An anonymous director reports

HUT 8 PROVIDES UPDATE ON BUSINESS COMBINATION WITH USBTC: OBTAINS FINAL ORDER FOR PLAN OF ARRANGEMENT FROM THE SUPREME COURT OF BRITISH COLUMBIA

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), the Supreme Court of British Columbia has issued a final order approving the arrangement.

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. Closing of the transaction remains subject to certain conditions, including USBTC's registration statement becoming effective, the approval of USBTC's stockholders and other closing conditions customary in transactions of this nature. If all necessary conditions to the completion of the transaction are satisfied or waived, it is expected that the transaction will be completed during the fourth quarter of 2023. 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 company reminds registered shareholders to promptly deliver a duly completed and signed letter of transmittal to Computershare Investor Services Inc. in order to receive their shares of New Hut common stock upon closing of the transaction.

A copy of the letter of transmittal, including instructions on its completion, and the company's management information circular dated Aug. 11, 2023, which contains further information on the transaction, can each be found on the company's website, and 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 (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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