Ms. Jaime Leverton reports

HUT 8 PROVIDES UPDATE ON BUSINESS COMBINATION WITH USBTC

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

New Hut has filed a further amendment to its Form S-4 registration statement with the U.S. Securities and Exchange Commission. As disclosed in the amended registration statement, New Hut's expected installed self-mining capacity has increased from the previously disclosed 7.02 exahashes per second to 7.5 exahashes per second at mining facilities in Medicine Hat and Drumheller, Alta.; Niagara Falls, N.Y.; Kearney, Neb.; and Granbury and King Mountain, Tex., upon the close of the transaction. The improvement is due to the energization of additional miners at USBTC's sites. The 1.7-exahash-per-second installed self-mining capacity at the King Mountain, Tex., site is owned by the joint venture in which USBTC has a 50-per-cent membership interest alongside a leading energy partner.

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

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

About Hut 8 Mining Corp.

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

We seek Safe Harbor.