Mr. Jaime Leverton reports

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

Glass Lewis & Co., the second-largest American proxy advisory services company in North America, 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. (U.S. Bitcoin Corp. (USBTC)).

The recommendation comes as Hut 8 continues to make progress on the transaction, pursuant to which Hut 8 and USBTC will combine in an all-stock merger of equals. The combined company will be named Hut 8 Corp. and will be a United States-domiciled entity. New Hut intends to list its shares on the Nasdaq Stock Market 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.

This recommendation follows Institutional Shareholder Services Inc., the world's leading provider of corporate governance and responsible investment solutions, recommending that Hut 8 shareholders vote in favour of the resolutions. The details of that announcement can be found on-line.

"As we continue to make progress toward closing the transaction with USBTC, we are very pleased that Glass Lewis has recommended Hut 8 shareholders vote in favour of all resolutions to establish New Hut," said Jaime Leverton, chief executive officer of Hut 8. "With the two top proxy advisory firms in North America advising shareholders to approve this merger, we look forward to completing this transaction and forming 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, USBTC's registration statement 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 any questions or who have not received their control number should contact the company's proxy solicitation agent, Alliance Advisors, at 1-888-511-2641 toll-free in North America or by e-mail.

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.

Institutional shareholders

If you are an institutional Hut 8 shareholder and have any issues or questions, contact Morrow Sodali at 1-888-777-2059 toll-free in North America, outside of North America call collect 1-289-695-3075 or by e-mail.

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.

We seek Safe Harbor.