the Transaction has also resulted in the full and final resolution of all litigation claims and counterclaims made between Hut 8 and certain Validus Power Corp. entities.

About Hut 8

Through innovation, imagination, and passion, Hut 8 Corp.’s seasoned executive team is bullish on creating value at the intersection of infrastructure and energy through Bitcoin mining and hosting, groundbreaking managed services, energy arbitrage, operating traditional data centers, and capitalizing on emerging technologies like AI and machine learning. Headquartered in Miami, Florida, Hut 8 Corp.’s infrastructure portfolio includes eleven sites: five high performance computing data centers across British Columbia and Ontario that offer cloud, co-location, AI, machine learning, and VFX rendering computing solutions, and six Bitcoin mining, hosting, and managed services sites located in Alberta, New York, Nebraska, and Texas. Long-distinguished for its unique treasury strategy, Hut 8 Corp. has one of the highest inventories of self-mined Bitcoin of any publicly-traded company globally. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

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 Hut 8 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 business, 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. Specifically, such forward-looking information included in this press release includes, but is not limited to, statements relating to the Transaction and our ability to generate a return on the value of our ownership interest in the assets acquired in the Transaction.

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 center business. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Registration Statement on Form S-4 dated November 7, 2023, available under the Company’s EDGAR profile at www.sec.gov, in addition to Hut 8’s other continuous disclosure documents which are available under the Company’s SEDAR+ profile at www.sedarplus.ca and under the Company’s EDGAR profile at www.sec.gov.

 

Hut 8 Corp. Investor Relations

Sue Ennis

sue@hut8.io

Hut 8 Corp. Media Relations

Erin Dermer

erin.dermer@hut8.io

Hut 8 Announces Leadership Transition

President Asher Genoot Appointed Chief Executive Officer

MIAMI, February 7, 2024 (GLOBE NEWSWIRE) – Hut 8 Corp. (Nasdaq | TSX: HUT), (“Hut 8” or the “Company”) today announced that Asher Genoot, President and a member of the Hut 8 Board of Directors, has been appointed Chief Executive Officer, effective immediately. Mr. Genoot succeeds Jaime Leverton, who departs from Hut 8 as Chief Executive Officer, effective immediately.

The Hut 8 Board of Directors (the “Board”) has determined, following the completion of the Company’s merger of equals, the time was right to set a new strategic direction for the Company and that a transition of leadership was appropriate.

“The merger of equals of Hut 8 and US Bitcoin Corp was a transformational moment for both companies,” said Bill Tai, Chairman of the Board of Hut 8. “Hut 8 is now at a pivotal inflection point, and we believe that Asher is uniquely qualified to accelerate our path to market leadership. There is tremendous potential in the combined Company and the Board is confident that Asher will bring a disciplined, proven approach to unlock this potential.”

“It has been a privilege to lead the Hut 8 team and to serve as CEO through such a critical time for Hut 8,” said Jaime Leverton. “I am grateful to the Board for the opportunity to lead such a talented, innovative team, and I am proud of the company we have built.”

“I look forward to doing everything in my power to meet and exceed the expectations of the Board, our investors, our customers, our partners, and most importantly, our team as the CEO who will lead Hut 8 into its next chapter of growth,” said Mr. Genoot. “Over the last three years, Jaime has led Hut 8 through market cycles and built a strong foundation for the Company. I am thankful for her leadership, and I am committed to ensuring a smooth transition. As I work with the Board to define a new strategy for the Company, I am focused on strengthening operations, driving profitable growth, and creating lasting shareholder value. I am more confident than ever in the strength of our team and ability to execute. I look forward to sharing more details about our near-term strategy and working closely with the full organization and Board to execute on it.”

About Asher Genoot
Asher Genoot has served as President and Director of Hut 8 since November 2023. Before joining Hut 8, he was Co-Founder and President of U.S. Data Mining Group, Inc. dba US Bitcoin Corp, a venture-backed private bitcoin mining company with a 730 MW portfolio across data centers in Texas, Nebraska, and New York as of December 2022. Mr. Genoot is a member of Young Presidents Organization and the 2024 Forbes 30 Under 30 – Energy.

About Hut 8
Through innovation, imagination, and passion, Hut 8 Corp.’s seasoned executive team is bullish on creating value at the intersection of infrastructure and energy through Bitcoin mining and hosting, groundbreaking managed services, energy arbitrage, operating traditional data centers, and capitalizing on emerging technologies like AI and machine learning. Headquartered in Miami, Florida, Hut 8 Corp.’s infrastructure portfolio includes eleven sites: five high performance computing data centers across British Columbia and Ontario that offer cloud, co-location, AI, machine learning, and VFX rendering computing solutions, and six Bitcoin mining, hosting, and managed services sites located in Alberta, New York, Nebraska, and Texas. Long-distinguished for its unique treasury strategy, Hut 8 Corp. has one of the highest inventories of self-mined Bitcoin of any publicly-traded company globally. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

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 Hut 8 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 business, 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. Specifically, such forward-looking information included in this press release includes, but is not limited to, statements relating to: the ability of leadership to meet and exceed expectations and lead the Company into its next chapter of growth, the acceleration of the Company’s path to market leadership, unlocking the Company’s potential, strengthening the Company’s operations, driving profitable growth, creating lasting shareholder value, and other statements relating to the Company’s strategy going forward and ability to execute such strategy.

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 Registration Statement on Form S-4 dated November 7, 2023, available under the Company’s EDGAR profile at www.sec.gov, and Hut 8’s other continuous disclosure documents which are available under the Company’s SEDAR+ profile at www.sedarplus.ca and under the Company’s EDGAR profile at www.sec.gov.

Hut 8 Corp. Investor Relations
Sue Ennis
sue@hut8.io 

Hut 8 Corp. Media Relations
Erin Dermer
erin.dermer@hut8.io

Hut 8 Operations Update for January 2024

Purpose-built software and firmware improving operating efficiencies

Company signed multi-year managed services agreement with Ionic Digital

With 9,116 Bitcoin on balance sheet, Hut 8 continues to have significant holdings giving it optionality ahead of the halving

MIAMI, February 6, 2024 (GLOBE NEWSWIRE) – Hut 8 Corp. (Nasdaq | TSX: HUT), (“Hut 8” or the “Company”) one of North America’s largest, most innovative digital asset mining pioneers and high performance computing infrastructure providers is proud to share its operations report for January 2024.

January 2024

December 2023

Total energy capacity under management

839 MW1

839 MW1

Total deployed miners under management

214,6822

205,7592

Total hashrate under management

22.3 EH/s3

21.5 EH/s3

 

Self-Mining4

 

Deployed miners5

73,140

73,943

Deployed hashrate6

7.2 EH/s

7.2 EH/s

Bitcoin produced

339 BTC

453 BTC

Bitcoin on balance sheet7

9,116 BTC

9,195 BTC

 

Managed Services8

 

Energy capacity under management

680 MW

680 MW

Deployed miners under management

178,727

166,347

Hashrate under management

19.0 EH/s

17.9 EH/s

 

Hosting

 

Deployed miners under management

73,939

76,734

Hashrate under management

8.4 EH/s

8.6 EH/s

Notes:

  • Includes all Self-Mining, Managed Services, and Hosting infrastructure, including 100% of the energy capacity at the Echo site (King Mountain, TX).
  • Includes all miners that are racked in Self-Mining, Managed Services, and Hosting infrastructure with power and networking, including all miners at the Echo site (King Mountain, TX).
  • Includes all Self-Mining, Managed Services, and Hosting hashrate, including 100% of the hashrate at the Echo site (King Mountain, TX).
  • Self-Mining operations for Hut 8 Corp. include all operations at the Echo site (King Mountain, TX).
  • Deployed miners are defined as miners that are physically racked, with power and networking.
  • Indicates the target hashrate of all deployed miners.
  • As of month-end.
  • The Managed Services figures reflected in this table include the Self-Mining and Hosting metrics from the sites where Hut 8’s Managed Services business is an additional service layer in the operation of the site (at Charlie, Delta, and Echo – site details below). As a result, the sum of the Self-Mining, Managed Services, and Hosting numbers will not add up to the “Total energy capacity under management”, “Total deployed miners under management”, and “Total hashrate under management” figures that are also reflected in the table.

