Hut 8 Mining Production and Operations update for December 2022

161 Bitcoin mined in December

3,568 Bitcoin It was mined during 2022

100% Bitcoin Mined added to balance in 2022 increasing reserves by 65% ​​to 9,086 BTC

TORONTO, January 6, 2023 /PRNewswire/ – Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (“Hut 8” or the “Company”) one of North America the largest, innovation-driven digital asset mining pioneer and high-performance computing infrastructure provider, Bitcoin In the period ended December 31, 161 holdings increased, bringing our total self-mined holdings to 9,086. Bitcoin.

Hut 8 Mining Corp Logo (CNW Group/Hut 8 Mining Corp)

Production highlights for December 2022:

  • 161 Bitcoin was created, resulting in an average production ratio of about 5.2 Bitcoin per day

  • 100% self-mined, in line with our long-standing HODL strategy Bitcoin was taken into custody in December

  • General Bitcoin balance held in reserve as of date December 31 9,086 – a 65% increase from the balance at the end of 2021

  • Built-in ASIC hashrate capacity in Hut 8 Alberta facilities at the end of the month was 2.5 EH/s

  • Hut 8 produced 64.4 BTC/EH in December

Operational points:

  • During operations North Bay remains suspended, as previously announced, Hut 8 continues to explore alternatives to mitigate the site impact of a dispute with a third-party energy supplier, including organic and inorganic growth opportunities.

  • We welcomed new CFO Shenif Visram to the Hut 8 leadership team in mid-December.

“I am proud of the team’s collective and continued tenacity and perseverance during the headwinds of late Q4 2022,” he said. Jaime Leverton, CEO. “Despite challenging market forces, we’ve continued to grow our largest unburdened, self-mined product. Bitcoin The board of any publicly traded company welcomed our new CFO, Shenif Visram, and our balance sheet-first approach positions us well for 2023.”

About Hut 8

Hut 8 is one of the largest innovation-driven digital asset miners in North America, led by a team of business-building technologists. bitcoin, bridges the gap between blockchain, Web 3.0, and the emerging and traditional worlds of high-performance computing. With two digitally active mining sites located in Southern Alberta and a third site in the North Bay, OntarioHut 8, all located in Canada, has one of the highest capacity rates in the industry and one of the highest no-load, self-mined reserves. Bitcoin of any digital asset miner or publicly traded company globally. With 36,000 square feet of geo-diverse data center space and cloud capacity connected to grids powered by significant renewable and emission-free resources, Hut 8 revolutionizes conventional assets to create the first hybrid data center model that serves both traditional high-performance computing. (Web 2.0) and emerging digital asset computing sectors, blockchain gaming and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Options Market. Through innovation, imagination and passion, Hut 8 is helping to define the digital asset revolution to create value and positive impact for its shareholders and future generations.

Cautionary Note Regarding Forward-Looking Information

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws (collectively, “forward-looking information”), respectively. This press release contains all information, other than statements of historical fact, relating to the activities, events or developments that the Company expects or anticipates or may occur in the future, including future business strategy, competitive strengths, objectives, expansion. and the Company’s business growth, operations, plans and other such matters are forward-looking statements. Forward-looking information is often expressed in words such as “may”, “could”, “could”, “should”, “would”, “intend”, “plan”, “expect”, “allow”, “believe”. is determined. “anticipate”, “expect”, “anticipate”, “could”, “potential”, “potential”, “estimate”, “intend”, “likely” or similar expressions. In addition, any statements in this press release that refer to expectations, predictions or other characterizations of future events or circumstances contain forward-looking information and include, among others, statements regarding: Bitcoin network dynamics; The company’s ability to develop a long-term HODL strategy; the company’s ability to produce more Bitcoin and maintain existing productivity indicators in all areas; The company’s ability to deploy additional miners; the Company’s ability to continue to efficiently mine digital assets; the Company’s expected recurring revenue and growth rate from its high-performance computing business; and the Company’s ability to successfully navigate the current market.

Statements that contain forward-looking information are not historical facts, but rather reflect management’s expectations, estimates and projections of future events based on certain important factors and assumptions at the time the statement is made. Although believed to be 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 could cause actual results, levels of activity, performance or achievements to differ materially. including, but not limited to, security and cyber security threats and hacks, malicious actors or botnets expressed or implied by such forward-looking statements Bitcoin network, further development and adoption of the Bitcoin network, changes Bitcoin mining difficulty, loss or destruction of private keys, increased fees for recording transactions on the Blockchain, erroneous transactions, reliance on a limited number of key workers, reliance on third-party mining pool service providers, regulatory changes, classification and tax changes, velocity price risk, fraud and failure related to the exchange of digital assets, difficulties in obtaining banking services and financing, difficulties in obtaining insurance, permits and licenses, internet and power outages, geopolitical events, uncertainty in the development of cryptographic and algorithmic protocols, the adoption or widespread adoption of digital assets usage, technological innovations, COVID19 pandemic, climate change, currency risk, credit risk and recovery of potential losses, litigation risk, business integration risk, changes in market demand, network and infrastructure changes, system outages, leasing agreement Achieving the intended benefits of changes in s, failure of power purchase agreements, the potential for power to be delivered or interrupted to the Company’s mining sites and other risks related to the digital asset and data center business. For a complete list of factors that may affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 17, 2022 and Hut 8’s other continuous disclosure documents available in the Company’s profile on the System. For Electronic Document Analysis and Retrieval at and the EDGAR section of the US Securities and Exchange Commission at

These factors are not intended to provide an exhaustive list of factors that may affect Hut 8; however, these factors must be carefully considered. There can be no assurance that such estimates and assumptions will prove to be correct. If one or more of these risks or uncertainties materialize, or if the assumptions underlying the forward-looking statements prove incorrect, actual results could differ materially from those described in this press release as intended, planned, expected, believed, sought, suggested, or estimated. may vary. projected, expected, predicted or targeted and such forward-looking statements contained in this press release should not be relied upon unduly. The effect of any assumption, risk, uncertainty or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and Hut 8’s future decisions and actions will depend on management’s assessment of all information at the appropriate time. The forward-looking statements contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or change any forward-looking information or statements that contain the factors or assumptions underlying them. the result of new information, future events or other circumstances, except as required by law.



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