Mr. 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 United States-domiciled entity. The transaction is expected to establish New Hut as a large-scale, publicly traded bitcoin (BTC) 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 (SEC).

"We look forward to securing SEC clearance for New Hut's registration statement in the very near term while we work to complete this merger of equals," said Jaime Leverton, chief executive officer of Hut 8. "We believe that, once completed, New Hut will be a strengthened, dynamic business backed by both bitcoin and considerable fiat revenues generated from robust North American-wide hosting, mining infrastructure and high-performance computing 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.

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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