Ms. Jaime Leverton reports

HUT 8 MINING PRODUCTION AND OPERATIONS UPDATE FOR SEPTEMBER 2023

Hut 8 Mining Corp. mined 111 bitcoin in September, 2023.

Production highlights for September 2023:

• 111 Bitcoin were generated, resulting in an average production rate of approximately 3.7 Bitcoin per day
• No Bitcoin were sold during the month
• Total balance of Bitcoin in reserve was 9,366 on September 30 - 7,269 of which were unencumbered
• Installed ASIC hashrate capacity at our Alberta facilities was 2.6 EH/s at the end of the month
• Hut 8 produced 42.7 BTC/EH in September

Additional highlights:

• At a special meeting held on September 12, shareholders of the Company overwhelmingly approved the proposed business combination (the "Transaction") with U.S. Data Mining Group, Inc. dba US Bitcoin Corp ("USBTC"), to be effected by way of a court approved plan of arrangement (the "Arrangement") under the Business Corporations Act (British Columbia), an important step toward completing the Transaction
• On September 15, the Supreme Court of British Columbia issued a final order approving the Arrangement, a key requirement to completing the Transaction with USBTC

"Progress toward completing our transaction with USBTC continues, and we're grateful to our shareholders who demonstrated their overwhelming support by voting in favour of the merger," said Jaime Leverton, CEO of Hut 8. "The vote, along with the Supreme Court of British Columbia's approval of our plan of arrangement, continue to advance us toward a new Hut 8, which will have highly diversified fiat revenue streams in high performance computing, hosting, and managed infrastructure operations, all of which are intended to capture upside and solve for the challenges that single-threaded miners will face going into the next halving."

About Hut 8

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 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, A.I., 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. Follow us on X (formerly known as Twitter) at @Hut8Mining.

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