Mr. Todd Shortt reports

HUT 8 FINALIZES KEY POWER PURCHASE AGREEMENT THROUGH PARTNERSHIP WITH VALIDUS POWER CORP.

Hut 8 Mining Corp. has entered into a power purchase agreement with Validus Power Corp. to support Hut 8's Alberta operations. The PPA represents the latest development in the strategic partnership between Hut 8 and Validus Power that was first announced on Feb. 22, 2021.

This power agreement will enable Hut 8 to initially secure up to 100 megawatts of new power from the project on a physical off-take basis at highly competitive pricing. The agreement includes significant optionality to expand Hut 8 Mining operations if the company decides to scale beyond the first 100 megawatts. The anticipated commercial operation launch date of an initial 35 megawatts is early Q4 2021.

A portion of the energy production for the project will be generated from captured waste gas and converted to electricity by leveraging cutting-edge mobile power plant solutions to be provided by Validus Power, which will support and advance Hut 8's long-term ESG (environmental, social and corporate governance) objectives.

"We are thrilled to have the opportunity to announce this cutting-edge power expansion project. This project is key to Hut 8 Mining's strategy of being a leader in procuring cost-effective power and advancing innovative mining practices," said Jaime Leverton, chief executive officer of Hut 8 Mining.

"This agreement represents a commitment to growth and sustainability in the bitcoin mining space," said Todd Shortt, president and chief executive officer of Validus Power. "We are seeing the convergence of bitcoin adoption and energy grow at a rapid pace which is creating demand for power that is generated efficiently, delivered faster and with the environment as a priority. Our commitment to innovation and efficiency enables us to provide highly scalable and competitively priced power. We couldn't be more pleased to make this announcement with such a bold industry leader and we look forward to growing our relationship with Hut 8."

The PPA is contingent on Validus Power obtaining land rights and gas supply at a site in central Alberta as required to deliver up to 100 megawatts of capacity to Hut 8's Alberta operations, and is subject to successful permitting and regulatory approvals in connection with the project.

About Hut 8 Mining Corp.

Hut 8 is one of North America's oldest, largest and most innovative bitcoin miners. Hut 8 has one of the highest installed capacity rates in the industry and is No. 1 globally in held, self-mined bitcoin of any crypto miner or publicly traded company. Recently ranked 11th (of 10,000) on the 2021 OTCQX Best 50, the Hut 8 leadership team is continually looking for ways to accelerate innovation in high performance computing and the blockchain ecosystem. The company is a steward of powerful, industry-leading solutions and driver of innovation in digital asset mining and high performance computing.

Hut 8 applies a growth mindset to its revenue diversification, ESG and carbon footprint reduction strategy. It is a company committed to growing shareholder value regardless of bitcoin market direction.

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