“In January, we continued to realize efficiencies from both ramping up use of our previously installed purpose-built software in Canada and success from deploying firmware at our Echo site to help optimize our hashrate, which is enabling us to dynamically overclock machines when its economically advantageous for us to enhance production,” said Asher Genoot, President of Hut 8. “In January, we saw unusually severe weather events in both Texas and Alberta, and we powered down temporarily to help support the grid. In addition, we signed a four year agreement with Ionic Digital that includes a possible fifth year extension and look forward to ultimately adding more than 12 EH/s of capacity and 300 MW of infrastructure to our managed services business beginning in February.”

Highlights:

  • On February 2, Hut 8 announced that it will be concluding managed services at Kearney, Nebraska and Granbury, Texas on April 30, 2024 and will be paid a $13,568,000 termination fee in the 30 days following the termination.
  • The team performed preventative maintenance on key infrastructure that required some of Hut 8’s machines to be temporarily offline during the month.
  • Pre-construction work is underway at the 63 MW site acquired by Hut 8 in Culberson County, Texas.
  • Hut 8’s digital asset mining geographical footprint includes the following sites as of February 1, 2024:
     Owner Energy Capacity Self-Mining Managed Services

Hosting

Alpha Niagara Falls, NY

Hut 8

50 MW

Yes

Yes

Charlie Kearney, NB

Managed1

100 MW

Yes

Yes

Delta Granbury, TX

Managed1

300 MW

Yes

Yes

Echo King Mountain, TX

Joint Venture2

280 MW

Yes

Yes

Yes

Foxtrot Medicine Hat, AB

Hut 8

67 MW

Yes

Golf Drumheller, AB

Hut 8

42 MW

Yes

Hotel 1 Midland, TX

Managed1

25 MW

Yes

Hotel 2 Midland, TX

Managed1

20 MW

Yes

Hotel 3 Midland, TX

Managed1

30 MW

Yes

Hotel 4 Midland, TX

Managed1

12 MW

Yes

Notes:

  • Hut 8’s Managed Services subsidiaries lead all aspects of site operations, including accounting, curtailment, and customer relations at the Charlie and Delta sites, which are owned by a third party, and the Hotel 1-4 sites, which are owned by Ionic Digital. The Managed Services subsidiaries also lead all aspects of site operations at the Echo site.
  • The Company has a 50% membership interest in the Echo site. The remaining 50% membership interest is held by a Fortune 200 renewable energy producer.

About Hut 8

Through innovation, imagination, and passion, Hut 8 Corp.’s seasoned executive team is bullish on creating value at the intersection of infrastructure and energy through Bitcoin mining and hosting, groundbreaking managed services, energy arbitrage, operating traditional data centers, and capitalizing on emerging technologies like AI and machine learning. Headquartered in Miami, Florida, Hut 8 Corp.’s infrastructure portfolio includes eleven sites: five high performance computing data centers across British Columbia and Ontario that offer cloud, co-location, AI, machine learning, and VFX rendering computing solutions, and six Bitcoin mining, hosting, and managed services sites located in Alberta, New York, Nebraska, and Texas. Long-distinguished for its unique treasury strategy, Hut 8 Corp. has one of the highest inventories of self-mined Bitcoin of any publicly-traded company globally. For more information, visit www.hut8.com and 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 Hut 8 and New Hut expect or anticipate will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the business, 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. Specifically, such forward-looking information included in this press release includes statements relating to the Company’s future growth in economical mining operations, high performance computing, extensive hosting operations, and the managed services business; the optimization of the Company’s hashrate; the Company’s agreement with Ionic digital; and the conclusion of managed services at Kearney, Nebraska and Granbury, Texas.

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 mining sites and other risks related to the digital asset mining and data centre business. For a complete list of the factors that could affect Hut 8, please see the “Risk Factors” section of Hut 8’s Registration Statement on Form S-4 dated November 7, 2023, available under the Company’s EDGAR profile at www.sec.gov, in addition to the “Risk Factors” section of Hut 8 Mining Corp.’s Annual Information Form dated March 9, 2023, and Hut 8’s other continuous disclosure documents which are available under the Company’s SEDAR+ profile at www.sedarplus.ca and  EDGAR profile at www.sec.gov.

Hut 8 Corp. Investor Relations

Sue Ennis

sue@hut8.io

Hut 8 Corp. Media Relations

Erin Dermer

erin.dermer@hut8.io

Hut 8 concluding managed services at Kearney, Nebraska and Granbury, Texas in Q2

Termination fee of $13,568,000 to be paid to Hut 8

MIAMI, February 2, 2024 – Hut 8 Corp. (Nasdaq | 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 negotiated an agreement with the new owners of two of Hut 8’s managed services sites – Charlie in Kearney, Nebraska, and Delta in Granbury, Texas – which includes a $13,568,000 payment made to Hut 8 in connection with the termination of the property management agreements at the two sites.

“We are very proud of the work we’ve done since taking over management at the Kearney and Granbury sites and want to recognize the incredible talent and dedication our teams on the ground have demonstrated for more than a year,” said Asher Genoot, President of Hut 8. “We anticipate an orderly transition of operations in the coming months and look forward to providing updates about our future plans as we are able to.”

Under the termination agreement signed January 30, 2024 with Marathon Digital Holdings, Hut 8 will continue to provide managed services and conduct self-mining activities at the Charlie and Delta sites through April 30, 2024. The termination fee will be paid within 30 days of the termination date.

About Hut 8

Through innovation, imagination, and passion, Hut 8 Corp.’s seasoned executive team is bullish on creating value at the intersection of infrastructure and energy through Bitcoin mining and hosting, groundbreaking managed services, energy arbitrage, operating traditional data centers, and capitalizing on emerging technologies like AI and machine learning. Headquartered in Miami, Florida, Hut 8 Corp.’s infrastructure portfolio includes eleven sites: five high performance computing data centers across British Columbia and Ontario that offer cloud, co-location, AI, machine learning, and VFX rendering computing solutions, and six Bitcoin mining, hosting, and managed services sites located in Alberta, New York, Nebraska, and Texas. Long-distinguished for its unique treasury strategy, Hut 8 Corp. has one of the highest inventories of self-mined Bitcoin of any publicly-traded company globally. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

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 Hut 8 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 business, 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. Specifically, such forward-looking information included in this press release includes, but is not limited to, statements relating to the termination of managed services agreements covering Kearney, Nebraska and Granbury, Texas.

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 center business. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Registration Statement on Form S-4 dated November 7, 2023, available under the Company’s EDGAR profile at www.sec.gov, and Hut 8’s other continuous disclosure documents which are available under the Company’s SEDAR+ profile at www.sedarplus.ca and under the Company’s EDGAR profile at www.sec.gov.

Hut 8 Corp. Investor Relations

Sue Ennis

sue@hut8.io

Hut 8 Corp. Media Relations

Erin Dermer

erin.dermer@hut8.io

Hut 8 proceeding with full mining operations plan to provide managed services to Ionic Digital in connection with Celsius Network LLC bankruptcy proceedings

Company providing end-to-end managed services for all of Ionic Digital’s mining operations, including four existing sites in Texas and Ionic’s Cedarvale site, where construction is underway

Hut 8 to continue hosting 8,500 Ionic Digital miners at the Company’s Alpha site

Hut 8 taking an equity stake in Ionic Digital

MIAMI, January 31, 2024 (GLOBE NEWSWIRE) – Hut 8 Corp. (Nasdaq | TSX: HUT), (“Hut 8” or the “Company”) one of North America’s largest, most innovative digital asset mining pioneers and high performance computing infrastructure providers, today announced that it has signed a four-year agreement with Ionic Digital to provide end-to-end managed services across all of its Bitcoin mining operations. The agreement includes Ionic’s four existing sites in Midland, Texas and the development and operation of its Cedarvale site located in Ward County, Texas, which is designed to reach approximately 240 MW. Hut 8 will also continue to host approximately 8,500 Ionic Digital miners at Hut 8’s Alpha site in Niagara Falls, New York.

“Our managed services offering is distinct within the industry and ultimately differentiated Hut 8 as the best partner to manage Celsius’ mining operations through Ionic Digital,” said Jaime Leverton, CEO of Hut 8. “We have been designing Ionic’s Cedarvale site since signing the interim management agreement in December and are thrilled to have construction underway and be actively managing the company’s mining operations.”

Hut 8 is providing end-to-end managed services for Ionic Digital’s operations, including the design and development, engineering, financial modeling, budgeting, accounting, construction management, procurement, logistics, and RFP coordination at its Cedarvale site. It is expected that when construction is complete, Hut 8 will oversee approximately 127,000 miners with nameplate hashrate of approximately 12 EH/s and more than 300 MW of energy infrastructure in year one of the managed services agreement.

