Ms. Jaime Leverton reports

HUT 8 ANNOUNCES VOTING RESULTS FROM SPECIAL MEETING

At Hut 8 Mining Corp.'s special meeting of shareholders held today, shareholders of the company voted 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), all as further described in the management information circular dated Aug. 11, 2023, in respect of the meeting.

"I am so grateful that our shareholders have overwhelmingly approved the transaction; this successful vote is noteworthy because it reflects how engaged and supportive they are of our merger of equals," said Hut 8 chief executive officer Jaime Leverton. "Our focus now moves to completing the final steps necessary to complete the transaction with USBTC and move forward as a new Hut 8 focused on economical mining and highly diversified revenue streams, including from high performance computing, hosting and managed infrastructure operations -- the maintenance and management of third party mining sites using purpose-built software."

Pursuant to the transaction, Hut 8 and USBTC will combine in an all-stock merger of equals and the combined company will be named Hut 8 Corp. (New Hut) and 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.

The approval of the resolutions in respect of the transaction were voted as shown in the attached table.

The completion of the transaction is subject to certain conditions, including 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.

Further disclosure on the matters of the meeting and transaction can be found in the circular available on the company's profile on SEDAR+ or on EDGAR.

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 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, managed services, AI, machine learning and VFX 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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