Mr. Andrew Kiguel reports

HUT 8 ANNOUNCES SUCCESSFUL RE-NEGOTIATIONS TO KEY AGREEMENTS WITH BITFURY AND REFINANCE OF DEBT

Hut 8 Mining Corp.'s amendments to key agreements with Bitfury Holding BV have now been successfully finalized. This is further to the press release on Jan. 28, 2020.

As part of this transaction, Hut 8 has repaid $4.75-million (U.S.) of debt and $1-million (U.S.) of outstanding interest to Bitfury via a new $5-million (U.S.) loan from Genesis Global Capital, LLC and Hut 8's cash on hand. The terms of the new loan with Genesis include a 9.85-per-cent coupon per annum and a 12-month term with a bullet repayment. This refinancing will decrease Hut 8's interest costs by 2.15 per cent per annum which equal savings of approximately $136,000 annually.

The amendments to key agreements allow for increased autonomy for Hut 8 and a reduction of costs up to $2-million annually, while still maintaining Bitfury as a key strategic partner and shareholder.

About Hut 8 Mining Corp.

Hut 8 is a bitcoin mining company with industrial-scale operations in Canada.

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