Under the agreement, Hut 8 is expected to earn an aggregate of $81,504,800 in cash payments in addition to reimbursement for direct passthrough operating expenses. The four year agreement includes a milestone to extend to a five year agreement if key targets are met. If the term extension is triggered, Hut 8 is expected to earn $101,881,000 in addition to reimbursement for direct passthrough operating expenses. In addition to the fees payable pursuant to the mining services agreement, Hut 8 expects to receive the following equity interests as compensation under the agreement: (i) up to 1.59405% in restricted Ionic Digital common stock, with 0.31881% of Ionic Digital stock vesting annually; provided that the last tranche of 0.31881% of stock will not vest if the agreement is not extended for the fifth year; and (ii) warrants to purchase up to 1.59405% of Ionic Digital common stock, with each tranche of 0.31881% Ionic Digital stock granted at the end of each year of the agreement; provided that the last tranche of 0.31881% of Ionic Digital stock will not be granted if the agreement is not extended for the fifth year.

Hut 8 has also entered into a contribution agreement with Ionic Digital pursuant to which Hut 8 has acquired 374,261 shares of Ionic Digital common stock in exchange for a cash payment of $6,378,000. Pursuant to the contribution agreement, Hut 8 will be required to acquire a further 374,261 shares of Ionic Digital common stock for a cash payment of $6,378,000 on the earlier of: (i) May 31, 2024, and (ii) the date on which Ionic Digital’s Registration Statement of Form 10 is declared effective by the U.S. Securities and Exchange Commission.

Hut 8 has also been provided with certain customary investor rights, including, for so long as the agreement is in effect, the right to appoint two directors to the board of Ionic Digital, one of which will be assumed by Asher Genoot, President of Hut 8.

Ionic Digital will be a well-capitalized industrial mining company. Under the Celsius chapter 11 plan, Ionic Digital was valued at approximately $740 million on a net asset basis and will be vested with substantially all of the Celsius mining assets. Additionally, under the Celsius plan, Ionic will receive $225 million in cash (subject to certain adjustments) and have no debt.

About Hut 8

Through innovation, imagination, and passion, Hut 8 Corp.’s seasoned executive team is bullish on creating value at the intersection of infrastructure and energy through Bitcoin mining and hosting, groundbreaking managed services, energy arbitrage, operating traditional data centers, and capitalizing on emerging technologies like AI and machine learning. Headquartered in Miami, Florida, Hut 8 Corp.’s infrastructure portfolio includes eleven sites: five high performance computing data centers across British Columbia and Ontario that offer cloud, co-location, AI, machine learning, and VFX rendering computing solutions, and six Bitcoin mining, hosting, and managed services sites located in Alberta, New York, Nebraska, and Texas. Long-distinguished for its unique treasury strategy, Hut 8 Corp. has one of the highest inventories of self-mined Bitcoin of any publicly-traded company globally. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

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 Hut 8 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 business, 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. Specifically, such forward-looking information included in this press release includes, but is not limited to, statements relating to the Cedarvale site, the mining management agreement with Ionic and the contribution agreement with Ionic, including expected revenue generation and equity interest.

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 Registration Statement on Form S-4 dated November 7, 2023, available under the Company’s EDGAR profile at www.sec.gov, in addition to Hut 8’s other continuous disclosure documents which are available under the Company’s SEDAR+ profile at www.sedarplus.ca and under the Company’s EDGAR profile at www.sec.gov.

Hut 8 Corp. Investor Relations

Sue Ennis

sue@hut8.io

Hut 8 Corp. Media Relations

Erin Dermer

erin.dermer@hut8.io

Chief Commercial Officer Matt Prusak leaving Hut 8 as part of planned transition to Celsius Bitcoin mining company

Prusak to depart January 31, 2024 to assume role as Chief Executive Officer of new bitcoin mining company to which Hut 8 will provide end-to-end managed services in connection with Celsius Network LLC bankruptcy proceedings

MIAMI, January 26, 2024 (GLOBE NEWSWIRE) – Hut 8 Corp. (Nasdaq | TSX: HUT), (“Hut 8” or the “Company”) one of North America’s largest, most innovative digital asset mining pioneers and high performance computing infrastructure providers, today announced that Matt Prusak, Chief Commercial Officer of the Company, will depart Hut 8 on January 31, 2024. As previously disclosed in filings from the Celsius Network LLC bankruptcy proceedings, Prusak will assume a new role as Chief Executive Officer of the new bitcoin mining company being formed upon emergence.

Prusak joined Hut 8 on November 30, 2023 after serving as Chief Commercial Officer of USBTC since early 2021, where he spearheaded commercial and innovation strategies, was instrumental in building institutional partnerships, oversaw research and development, scaled the business and team, and led the company’s strategic capital formation, investor relations, government relations, and growth initiatives.

“Matt has a natural ability to navigate complex environments, build powerful partnerships, and drive business growth,” said Jaime Leverton, CEO of Hut 8. “We look forward to working closely with Matt to build a deep, synergistic partnership between our organizations. As the new company’s operating partner, we are excited to leverage our scale and expertise to support their growth and drive value for creditors of Celsius.”

As part of the Celsius Network LLC bankruptcy proceedings, Hut 8 was approved to provide end-to-end managed services for the new company’s operations at five sites in Texas, including the design and development, engineering, financial modeling, budgeting, accounting, construction management, procurement, logistics, and RFP coordination at the fifth and largest site named Cedarvale. It is expected that when construction is complete at Cedarvale, Hut 8 managed services will oversee approximately 12 EH/s of computing capacity and more than 300 MW of energy infrastructure. Under the 4-year Mining Management Agreement, Hut 8 will receive a cash management fee of more than US$20M per year above certain passthrough operating expenses in addition to restricted stock and incentive equity in the new company. Hut 8 President and Director Asher Genoot will serve on the board of directors of the new company.

As previously announced, Hut 8 closed a merger of equals with U.S. Data Mining Group, Inc. d/b/a US Bitcoin Corp on November 30, 2023 and was selected by Celsius to provide end-to-end development services for the Cedarvale site.

About Hut 8

Through innovation, imagination, and passion, Hut 8 Corp.’s seasoned executive team is bullish on creating value at the intersection of infrastructure and energy through Bitcoin mining and hosting, groundbreaking managed services, energy arbitrage, operating traditional data centers, and capitalizing on emerging technologies like AI and machine learning. Headquartered in Miami, Florida, Hut 8 Corp.’s infrastructure portfolio includes eleven sites: five high performance computing data centers across British Columbia and Ontario that offer cloud, co-location, AI, machine learning, and VFX rendering computing solutions, and six Bitcoin mining, hosting, and managed services sites located in Alberta, New York, Nebraska, and Texas. Long-distinguished for its unique treasury strategy, Hut 8 Corp. has one of the highest inventories of self-mined Bitcoin of any publicly-traded company globally. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

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 Hut 8 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 business, 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. Specifically, such forward-looking information included in this press release includes, but is not limited to, statements relating to the timing of the initiation of development at the Cedarvale, Texas site and the number of megawatts Hut 8 anticipates will be under management by its Managed Services business.

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 Registration Statement on Form S-4 dated November 7, 2023, available under the Company’s EDGAR profile at www.sec.gov, in addition to 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 under the Company’s SEDAR+ profile at www.sedarplus.ca and under the Company’s EDGAR profile at www.sec.gov.

Hut 8 Corp. Investor Relations

Sue Ennis

sue@hut8.io

Hut 8 Corp. Media Relations

Erin Dermer

erin.dermer@hut8.io

Hut 8 Corp. responds to misleading short report

MIAMI, January 24, 2024 – Hut 8 Corp. (Nasdaq | 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 issued the following statement regarding a report from an activist short-selling firm containing false and misleading characterizations about Hut 8’s business.

Hut 8 has assessed the claims set forth by the authors of the report and believes that the report is filled with inaccuracies, misrepresented data, speculative claims, and unfounded character attacks. The report appears to represent a deliberate attempt to spread misinformation about Hut 8, its operations, finances, management practices, and key executives. The statements made by the short seller expose an inadequate, distorted understanding of the Company, its operations, and its key executives. The report appears to have been made to distract from the Company’s achievements and progress since closing its merger of equals. The Company believes that the report was designed for the sole purpose of negatively impacting Hut 8’s share price for the short seller’s own benefit, at the expense of Hut 8’s shareholders, partners, and employees.

