Ms. Jaime Leverton reports

HUT 8 OPERATIONS UPDATE FOR NOVEMBER 2023

Hut 8 Corp. has released its first operational update, with more detailed reporting metrics, following the completion of the business combination pursuant to which Hut 8 Mining Corp. and U.S. Data Mining Group Inc., doing business as U.S. Bitcoin Corp. (USBTC), combined in an all-stock merger of equals to form the company.

Hut 8's expanded digital asset mining geographical footprint now includes the sites shown in the associated table.

"Our first operations report since completing our merger at the end of November not only showcases the diversification of our power and business portfolios across our North American-wide operations, but it also quantifies the significant scale that our business combination has created," said Jaime Leverton, chief executive officer of Hut 8. "As we move forward as a new, strengthened team, we are prioritizing improving the efficiency of our self-mining operations, particularly in Canada, while simultaneously pursuing near-term growth initiatives that we believe will more favourably position Hut 8 leading into the new year."

Highlights:

• On Nov. 30, Hut 8 Mining and USBTC announced the completion of their previously announced business combination, pursuant to which the companies combined in an all-stock merger of equals to form Hut 8, a U.S.-domiciled entity, which began trading under the stock symbol HUT on the Nasdaq and Toronto Stock Exchange on Dec. 4.
• The operations team began piloting the company's purpose-built software at Hut 8's Foxtrot facility in Medicine Hat and Golf site in Drumheller in late November, providing the company with more granular reporting on the health and efficiency of its fleet and infrastructure.
• In mid-November, Hut 8 launched its high-performance computing (HPC) Cloud Portal, which gives new and existing HPC clients direct access to Hut 8 GPUs and seamless control to provision workloads in just minutes through an intuitive Web interface.

About Hut 8 Corp.

Through innovation, imagination and passion, Hut 8's seasoned executive team is bullish on creating value at the intersection of infrastructure and energy through bitcoin mining and hosting, groundbreaking managed services, energy arbitrage, operating traditional data centres, and capitalizing on emerging technologies like AI (artificial intelligence) and machine learning. Headquartered in Miami, Fla., Hut 8's infrastructure portfolio includes 11 sites: five high performance computing data centres across British Columbia and Ontario that offer cloud, co-location, AI, machine learning and VFX (visual effects) rendering computing solutions; and six bitcoin mining, hosting and managed services sites located in Alberta, New York, Nebraska and Texas. 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.