Mr. Asher Genoot reports

HUT 8 OPERATIONS UPDATE FOR FEBRUARY 2024

Hut 8 Corp. has provided its operations report for February, 2024.

"With the goal of best positioning Hut 8 to create shareholder value ahead of and following the halving, we advanced a number of strategic initiatives designed to increase our operating scale and optimize our metrics in February," said Asher Genoot, chief executive officer of Hut 8. "We made excellent progress in building out our new 63-megawatt self-mining site in Culberson county, Texas, and at Ionic Digital's 240 MW Cedarvale site in Ward county, Texas. We also announced a new treasury strategy that will allow us to deploy our stack to strategically grow the business and we relentlessly focused on improving our operations."

Highlights:

• Hut 8 began providing managed services to Ionic Digital in February and is installing its purpose-built software and transition systems from the current third party provider at Ionic's four sites in Texas totalling 87 MW. The contract is reflected in the operations results herein.
• At Ionic Digital's Cedarvale site in Ward county, Texas, the Hut 8 team has received the first eight vertical exhaust units at site and is making progress on electrical work for the initial 35 MW phase of construction.
• The operations and asset management teams continued to conduct preventive maintenance at the Echo site at King Mountain, Texas, and optimize the fleets at the Foxtrot and Golf sites in Alberta by moving and conducting targeted repairs on miners to ensure maximum efficiency ahead of the halving.
• A go-forward plan for the Golf site in Drumheller, Alta., will be finalized and communicated shortly.
• Grading is complete at Hut 8's new 63 MW site in Culberson county, Texas, and the team has finalized the electrical engineering package and begun taking delivery of containers and transformers at the site.
• Despite volatility in energy prices in February, the team utilized mutually beneficial terms in the electric service agreement covering its Medicine Hat site, which provides the opportunity for both parties to benefit from high prices in the Alberta power market while helping to stabilize the electrical grid.
• Hut 8's digital asset mining geographical footprint includes the sites noted herein as of March 1, 2024.

About Hut 8 Corp.

Hut 8 is a bitcoin miner and energy infrastructure operator with self-mining, hosting, managed services and traditional data centre operations spanning 11 sites across North America. Headquartered in Miami, Fla., Hut 8 operates six bitcoin mining, hosting and managed services sites in Alberta, New York, Nebraska and Texas, and five high-performance computing data centres in British Columbia and Ontario.

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