“The Board maintains full confidence in the Company’s merger of equals, strategic plan, and management team,” said Bill Tai, Chairman of Hut 8’s Board of Directors. “Our focus remains on the long-term vision and continued success of Hut 8. We remain committed to ensuring that our governance and oversight are aligned with the best interest of our stakeholders.”

The Company continues to focus on driving strong operating and financial results. On December 31, 2023, Hut 8 held 9,195 Bitcoin in reserve, with an approximate value of $390 million, and had North American-wide operations spanning 205,759 miners under management. In addition to its strong balance sheet, Hut 8 is distinguished from its peers by its diversified business, as approximately 30% of its revenue was generated from fiat revenue streams as of September 30, 2023.

“Since I joined as CEO more than three years ago, our leadership team and I have worked tirelessly to earn investors’ and analysts’ confidence in our operations, our diversified strategy, and our growth trajectory. We will not be derailed by activists who stand to profit from spreading misinformation and making defamatory character attacks,” said Hut 8 CEO Jaime Leverton. “The short report is riddled with speculative accusations and misinformation. Our Board of Directors and management team continue to have full confidence in our merger of equals and we look forward to showing our team, shareholders, and the broader investment community that together, we are not only stronger than the sum of our parts, but we are also poised to capture upside as we move forward as a unified team.”

Hut 8 cautions investors to not make decisions based on the report and instead strongly encourages them to consult credible sources, including the Company’s filings with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities, prior to making their investment decisions.

About Hut 8

Through innovation, imagination, and passion, Hut 8 Corp.’s seasoned executive team is bullish on creating value at the intersection of infrastructure and energy through Bitcoin mining and hosting, groundbreaking managed services, energy arbitrage, operating traditional data centers, and capitalizing on emerging technologies like AI and machine learning. Headquartered in Miami, Florida, Hut 8 Corp.’s infrastructure portfolio includes eleven sites: five high performance computing data centers across British Columbia and Ontario that offer cloud, co-location, AI, machine learning, and VFX rendering computing solutions, and six Bitcoin mining, hosting, and managed services sites located in Alberta, New York, Nebraska, and Texas. Long-distinguished for its unique treasury strategy, Hut 8 Corp. has one of the highest inventories of self-mined Bitcoin of any publicly-traded company globally. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

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 Hut 8 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 business, 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. Specifically, such forward-looking information included in this press release includes, but is not limited to, statements relating to the short report and statements relating to the Company’s future vision, strategy, objectives, and success, including its ability to capture future upside.

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 center business. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Registration Statement on Form S-4 dated November 7, 2023, available under the Company’s EDGAR profile at www.sec.gov, and Hut 8’s other continuous disclosure documents which are available under the Company’s SEDAR+ profile at www.sedarplus.ca and under the Company’s EDGAR profile at www.sec.gov.

Hut 8 Corp. Investor Relations

Sue Ennis

sue@hut8.io

Hut 8 Corp. Media Relations

Erin Dermer

erin.dermer@hut8.io

Hut 8 Corp. media statement on short report

MIAMI, January 19, 2024 – Hut 8 Corp. (Nasdaq | 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 aware of a short report issued on January 18 by J Capital Research, which is a self-proclaimed group of biased activists who clearly disclose that they will profit if a company’s share price declines. Hut 8 is reviewing the report and will provide updates as the Company deems appropriate.

In the meantime, the Company’s management team and Board of Directors continue to have confidence in the merger of equals, the strength of the Company’s balance sheet, and the future success of the organization and are committed to moving forward as a combined company to drive meaningful growth for shareholders.

About Hut 8

Through innovation, imagination, and passion, Hut 8 Corp.’s seasoned executive team is bullish on creating value at the intersection of infrastructure and energy through Bitcoin mining and hosting, groundbreaking managed services, energy arbitrage, operating traditional data centers, and capitalizing on emerging technologies like AI and machine learning. Headquartered in Miami, Florida, Hut 8 Corp.’s infrastructure portfolio includes eleven sites: five high performance computing data centers across British Columbia and Ontario that offer cloud, co-location, AI, machine learning, and VFX rendering computing solutions, and six Bitcoin mining, hosting, and managed services sites located in Alberta, New York, Nebraska, and Texas. Long-distinguished for its unique treasury strategy, Hut 8 Corp. has one of the highest inventories of self-mined Bitcoin of any publicly-traded company globally. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

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 Hut 8 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 business, 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. Specifically, such forward-looking information included in this press release includes, but is not limited to, statements relating to the short report.

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 center business. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Registration Statement on Form S-4 dated November 7, 2023, available under the Company’s EDGAR profile at www.sec.gov, in addition to 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 under the Company’s SEDAR+ profile at www.sedarplus.ca and under the Company’s EDGAR profile at www.sec.gov.

 

Hut 8 Corp. Investor Relations

Sue Ennis

sue@hut8.io

Hut 8 Corp. Media Relations

Erin Dermer

erin.dermer@hut8.io

Media Advisory: Hut 8 Corp to Ring Opening Bell at Nasdaq in New York on January 18, 2024

Ceremony marks the completion of the largest M&A transaction in the industry’s history

MIAMI, January 15, 2024 (GLOBE NEWSWIRE) – Hut 8 Corp. (Nasdaq | TSX: HUT), (“Hut 8” or the “Company”) one of North America’s largest, most innovative digital asset mining pioneers and high performance computing infrastructure provider will be attending the Opening Bell Ringing Ceremony at Nasdaq headquarters on January 18, 2024. Hut 8 CEO, Jaime Leverton, will ring the Opening Bell to celebrate the completion of its all-stock merger of equals between Hut 8 Mining Corp. and U.S. Data Mining Group, Inc. dba US Bitcoin Corp. The combined company is named “Hut 8 Corp.” and is a U.S.-domiciled entity.

What: Hut 8 CEO, Jaime Leverton, will ring the Opening Bell at Nasdaq alongside the Hut 8 leadership team and Board of Directors
When: Thursday, January 18, 2024 from 9:15 a.m. to 9:30 a.m. ET
Where: Nasdaq MarketSite – 4 Times Square – 43rd & Broadway – New York, NY

The live webcast can be viewed with the following link: https://www.nasdaq.com/marketsite/bell-ringing-ceremony

 

Hut 8 CEO Jaime Leverton will be available for in-person and virtual interviews. Interested parties are to reach out to the contact details provided below.

About Hut 8

Through innovation, imagination, and passion, Hut 8 Corp.’s seasoned executive team is bullish on creating value at the intersection of infrastructure and energy through Bitcoin mining and hosting, groundbreaking managed services, energy arbitrage, operating traditional data centers, and capitalizing on emerging technologies like AI and machine learning. Headquartered in Miami, Florida, Hut 8 Corp.’s infrastructure portfolio includes eleven sites: five high performance computing data centers across British Columbia and Ontario that offer cloud, co-location, AI, machine learning, and VFX rendering computing solutions, and six Bitcoin mining, hosting, and managed services sites located in Alberta, New York, Nebraska, and Texas. Long-distinguished for its unique treasury strategy, Hut 8 Corp. has one of the highest inventories of self-mined Bitcoin of any publicly-traded company globally. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

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 Hut 8 expect or anticipate will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, and growth of the business, operations, 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. Specifically, such forward-looking information included in this press release includes statements relating to the Company’s intention to ring the Nasdaq opening bell. 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. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Registration Statement on Form S-4 dated November 7, 2023, available under the Company’s EDGAR profile at www.sec.gov, in addition to 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 under the Company’s SEDAR+ profile at www.sedarplus.ca and under the Company’s EDGAR profile at www.sec.gov.

Hut 8 Corp. Investor Relations

Sue Ennis

sue@hut8.io

Hut 8 Corp. Media Relations

Erin Dermer

erin.dermer@hut8.io

Hut 8 Announces US$65 Million Amended and Restated Credit Facility with Coinbase

MIAMI, January 12, 2024 – Hut 8 Corp. (Nasdaq | 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 Mining Corp. (the “Borrower”), it has entered into an amendment and restatement of its credit facility (the “Credit Facility”) with a subsidiary of Coinbase Global, Inc. (Nasdaq: COIN) (“Coinbase”), as lender, in connection with the extension of an additional loan in the amount of US$15M (the “New Loan”) to the Borrower, increasing the aggregate principal amount of the loans under the Credit Facility to US$65 million.

The New Loan is expected to be used for general corporate purposes and funded at or shortly following closing.

