Ms. Jaime Leverton reports

HUT 8 MINING PRODUCTION AND OPERATIONS UPDATE FOR JUNE 2023

Hut 8 Mining Corp. mined 120 bitcoin (BTC) in June, 2023.

Production highlights for June, 2023:

• 120 bitcoin were generated, resulting in an average production rate of approximately four bitcoin per day;
• 217 bitcoin -- 100 per cent of bitcoin produced in May and 70 bitcoin produced in June -- were sold during the month for proceeds totalling $7.9-million;
• Total balance of bitcoin in reserve is 9,136 -- 8,289 of bitcoin in reserve is unencumbered;
• Installed ASIC (application-specific integrated circuit) hashrate capacity at the company's Alberta facilities was 2.6 EH/s (exahashes per second) at the end of the month;
• Hut 8 produced 46.2 BTC/EH in June.

Operational highlights:

• In June, 2023, the company's repair and restoration efforts at its Drumheller, Alta., site continued as the team repaired more than 3,700 hashboards throughout the month. The company's focus is on reinstallation and energization of the repaired miners while continuing to complete repairs on other miners.
• Earlier this month, Interior Health, the health authority for Southern British Columbia, signed a five-year agreement for co-location services with Hut 8 at the company's flagship Kelowna data centre.
• Hut 8 disclosed in an amendment to its Form S-4 registration statement filed in mid-June that it expects the installed self-mining capacity of Hut 8 to be 7.5 EH/s, assuming the completion of the proposed all-stock merger of equals between United States Data Mining Group Inc., doing business as U.S. Bitcoin Corp. (USBTC), and Hut 8. This includes the 1.8 EH/s installed self-mining capacity at the King Mountain, Tex., site which is owned by a joint venture in which USBTC has a 50-per-cent membership interest alongside a leading energy partner.
• On June 26, Hut 8 announced that it entered a $50-million (U.S.) credit facility with Coinbase Credit Inc.

"June was very productive, with key developments across our mining and high-performance computing operations businesses, and progress on obtaining key regulatory approvals related to the merger with USBTC," said Jaime Leverton, chief executive officer. "We are committed to keeping that momentum going as we work diligently at closing the transaction with USBTC."

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 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.

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