Mr. Jaime Leverton reports

HUT 8 ANNOUNCES PURCHASE OF M30S EQUIPMENT FROM FOUNDRY

Hut 8 Mining Corp. has provided the following corporate update.

On Nov. 30, 2021, Hut 8 signed an agreement with Foundry Digital LLC to purchase 2,505 MicroBT M30S machines that are currently installed at the company's site in Medicine Hat, Alta., under a hosting arrangement between Hut 8 and Foundry. The purchase transaction is expected to close on Dec. 15, 2021, and will provide immediate incremental hash rate of 228 petahashes per second. This fleet of miners was owned by Foundry, one of the company's hosting clients, and will boost Hut 8's self-mining operating capacity, including the Nvidia GPUs (graphics processing units), to approximately 1.94 exahashes per second.

"We are excited to add incremental capacity stemming from the Foundry purchase to our self-mining operation, especially given the fact that the equipment is already on site and hashing," commented Jaime Leverton, chief executive officer of Hut 8. "The combination of the recently deployed Nvidia CMPs [cryptocurrency mining processors] and the MicroBT M30S miners from Foundry serves to enhance both the scale and efficiency of our self-mining operations and adds momentum to our machine installations. We value our ongoing strategic relationship with Foundry and will continue to explore new partnership opportunities with them going forward."

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. With two locations in energy-rich Alberta, Canada, and a third site under development in North Bay, Ont., 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 grow and protect shareholder value regardless of bitcoin's market direction. The company's multipronged business strategy includes profitable digital asset mining, 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 are believers in decentralized systems, stewards of powerful industry-leading solutions, and drivers of innovation in digital asset mining and high performance computing, with a focus on ESG (environmental, social and 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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