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

Through innovation, imagination, and passion, Hut 8 Corp.’s seasoned executive team is bullish on creating value at the intersection of infrastructure and energy through Bitcoin mining and hosting, groundbreaking managed services, energy arbitrage, operating traditional data centers, and capitalizing on emerging technologies like AI and machine learning. Headquartered in Miami, Florida, Hut 8 Corp.’s infrastructure portfolio includes eleven sites: five high performance computing data centers across British Columbia and Ontario that offer cloud, co-location, AI, machine learning, and VFX rendering computing solutions, and six Bitcoin mining, hosting, and managed services sites located in Alberta, New York, Nebraska, and Texas. Long-distinguished for its unique treasury strategy, Hut 8 Corp. has one of the highest inventories of self-mined Bitcoin of any publicly-traded company globally. For more information, visit www.hut8.com and 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 Hut 8 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 business, 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. Specifically, such forward-looking information included in this press release includes, but is not limited to, statements relating to the expected use of proceeds from the Credit Facility and the Company’s ability to draw the New Loan.

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 center business. For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s Registration Statement on Form S-4 dated November 7, 2023, available under the Company’s EDGAR profile at www.sec.gov, in addition to 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 under the Company’s SEDAR+ profile at www.sedarplus.ca and under the Company’s EDGAR profile at www.sec.gov.

Hut 8 Corp. Investor Relations

Sue Ennis

sue@hut8.io

Hut 8 Corp. Media Relations

Erin Dermer

erin.dermer@hut8.io

Hut 8 Operations Update for December 2023

Company purchased 63 MW substation in Culberson County, Texas to support near term growth optionality

Company software is driving efficiencies at Hut 8’s Canadian mining sites

At 9,195, Hut 8 continues to have one of the largest self-mined Bitcoin reserves of any publicly traded company

MIAMI, January 5, 2024 (GLOBE NEWSWIRE) – Hut 8 Corp. (Nasdaq | TSX: HUT), (“Hut 8” or the “Company”) one of North America’s largest, most innovative digital asset mining pioneers and high performance computing infrastructure providers is proud to share its operations report for December 2023.

December 2023 November 2023
Total energy capacity under management 839 MW1 839 MW1
Total deployed miners under management 205,7592 207,3992
Total hashrate under management  

21.5 EH/s3

 

21.6 EH/s3
Self-Mining4  
Deployed miners5 73,943 75,078
Deployed hashrate6 7.2 EH/s 7.3 EH/s
Bitcoin produced 453 BTC 390 BTC
Bitcoin on balance sheet7 9,195 BTC 9,129 BTC
 
Managed Services8  
Energy capacity under management 680 MW 680 MW
Deployed miners under management 166,347 166,775
Hashrate under management 17.9 EH/s 17.9 EH/s
 
Hosting  
Deployed miners under management 76,734 76,737
Hashrate under management 8.6 EH/s 8.6 EH/s

Notes:

  • Includes all Self-Mining, Managed Services, and Hosting infrastructure, including 100% of the energy capacity at the Echo site (King Mountain, TX).
  • Includes all miners that are racked in Self-Mining, Managed Services, and Hosting infrastructure with power and networking, including all miners at the Echo site (King Mountain, TX).
  • Includes all Self-Mining, Managed Services, and Hosting hashrate, including 100% of the hashrate at the Echo site (King Mountain, TX).
  • Self-Mining operations for Hut 8 Corp. include all operations at the Echo site (King Mountain, TX).
  • Deployed miners are defined as miners that are physically racked, with power and networking.
  • Indicates the target hashrate of all deployed miners.
  • As of month-end.
  • The Managed Services figures reflected in this table include the Self-Mining and Hosting metrics from the sites where Hut 8’s Managed Services business is an additional service layer in the operation of the site (at Charlie, Delta, and Echo – site details below). As a result, the sum of the Self-Mining, Managed Services, and Hosting numbers will not add up to the “Total energy capacity under management”, “Total deployed miners under management”, and “Total hashrate under management” figures that are also reflected in the table.

“Throughout December, our first full month operating as Hut 8 Corp., we saw unseasonably warm temperatures across many parts of the continent, which helped to stabilize energy costs at several of our sites; at the same time, we realized efficiency improvements at our Canadian sites after switching operations over to our purpose-built software,” said Jaime Leverton, CEO of Hut 8. “As we continued to focus on driving strong operating results, we also moved ahead with several strategic growth initiatives including the purchase of a new substation in Texas, which we believe will give us the optionality to engage in demand response and a combination of self-mining and hosting once the site buildout is completed.”

Highlights:

  • On December 31, Hut 8 signed a definitive agreement to purchase a 63 MW substation and 1.9 acres of land for approximately $7.1 million. The Company also entered into a lease for 20 additional acres of land in Culberson County, Texas. This transaction gives the Company the optionality to build out a front-of-the-meter site, engage in demand response programs, and expand our self-mining capabilities or our hosting capacity in the near- to medium-term.
  • On December 28, the United States Bankruptcy Court for the Southern District of New York granted approval for Hut 8 to proceed with its full mining operations plan in connection with the Celsius Network LLC bankruptcy proceedings. The plan provides for the transfer of Celsius Network LLC’s mining operations to a newly-created “MiningCo” and Hut 8 will provide end-to-end managed services for MiningCo’s operations at five sites in Texas, including the design and development, engineering, financial modeling, budgeting, accounting, construction management, procurement, logistics, and RFP coordination at the fifth and largest site in Cedarvale. It is expected that when construction is complete at Cedarvale, the Company will oversee approximately 12 EH/s computing capacity (122,000 miners) and more than 300 MW of energy under the contract.
  • In December, despite modest month-over-month changes in operational metrics as mainly self-mining machines were temporarily pulled offline for regular maintenance and repair, Hut 8 produced 63 more Bitcoin than in November, which is attributable to an increase in transaction fees and improved efficiency gains realized at Hut 8’s Foxtrot and Golf sites in Medicine Hat and Drumheller after completing the implementation of the Company’s purpose-built proprietary software at those sites.

Hut 8’s expanded digital asset mining geographical footprint now includes the following sites:

     

Owner

Energy Capacity Self-Mining Managed Services Hosting
Alpha Niagara Falls, NY Hut 8 50 MW Yes Yes
Charlie Kearney, NB Managed1 100 MW Yes Yes
Delta Granbury, TX Managed1 300 MW Yes Yes
Echo King Mountain, TX Joint Venture2 280 MW Yes Yes Yes
Foxtrot Medicine Hat, AB Hut 8 67 MW Yes
Golf Drumheller, AB Hut 8 42 MW Yes

Notes:

  • Hut 8’s Managed Services subsidiaries lead all aspects of site operations, including accounting, curtailment, and customer relations at the Charlie and Delta sites, which are owned by a multi-billion dollar AUM sustainable infrastructure investment firm. The Managed Services subsidiaries also lead all aspects of site operations at the Echo site.
  • The Company has a 50% membership interest in the Echo site. The remaining 50% membership interest is held by a Fortune 200 renewable energy producer.

About Hut 8

Through innovation, imagination, and passion, Hut 8 Corp.’s seasoned executive team is bullish on creating value at the intersection of infrastructure and energy through Bitcoin mining and hosting, groundbreaking managed services, energy arbitrage, operating traditional data centers, and capitalizing on emerging technologies like AI and machine learning. Headquartered in Miami, Florida, Hut 8 Corp.’s infrastructure portfolio includes eleven sites: five high performance computing data centers across British Columbia and Ontario that offer cloud, co-location, AI, machine learning, and VFX rendering computing solutions, and six Bitcoin mining, hosting, and managed services sites located in Alberta, New York, Nebraska, and Texas. Long-distinguished for its unique treasury strategy, Hut 8 Corp. has one of the highest inventories of self-mined Bitcoin of any publicly-traded company globally. For more information, visit www.hut8.com and 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 Hut 8 and New Hut expect or anticipate will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the business, 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. Specifically, such forward-looking information included in this press release includes statements relating to  the diversification of the Company’s North American-wide operations; the Company’s expectations for capacity and energy at Cedarvale and future growth in economical mining operations, high performance computing, extensive hosting operations, and the managed services business.

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 mining sitesand other risks related to the digital asset mining and data centre business. For a complete list of the factors that could affect Hut 8, please see the “Risk Factors” section of Hut 8’s Registration Statement on Form S-4 dated November 7, 2023, available under the Company’s EDGAR profile at www.sec.gov, in addition to the “Risk Factors” section of Hut 8 Mining Corp.’s Annual Information Form dated March 9, 2023, and Hut 8’s other continuous disclosure documents which are available under the Company’s SEDAR+ profile at www.sedarplus.ca and  EDGAR profile at www.sec.gov.

