Mr. Asher Genoot reports

HUT 8 SELECTED BY CELSIUS DEBTORS TO BUILD OUT CEDARVALE, TEXAS SITE

Hut 8 Corp. has signed an interim agreement to build out and install mining operations in connection with the Celsius Network LLC bankruptcy proceedings at a site in Cedarvale, Tex. Once complete, the site will house approximately 66,000 miners and be powered by more than 215 megawatts of energy.

"We believe that the strength of Hut 8's managed services business with 680 megawatts currently under management, coupled with our track record of swiftly standing up mining infrastructure and efficiently running and optimizing operations, were key factors in being chosen as the partners for this project," said Asher Genoot, president of Hut 8. "Our goal is twofold: to build equity with creditors of Celsius while also growing the strength and vitality of our managed services business, which we anticipate will have more than 895 megawatts of infrastructure under our umbrella once the site is up and running."

Under the interim agreement with Celsius Mining LLC, Hut 8 will provide end-to-end development services for the Cedarvale site, and construction is expected to begin in the coming weeks. The scope of the services to be provided includes site design, engineering, financial modelling, budgeting, accounting, construction management, procurement, logistics and RFP (request for proposal) co-ordination.

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 centers, and capitalizing on emerging technologies like AI (artificial intelligence) and machine learning. Headquartered in Miami, Fla., Hut 8 Corp.'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.

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