Ms. Jaime Leverton reports

HUT 8 MINING ANNOUNCES THIRD SITE STATUS UPDATE

Development of Hut 8 Mining Corp.'s third mining site, in conjunction with Validus Power Corp., is under way.

This site, located in North Bay, Ont., will begin with 35 megawatts of capacity and is expected to be on-line by the end of 2021. The North Bay site will enable Hut 8 to generate power using a blend of byproduct steam, hydrogen and natural gas, along with a secondary geothermal system that ties in the data centre facility.

"We couldn't be more excited to diversify our power blend across the country and to continue to take advantage of Canada's favourable climate," said Jaime Leverton, chief executive officer of Hut 8. "This third location demonstrates our commitment to sustainable technological innovation as we continue to expand our operations and strive to remain an industry-leading bitcoin miner."

Earlier this year, the company reported it would be developing a third site in Alberta, Canada. Supply chain constraints and COVID disruptions in Alberta challenged the development timelines, and therefore, a strategic decision has been made to accelerate the development of the third site at a Validus-owned location in North Bay, Ont.

"We've been working very closely with Hut 8 to advance our collective clean energy strategies and power efficiency," commented Todd Shortt, president and chief executive officer of Validus Power. "This is a unique combination of power and data centre operations. We are thrilled to launch this site in Northern Ontario."

About Hut 8 Mining Corp.

Hut 8 is one of North America's largest innovation-focused digital asset miners, supporting open and decentralized systems since 2018. Located in energy-rich Alberta, Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined bitcoin than any crypto miner or publicly traded company globally. Hut 8 is executing on its commitment to mining and holding bitcoin, and has a diversified business and revenue strategy to increase and protect shareholder value regardless of bitcoin's market direction. The company's multipronged business strategy includes profitable digital asset mining and white-label high performance compute hosting, as well as yield and income programs, leveraging its bitcoin held in reserve. Having demonstrated rapid growth and a stellar balance sheet, Hut 8 was the first publicly traded miner on the Toronto Stock Exchange and the first Canadian miner to be listed on the Nasdaq Global Select Market. Hut 8's team of business-building technologists is a believer in decentralized systems, a steward of powerful industry-leading solutions, and a driver of innovation in digital asset mining and high performance computing, with a focus on ESG (environmental, social and corporate governance) alignment. Through innovation, imagination and passion, Hut 8 is helping to define the digital asset revolution to create value and positive impacts for its shareholders and generations to come.

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