Hut 8 Corp. Investor Relations

Sue Ennis

sue@hut8.io

Hut 8 Corp. Media Relations

Erin Dermer

erin.dermer@hut8.io

Court grants approval for Hut 8 to proceed with full mining operations plan in connection to Celsius Network LLC bankruptcy proceedings

Company to manage five sites, 122,000 machines, and more than 300 MW of energy

MIAMI, December 29 (GLOBE NEWSWIRE) – The reorganization plan sponsored by Hut 8 Corp. (Nasdaq | TSX: HUT), (“Hut 8” or the “Company”), one of North America’s largest, most innovative digital asset mining pioneers and high performance computing infrastructure providers, filed in the Celsius Network LLC bankruptcy proceedings was approved by the United States Bankruptcy Court for the Southern District of New York. The plan provides for the transfer of Celsius Network LLC’s mining operations to a newly-created “MiningCo,” with Hut 8 managing MiningCo’s mining operations under a four-year mining management agreement.

“The mining plan that was presented to the creditors and the courts is strong and sound, and we look forward to proceeding with construction imminently at the Cedarvale, Texas site, and managing four additional sites once the process closes in the first quarter of 2024,” said Asher Genoot, President of Hut 8. “We believe we have an excellent track record of expediently building and efficiently managing mining operations, and we look forward to growing our managed services business while also building equity for creditors of Celsius through their equity interests in MiningCo.”

Under the managed services contract, Hut 8 will provide end-to-end managed services for MiningCo’s operations at five sites in Texas, overseeing approximately 12 EH/s computing capacity (122,000 miners) and more than 300 MW of energy. Hut 8 will provide managed services at four Texas locations totaling 87 MW:

  • Rebel, 25 MW
  • East Isle, 30 MW
  • Style, 20 MW
  • Garden City, 12 MW

In Cedarvale, Texas, Hut 8 will be responsible for the fifth MiningCo site’s design and development, engineering, financial modeling, budgeting, accounting, construction management, procurement, logistics, RFP coordination, and the management of approximately 66,000 miners and more than 215 MW of energy once construction is complete. The effectiveness of the plan remains subject to the satisfaction of certain conditions precedent.

As previously announced, Hut 8 combined businesses with U.S. Data Mining Group, Inc. d/b/a US Bitcoin Corp (“USBTC”) last month and was selected by Celsius to provide end-to-end development services for the Cedarvale site.

About Hut 8

Through innovation, imagination, and passion, Hut 8 Corp.’s seasoned executive team is bullish on creating value at the intersection of infrastructure and energy through Bitcoin mining and hosting, groundbreaking managed services, energy arbitrage, operating traditional data centers, and capitalizing on emerging technologies like AI and machine learning. Headquartered in Miami, Florida, Hut 8 Corp.’s infrastructure portfolio includes eleven sites: five high performance computing data centers across British Columbia and Ontario that offer cloud, co-location, AI, machine learning, and VFX rendering computing solutions, and six Bitcoin mining, hosting, and managed services sites located in Alberta, New York, Nebraska, and Texas. Long-distinguished for its unique treasury strategy, Hut 8 Corp. has one of the highest inventories of self-mined Bitcoin of any publicly-traded company globally. For more information, visit www.hut8.com and 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 Hut 8 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 business, 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. Specifically, such forward-looking information included in this press release includes, but is not limited to, statements relating to the expected timing of effectiveness of the reorganization plan sponsored by Hut 8, the expected timing of the initiation of development at the Cedarvale, Texas site, the expected term of the mining management agreement between Hut 8 and MiningCo, and the number of megawatts and miners Hut 8 anticipates it will manage under the mining management agreement between Hut 8 and MiningCo.

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 Registration Statement on Form S-4 dated November 7, 2023, available under the Company’s EDGAR profile at www.sec.gov, in addition to 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 under the Company’s SEDAR+ profile at www.sedarplus.ca and under the Company’s EDGAR profile at www.sec.gov.

Hut 8 Corp. Investor Relations

Sue Ennis

sue@hut8.io

Hut 8 Corp. Media Relations

Erin Dermer

erin.dermer@hut8.io

Hut 8 selected by Celsius debtors to build out Cedarvale, Texas site

Managed Services team to build out and install approximately 66,000 miners at 215MW site

 MIAMI, December 18 (GLOBE NEWSWIRE) – Hut 8 Corp. (Nasdaq | TSX: HUT), (“Hut 8” or the “Company”) one of North America’s largest, most innovative digital asset mining pioneers and high performance computing infrastructure providers, has signed an interim agreement to build out and install mining operations in connection with the Celsius Network LLC bankruptcy proceedings at a site in Cedarvale, Texas. Once complete, the site will house approximately 66,000 miners and be powered by more than 215 MW of energy.

“We believe that the strength of Hut 8’s managed services business with 680 MW currently under management, coupled with our track record of swiftly standing up mining infrastructure and efficiently running and optimizing operations, were key factors in being chosen as the partners for this project,” said Asher Genoot, President of Hut 8. “Our goal is twofold: to build equity with creditors of Celsius while also growing the strength and vitality of our managed services business, which we anticipate will have more than 895 MW of infrastructure under our umbrella once the site is up and running.”

Under the interim agreement with Celsius Mining LLC, Hut 8 will provide end-to-end development services for the Cedarvale site, and construction is expected to begin in the coming weeks. The scope of the services to be provided includes site design, engineering, financial modeling, budgeting, accounting, construction management, procurement, logistics, and RFP coordination.

About Hut 8

Through innovation, imagination, and passion, Hut 8 Corp.’s seasoned executive team is bullish on creating value at the intersection of infrastructure and energy through Bitcoin mining and hosting, groundbreaking managed services, energy arbitrage, operating traditional data centers, and capitalizing on emerging technologies like AI and machine learning. Headquartered in Miami, Florida, Hut 8 Corp.’s infrastructure portfolio includes eleven sites: five high performance computing data centers across British Columbia and Ontario that offer cloud, co-location, AI, machine learning, and VFX rendering computing solutions, and six Bitcoin mining, hosting, and managed services sites located in Alberta, New York, Nebraska, and Texas. Long-distinguished for its unique treasury strategy, Hut 8 Corp. has one of the highest inventories of self-mined Bitcoin of any publicly-traded company globally. For more information, visit www.hut8.com and 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 Hut 8 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 business, 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. Specifically, such forward-looking information included in this press release includes, but is not limited to, statements relating to the timing of the initiation of development at the Cedarvale, Texas site and the number of megawatts Hut 8 anticipates will be under management by its Managed Services business.

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 Registration Statement on Form S-4 dated November 7, 2023, available under the Company’s EDGAR profile at www.sec.gov, in addition to 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 under the Company’s SEDAR+ profile at www.sedarplus.ca and under the Company’s EDGAR profile at www.sec.gov.

Hut 8 Corp. Investor Relations

Sue Ennis

sue@hut8.io

Hut 8 Corp. Media Relations

Erin Dermer

erin.dermer@hut8.io

Update on Hut 8’s Stalking Horse Bid for four natural gas power plants including the North Bay Bitcoin mine

MIAMI, DECEMBER 12, 2023 (GLOBE NEWSWIRE) – Hut 8 Corp. (Nasdaq | TSX: HUT), (“Hut 8” or the “Company”) one of North America’s largest, most innovative digital asset mining pioneers and high performance computing infrastructure providers, has been informed by KSV Restructuring Inc. (“KSV“) that the Company’s previously announced stalking horse bid (the “Stalking Horse Bid“) has been declared the successful bid in accordance with a sale and investment solicitation process (the “SISP“) carried out by KSV. The Stalking Horse Bid was submitted in partnership with Macquarie Equipment Finance Ltd. (“Macquarie”), a subsidiary of Macquarie Group Limited, a global financial services group.

The SISP was conducted in respect of the sale of certain assets of Validus Power Corp. (“Validus”) and the assets and operations of certain Validus’ subsidiaries (collectively, the “Validus Entities”). If Hut 8’s Stalking Horse Bid receives final approval from the Ontario Superior Court of Justice (Commercial List) (the “Court“) and is completed in accordance with its terms, a new Ontario subsidiary of Hut 8 (“BidCo“) will become the owner of the assets of certain Validus Entities. Macquarie will receive a minority equity interest in BidCo of approximately 20% and a subsidiary of Hut 8 will be the majority owner with the remaining approximately 80%. On completion of the Stalking Horse Bid, BidCo would acquire, free and clear of any encumbrances (excluding certain permitted encumbrances) four natural gas power plants located in Ontario:

  • 40 MW facility in Kapuskasing
  • 110 MW facility in Kingston
  • 120 MW facility in Iroquois Falls
  • 40 MW facility and Bitcoin mine in North Bay

Completion of the Stalking Horse Bid would also include a new secured funding arrangement with Macquarie and BidCo in the form of an operating lease facility. The completion of the Stalking Horse Bid is also expected to result in the full and final resolution of all litigation claims and counterclaims currently pending between Hut 8 and certain Validus Entities.

