Ms. Jaime Leverton reports

HUT 8 ANNOUNCES EFFECTIVENESS OF REGISTRATION STATEMENT ON FORM S-4 IN CONNECTION WITH MERGER WITH US BITCOIN CORP

Hut 8 Mining Corp. has provided an update on the proposed business combination pursuant to which Hut 8 and U.S. Data Mining Group Inc., doing business as U.S. Bitcoin Corp. (USBTC), 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.

The registration statement on Form S-4, initially filed with the U.S. Securities and Exchange Commission by New Hut (as amended, the registration statement), was declared effective by the SEC on Nov. 9. The registration statement was filed in connection with the previously announced transaction.

"We have made a significant stride toward closing the transaction now that New Hut's registration statement has been declared effective by the SEC," said Jaime Leverton, Hut 8 chief executive officer. "We are now working to complete the final approvals prior to closing the transaction, which includes obtaining approval of the USBTC stockholders, so we can move forward as a vibrant and strengthened company focused on economical mining and highly diversified fiat revenue streams from high-performance computing, hosting and managed services -- the maintenance and management of third party mining sites using purpose-built software -- which we believe is poised to capture upside as we near the halving."

Upon the closing of the transaction, the common stock of New Hut is expected to be listed on the Nasdaq and the Toronto Stock Exchange under the proposed ticker symbol HUT.

The transaction is expected to close by Nov. 30, 2023, subject to USBTC stockholder approval and other customary closing conditions.

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 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, artificial intelligence, 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.

We seek Safe Harbor.