Mr. Jaime Leverton reports

HUT 8 ANNOUNCES HOSTING AGREEMENT FOR APPROXIMATELY 6,400 ASIC MINERS

Hut 8 Mining Corp. has entered a hosting agreement for approximately 6,400 ASIC (application-specific integrated circuit) miners previously energized at the company's North Bay site.

"Relocating our miners will provide us with approximately 600 PH/s [petahashes per second] of additional installed operating capacity," said Jaime Leverton, chief executive officer of Hut 8. "Once the machines are energized, our total installed hashrate will increase to approximately 3.2 EH/s [exahashes per second]."

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

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

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

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