Ms. Jaime Leverton reports

INDEPENDENT PROXY ADVISORY FIRM ISS RECOMMENDS HUT 8 SHAREHOLDERS VOTE FOR MERGER OF EQUALS WITH US BITCOIN CORP

Institutional Shareholder Services Inc. (ISS), the world's leading provider of corporate governance and responsible investment solutions, has recommended that Hut 8 Mining Corp. shareholders vote in favour of the resolutions approving the proposed business combination with U.S. Data Mining Group Inc., doing business as U.S. Bitcoin Corp. (USBTC).

The recommendation comes as Hut 8 continues to make progress on the transaction, pursuant to which Hut 8 and U.S. Data Mining Group, doing business as U.S. Bitcoin, 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. New Hut intends to list its shares on Nasdaq and the Toronto Stock Exchange under the trading symbol HUT following the completion of the transaction, subject to the approval of Nasdaq and the TSX. 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's combined balance sheet is expected to provide New Hut with greater financial stability, enhance its ability to navigate market cycles, and increase its ability to expand and invest in new opportunities.

"We continue to make progress toward closing the transaction with USBTC and are very pleased that ISS has recommended that Hut 8 shareholders vote in favour of all resolutions to establish New Hut," said Jaime Leverton, chief executive officer of Hut 8. "We believe that once completed, the merger will establish a strengthened, dynamic business backed by both bitcoin and fiat revenues generated from robust North America-wide operations."

The completion of the transaction is subject to certain conditions, including the receipt of the requisite approval from the shareholders of Hut 8 and the stockholders of USBTC, the final order of the Supreme Court of British Columbia at an application which is scheduled for Sept. 15, 2023, the S-4 becoming effective, 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 voting instructions

All shareholders of record have been sent their confidential control number by mail. Any shareholders who have not received their control number should contact our proxy solicitation agents, Alliance Advisors, at 1-888-511-2641, toll-free in North America, or by e-mail at Hut8@allianceadvisors.com.

Shareholders can vote in the following ways:

• On-line, using the control number sent to the shareholder address on file;
• By telephone at 1-800-474-7493 (English) or 1-800-474-7501 (French);
• By mail, by returning the voting instruction form that has been sent to the shareholder address on file.

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.

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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