Completion of the Stalking Horse Bid is subject to several conditions, including: (i) the Court issuing an approval and vesting order in respect of the Stalking Horse Bid, and (ii) the satisfaction of standard conditions to closing. The Company will be seeking final approval of the Court for the Stalking Horse Bid and completion of the Stalking Horse Bid is anticipated to occur in January 2024.

About Hut 8 Corp.

Through innovation, imagination, and passion, Hut 8 Corp.’s seasoned executive team is bullish on creating value at the intersection of infrastructure and energy through Bitcoin mining and hosting, groundbreaking managed services, energy arbitrage, operating traditional data centers, and capitalizing on emerging technologies like AI and machine learning. Headquartered in Miami, Florida, Hut 8 Corp.’s infrastructure portfolio includes eleven sites: five high performance computing data centers across British Columbia and Ontario that offer cloud, co-location, AI, machine learning, and VFX rendering computing solutions, and six Bitcoin mining, hosting, and managed services sites located in Alberta, New York, Nebraska, and Texas. Long-distinguished for its unique treasury strategy, Hut 8 Corp. has one of the highest inventories of self-mined Bitcoin of any publicly-traded company globally. For more information, visit www.hut8.com and 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 Hut 8 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 business, 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. Specifically, such forward-looking information included in this press release includes, but is not limited to, statements relating to the timing and completion (if at all) of the Stalking Horse Bid and statements with respect to the SISP; the terms of any new secured funding arrangement with BidCo; and the resolution of litigation claims between Hut 8 and certain Validus Entities.

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 Registration Statement on Form S-4 dated November 7, 2023, available under the Company’s EDGAR profile at www.sec.gov, in addition to 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 under the Company’s SEDAR+ profile at www.sedarplus.ca and under the Company’s EDGAR profile at www.sec.gov.

Hut 8 Corp. Investor Relations

Sue Ennis

sue@hut8.io

Hut 8 Corp. Media Relations

Erin Dermer

erin.dermer@hut8.io

Hut 8 Operations Update for November 2023

Inaugural update of Hut 8 Corp. reflects breadth and depth of operations

At 9,129 BTC, Hut 8 continues to have one of the largest self-mined Bitcoin reserves of any publicly traded company

MIAMI, DECEMBER 11, 2023 (GLOBE NEWSWIRE) – Hut 8 Corp. (Nasdaq | TSX: HUT), (“Hut 8” or the “Company”) one of North America’s largest, most innovative digital asset mining pioneers and high performance computing infrastructure providers is proud to share its first operational update with more detailed reporting metrics following the completion of the business combination pursuant to which Hut 8 Mining Corp. and U.S. Data Mining Group, Inc. dba US Bitcoin Corp (“USBTC”) combined in an all-stock merger of equals to form the Company.

Hut 8’s expanded digital asset mining geographical footprint now includes the following sites:

     

Owner

Energy Capacity Self-Mining Managed Services Hosting
Alpha Niagara Falls, NY Hut 8 50 MW Yes Yes
Charlie Kearney, NE Managed1 100 MW Yes Yes
Delta Granbury, TX Managed1 300 MW Yes Yes
Echo King Mountain, TX Joint Venture2 280 MW Yes Yes Yes
Foxtrot Medicine Hat, AB Hut 8 67 MW Yes
Golf Drumheller, AB Hut 8 42 MW Yes

Notes:

  1. Hut 8’s Managed Services subsidiaries lead all aspects of site operations, including accounting, curtailment, and customer relations at the Charlie and Delta sites, which are owned by a multi-billion dollar AUM sustainable infrastructure investment firm. The Managed Services subsidiaries also lead all aspects of site operations at the Echo site.
  2. The Company has a 50% membership interest in the Echo site. The remaining 50% membership interest is held by a Fortune 200 renewable energy producer.

“Our first operations report since completing our merger at the end of November not only showcases the diversification of our power and business portfolios across our North American-wide operations, but it also quantifies the significant scale that our business combination has created,” said Jaime Leverton, CEO of Hut 8. “As we move forward as a new, strengthened team, we are prioritizing improving the efficiency of our self-mining operations, particularly in Canada, while simultaneously pursuing near-term growth initiatives that we believe will more favourably position Hut 8 leading into the New Year.”

November 2023 October 2023 October 2023
Hut 8 Corp. Hut 8 Mining Corp. USBTC
Total energy capacity under management 839 MW1 109 MW 730 MW1
Total deployed miners under management 207,3992 28,750 181,3292
Total hashrate under management 21.6 EH/s3 2.6 EH/s 18.6 EH/s3
 

Self-Mining4

 
Deployed miners5 75,078 28,750 46,225
Deployed hashrate6 7.3 EH/s 2.6 EH/s 4.7 EH/s
Bitcoin produced 390 BTC   112 BTC 280 BTC
Bitcoin on balance sheet7 9,129 BTC 9,113 BTC 28 BTC
 

Managed Services8

Energy capacity under management 680 MW N / A 680 MW
Deployed miners under management 166,775 N / A 169,451
Hashrate under management 17.9 EH/s N / A 17.6 EH/s
 

Hosting

Deployed miners under management 76,737 N / A 76,741
Hashrate under management 8.6 EH/s N / A 8.0 EH/s

Notes:

  1. Includes all Self-Mining, Managed Services, and Hosting infrastructure, including 100% of the energy capacity at the Echo site.
  2. Includes all miners that are racked in Self-Mining, Managed Services, and Hosting infrastructure with power and networking, including all miners at the Echo site.
  3. Includes all Self-Mining, Managed Services, and Hosting hashrate, including 100% of the hashrate at the Echo site.
  4. Self-Mining operations for Hut 8 Corp. and USBTC include all operations at the Echo site.
  5. Deployed miners are defined as miners that are physically racked, with power and networking.
  6. Indicates the target hashrate of all deployed miners.
  7. As of month-end.
  8. The Managed Services figures reflected in this table include the Self-Mining and Hosting metrics from the sites where Hut 8’s Managed Services business is an additional service layer in the operation of the site (at Charlie, Delta, and Echo). As a result, the sum of the Self-Mining, Managed Services, and Hosting numbers will not add up to the “Total energy capacity under management”, “Total deployed miners under management”, and “Total hashrate under management” figures that are also reflected in the table.

Highlights:

  • On November 30, Hut 8 Mining Corp. and USBTC announced the completion of their previously announced business combination pursuant to which the companies combined in an all-stock merger of equals (the “Transaction”) to form Hut 8 Corp, a U.S.-domiciled entity, which began trading under the stock symbol HUT on the Nasdaq and Toronto Stock Exchange on December 4.
  • The operations team began piloting the Company’s purpose-built software at Hut 8’s Foxtrot facility in Medicine Hat and Golf site in Drumheller in late November, providing us with more granular reporting on the health and efficiency of our fleet and infrastructure.
  • In mid-November, Hut 8 launched its high performance computing Cloud Portal, which gives new and existing HPC clients direct access to Hut 8 GPUs and seamless control to provision workloads in just minutes through an intuitive web interface.

About Hut 8

Through innovation, imagination, and passion, Hut 8 Corp.’s seasoned executive team is bullish on creating value at the intersection of infrastructure and energy through Bitcoin mining and hosting, groundbreaking managed services, energy arbitrage, operating traditional data centers, and capitalizing on emerging technologies like AI and machine learning. Headquartered in Miami, Florida, Hut 8 Corp.’s infrastructure portfolio includes eleven sites: five high performance computing data centers across British Columbia and Ontario that offer cloud, co-location, AI, machine learning, and VFX rendering computing solutions, and six Bitcoin mining, hosting, and managed services sites located in Alberta, New York, Nebraska, and Texas. Long-distinguished for its unique treasury strategy, Hut 8 Corp. has one of the highest inventories of self-mined Bitcoin of any publicly-traded company globally. For more information, visit www.hut8.com and 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 Hut 8 and New Hut expect or anticipate will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the business, 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. Specifically, such forward-looking information included in this press release includes statements relating to the anticipated complementary strengths of the parties to the Transaction; the diversification of the Company’s North American-wide operations; the Company’s plans to prioritize improvements of its self-mining operations while pursuing other near-term growth opportunities; and future growth in economical mining operations, high performance computing, extensive hosting operations, and the managed services business.

