An anonymous director reports

HUT 8 ANNOUNCES RECEIPT OF INTERIM ORDER AND FILING OF MANAGEMENT INFORMATION CIRCULAR IN CONNECTION WITH THE BUSINESS COMBINATION WITH US BITCOIN

In connection with Hut 8 Mining Corp.'s previously announced business combination with U.S. Data Mining Group Inc., doing business as U.S. Bitcoin Corp. (USBTC), to be effected by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia), Hut 8 Mining has obtained an interim order from the Supreme Court of British Columbia. The interim order provides for, among other things, the holding of a special meeting of the holders of common shares of the company to approve the arrangement. The special meeting is scheduled to be held on Sept. 12, 2023, at 10 a.m. ET, and the record date for determining shareholders entitled to receive notice of and vote at the special meeting has been fixed as the close of business on Aug. 8, 2023.

The company has filed the management information circular and related materials in respect of the special meeting that will be mailed to shareholders under the company's profile on SEDAR and EDGAR and on the Hut 8 website. The management information circular and related materials provide details of the special meeting and how shareholders or their duly appointed proxyholders can attend, access and participate in the special meeting.

The completion of the transaction is subject to certain conditions, including the receipt of the requisite approval from the shareholders, the final order of the Supreme Court of British Columbia at an application which is scheduled for Sept. 15, 2023, and other closing conditions customary in transactions of this nature. If all necessary approvals are obtained and the conditions to the completion of the transaction are satisfied or waived, it is currently anticipated that the transaction will be completed by Sept. 30, 2023.

Shareholder questions and assistance

If you have any questions or require more information with respect to the procedures for voting, please contact the company's proxy solicitation agents -- Alliance Advisors at 1-888-511-2641 toll-free in North America or by e-mail at Hut8@allianceadvisors.com if you are a retail Hut 8 shareholder; or Morrow Sodali at 1-888-777-2059 toll-free in North America, 1-289-695-3075 call collect outside of North America or by e-mail at assistance@morrowsodali.com if you are an institutional Hut 8 shareholder.

About Hut 8 Mining Corp.

Through innovation, imagination and passion, Hut 8's seasoned executive team is bullish on building and operating computing infrastructure that powers bitcoin mining, traditional data centres and emerging technologies like AI (artificial intelligence) and machine learning. Hut 8's infrastructure portfolio includes seven sites: five high performance computing data centres across British Columbia and Ontario that offer cloud, co-location and managed services, AI, machine learning, and VFX (visual effects) rendering computing solutions; and two bitcoin mining sites located in Southern Alberta. Long distinguished for its unique treasury strategy, Hut 8 has one of the highest inventories of self-mined bitcoin of any publicly traded company globally.

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