Hut 8 Mining Production and Operations Update for October 2022

299 Bitcoin mined, bringing reserves to 8,687

TORONTO, November 3, 2022 /PRNewswire/ — Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT), (“Hut 8” or the “Company”) one of North America leading innovation-driven digital asset mining pioneers and provider of high-performance computing infrastructure, increased our Bitcoin holdings by 299 in the period ending October 31, bringing our total holdings self-mined at 8,687 Bitcoin.

Production Highlights for October 2022:

• 299 Bitcoin were generated, giving an average production rate of around 9.6 Bitcoin per day
• In line with our long-standing HODL strategy, 100% of self-mined Bitcoins in October were taken into custody
• Total balance of Bitcoin held in reserve at October 31 is 8,687
• Installed ASIC hashrate capacity was 3.07 EH/s at the end of the month, which excludes some legacy miners that are expected to be fully replaced by the end of the year
• Hut 8 produced 97.4 BTC/EH in October

“We continue to optimize our fleet to improve hashrate efficiency in our mines,” said Jaime Leverton, CEO. “With a balance sheet-focused approach, we continue to manage this bear market well, backed by the largest self-operating unencumbered bitcoin stack of any publicly traded company.”

About Hut 8

Hut 8 is one of North America’s largest innovation-driven digital asset miners, led by a team of start-up technologists, bullish on bitcoin, blockchain, web 3.0 and connecting the nascent and traditional worlds of high-performance computing. With two digital asset mining sites located in southern Alberta and a third site in North Bay, Ontario, all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined Bitcoin of any crypto miner or listed company in the world. world. With 36,000 square feet of geo-diverse data center space and cloud capacity connected to power grids powered by significant renewable and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first model of data center hybrid that serves both traditional high-performance computing (Web 2.0) and the nascent sectors of digital asset computing, blockchain gaming and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select Market. Through innovation, imagination and passion, Hut 8 helps define the digital asset revolution to create value and positive impacts for its shareholders and generations to come.

Caution 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, respectively (collectively, “forward-looking information”). All information, other than statements of historical fact, included in this press release that addresses activities, events or developments that the Company expects or anticipates will or may occur in the future, including such matters as future business strategy, competitive forces, objectives, business expansion and growth, operations, plans of the Company and other similar matters constitute forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “enable”, ” believes”, “estimates”, “expects”, “predicts”, “may”, “could”, “potential”, “predicts”, “is designed to”, “probable” or similar expressions. In addition, any statements in this press release that refer to expectations, projections, or other characterizations of future events or circumstances contain forward-looking information and include, among other things, statements regarding: Bitcoin network dynamics ; the Company’s ability to advance its long-standing HODL strategy; the Company’s ability to produce additional bitcoin and maintain existing productivity rates at all sites; the Company’s ability to deploy additional miners; the Company’s ability to continue to operate digital assets effectively; the Company’s expected recurring revenues and the growth rate of its high-performance computing business; and the Company’s ability to successfully navigate the current market.

Statements containing forward-looking information are not historical facts, but rather represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. Although believed to be reasonable by Hut 8 as of the date of this press release, these statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results, the level of business, performance or achievements are 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 the botnet gaining control of processing power over the bitcoin network, development and acceptance of the bitcoin network, changes to bitcoin mining difficulty, loss or destruction of private keys, increased transaction registration fees in the Blockchain, erroneous transactions, use of a limited number of key employees, use of third-party mining pool service providers , regulatory changes, classification and tax changes, dynamic pricing risk, fraud and failure related to cryptocurrency exchanges, difficulty in obtaining service and funding banking information, difficulty in obtaining insurance, permits and licenses, system outages. internet and mainstream, geopolitical events, uncertainty in the development of cryptographic and algorithmic protocols, uncertainty in the acceptance or widespread use of cryptocurrency, inability to anticipate technological innovations, the COVID19 pandemic, climate change , currency risk, lending risk and recovery of potential losses, litigation risk, business integration risk, changes in market demand, network and infrastructure changes, system disruption, changes to lease agreements and other risks related to the cryptocurrency and data center business. For a complete list of factors that could affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 17, 2022 and Hut 8’s other continuous disclosure documents which are available on profile of the Company on the System. for electronic document scanning and retrieval at www.sedar.com and the EDGAR section of the United States Securities and Exchange Commission’s website at www.sec.gov.

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

CONTACT: Hut 8 Investor Relations: Sue Ennis, [email protected]; Hut 8 Media Relations: Yamini Coen, [email protected]

Logo – https://mma.prnewswire.com/media/1936977/Hut_8_Mining_Corp_Hut_8_Mining_Production_and_Operations_Update.jpg

SOURCE Hut 8 Mining Corp