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 realize the anticipated benefits of the Transaction or implement the business plan for the Company, including as a result of difficulty in integrating the businesses of the companies involved (including the retention of key employees); the ability to realize synergies and cost savings, and to the extent, anticipated; the potential impact of the Transaction on mining activities; the potential impact of the announcement of 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; 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 mining sites; failure to implement business plans, forecasts, and other expectations; and failure 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 Hut 8, please see the “Risk Factors” section of Hut 8’s Registration Statement on Form S-4 dated November 7, 2023, available under New Hut’s EDGAR profile at www.sec.gov, in addition to the “Risk Factors” section of Hut 8 Mining Corp.’s Annual Information Form dated March 9, 2023, and Hut 8 Mining Corp.’s other continuous disclosure documents which are available under Hut 8 SEDAR+ profile at www.sedarplus.ca and under Hut 8 Mining Corp.’s EDGAR profile at www.sec.gov.

Hut 8 Corp. Investor Relations

Sue Ennis

sue@hut8.io

Hut 8 Corp. Media Relations

Erin Dermer

erin.dermer@hut8.io

Hut 8 and USBTC Announce Completion of Business Combination

Shares of Hut 8 Corp. common stock are expected to begin trading on Nasdaq and the TSX on December 4 under the ticker symbol “HUT”

Completion of the transaction creates a strong, diversified, and infrastructure rich organization with a pipeline of greenfield and brownfield opportunities

TORONTO and MIAMI, NOVEMBER 30, 2023 (GLOBE NEWSWIRE) – Hut 8 Mining Corp. (Nasdaq | TSX: HUT), (“Hut 8” or the “Company”) one of North America’s largest, most innovative digital asset mining pioneers and high performance computing infrastructure providers, proudly announces the completion of its business combination pursuant to which Hut 8 and U.S. Data Mining Group, Inc. dba US Bitcoin Corp (“USBTC”) have combined in an all-stock merger of equals (the “Transaction”). The combined company is named “Hut 8 Corp.” (“New Hut”) and is a U.S.-domiciled entity.

“This business combination is the largest M&A transaction that has ever transpired within our industry and represents a highly strategic union of two organizations with complementary strengths, that together, will prove to equal more than the sum of their parts,” said New Hut CEO Jaime Leverton. “We are excited to move forward and continue growing, with a pipeline of greenfield and brownfield opportunities, integration across the mining value chain, leading operational leverage and expertise, and diverse and uncorrelated fiat revenue streams.”

As a result of the Transaction, Hut 8 common shares will cease trading on Nasdaq and the Toronto Stock Exchange (“TSX”) prior to the open of trading on December 4, 2023. As of the open of trading on December 4, 2023, shares of New Hut common stock will trade on Nasdaq and the TSX under the ticker symbol “HUT.” Shareholders of Hut 8 received, for each Hut 8 share held, 0.2 of a share of New Hut common stock, which effectively resulted in a consolidation of the Hut 8 shares on a 5 to 1 basis. Stockholders of USBTC received, for each share of USBTC capital stock, 0.6716 of a share of New Hut common stock.

“Together, the strengthened New Hut team will work to drive growth in economical mining operations, high performance computing, extensive hosting operations, and our groundbreaking managed services business: an end-to-end enterprise model for energy infrastructure partnerships that covers everything from design and site construction to energy and property management,” said Asher Genoot, President of New Hut. “New Hut is laser-focused on driving efficiency and improvement across our spectrum of operations to ensure that we are well positioned and uniquely nimble as we approach the halving and beyond.”

New Hut has access to approximately 825 MW of gross energy across six sites with self-mining, hosting, and managed service operations:

  • It has 7.5 EH/s of installed self-mining capacity at six sites with current self-mining operations: Medicine Hat, AB; Drumheller, AB; Niagara Falls, NY; Kearney, NB; Granbury, TX; and King Mountain, TX. The 1.7 EH/s installed self-mining production at the King Mountain, TX site is owned by the King Mountain Joint Venture in which Hut 8 has a 50% membership interest alongside a leading energy partner (the “King Mountain JV”).
  • New Hut will manage 220 MW of hosting infrastructure at its King Mountain, TX site, powered by a mix of energy sources including wind and nuclear, supporting multiple clients, including some of the industry’s largest miners. Hosting is owned by the King Mountain JV.
  • New Hut will manage 680 MW of energy under its managed services division, powered by energy from a mix of sources including renewable and zero-emission in Kearney, NB and Granbury and King Mountain, TX. This unique, leading-edge service offering gives Bitcoin mine site owners the opportunity to have experts manage all day-to-day operations, hosting, site management, and maintenance using purpose-built site management software.

In addition, New Hut will offer enterprise customers cloud, colocation, AI, and Machine Learning services at its five high performance computing data centers located in Vancouver and Kelowna, British Columbia, and in the Greater Toronto Area in Ontario, Canada.

 

Jaime Leverton will serve as Chief Executive Officer of New Hut; Bill Tai will serve as Chair of New Hut’s Board of Directors; Asher Genoot will serve as President of New Hut; Mike Ho will serve as Chief Strategy Officer of New Hut; and Shenif Visram will serve as Chief Financial Officer of New Hut.

 

Advisors

 

Bennett Jones LLP and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to Hut 8 and Stifel GMP served as financial advisor to Hut 8.

 

Stikeman Elliott LLP and Greenberg Traurig acted as legal counsel to USBTC and Needham & Company served as financial advisor to USBTC.

 

Analyst Call

New Hut will host a webcast call announcing details of the closing of the transaction at 10 a.m. EST on Monday, December 4, 2023. The call is open to analysts, media, and investors who can join through the following link: https://ow.ly/pggV50Q9XgM

 

About Hut 8 Corp.

Through innovation, imagination, and passion, Hut 8 Corp.’s seasoned executive team is bullish on creating value at the intersection of infrastructure and energy through Bitcoin mining and hosting, groundbreaking managed services, energy arbitrage, operating traditional data centers, and capitalizing on emerging technologies like AI and machine learning. Headquartered in Miami, Florida, Hut 8 Corp.’s infrastructure portfolio includes eleven sites: five high performance computing data centers across British Columbia and Ontario that offer cloud, co-location, AI, machine learning, and VFX rendering computing solutions, and six Bitcoin mining, hosting, and managed services sites located in Alberta, New York, Nebraska, and Texas. Long-distinguished for its unique treasury strategy, Hut 8 Corp. has one of the highest inventories of self-mined Bitcoin of any publicly-traded company globally. For more information, visit www.hut8.com and 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 Hut 8 and New Hut expect or anticipate will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the business, 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. Specifically, such forward-looking information included in this press release includes statements relating to the anticipated complementary strengths of the parties to the Transaction, combined valuation of New Hut and the expectation that it will exceed the sum of its parts, pipeline of greenfield, brownfield and integration opportunities, trading of New Hut, and future growth in economical mining operations, high performance computing, extensive hosting operations, and the managed services business.

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 and New Hut 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 realize the anticipated benefits of the Transaction or implement the business plan for New Hut, including as a result of difficulty in integrating the businesses of the companies involved (including the retention of key employees); the ability to realize synergies and cost savings, and to the extent, anticipated; the potential impact of the Transaction on mining activities; the potential impact of the announcement of 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; 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 mining sites; failure of the Celsius transaction to receive the necessary legal approvals or failure of the Celsius transaction to otherwise close; failure to achieve the intended benefits of the Celsius transaction; failure to implement business plans, forecasts, and other expectations; and failure 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 New Hut, please see the “Risk Factors” section of New Hut’s Registration Statement on Form S-4 dated November 7, 2023, available under New Hut’s EDGAR profile at www.sec.gov, in addition to the “Risk Factors” section of Hut 8’s Annual Information Form dated March 9, 2023, and Hut 8 Mining Corp.’s other continuous disclosure documents which are available under Hut 8 SEDAR+ profile at www.sedarplus.ca and under Hut 8 Mining Corp.’s EDGAR profile at www.sec.gov.

Hut 8 Corp. Investor Relations

Sue Ennis

sue@hut8.io

Hut 8 Corp. Media Relations

Erin Dermer

erin.dermer@hut8.io