Ms. Jaime Leverton reports

HUT 8'S DIGITAL ASSET MINING OPERATIONS TO BE 100 PER CENT SELF-MINED

Hut 8 Mining Corp. has entered into an agreement with TAAL to conclude its hosting relationship and purchase 960 MicroBT Whatsminer M31S+, effective May 1, 2022. The ASIC miners are currently installed and running at the company's mining facility in Medicine Hat on behalf of TAAL.

The machines are expected to provide an immediate incremental hash rate of 81 petahashes per second, bringing Hut 8's total hash rate to 2.62 exahashes per second.

"The incremental capacity will deliver an immediate hash rate benefit as ASIC miners are already on site, installed and hashing," said Jaime Leverton, chief executive officer of Hut 8. "Over the past 18 months, we have pursued a strategy that is unique among our peer group: in addition to digital asset mining, we support clients with high-performance computing, cloud hosting and collocation services at our five Canadian data centres so they can succeed in the burgeoning blockchain and Web 3.0 industries."

Once the acquisition is complete, Hut 8's operations at all mining sites will be 100 per cent allocated to self-mining.

About Hut 8 Mining Corp.

Hut 8 is one of North America's largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on bitcoin, blockchain, Web 3.0, and bridging the nascent and traditional high-performance computing worlds. With two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ont., all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined bitcoin of any crypto miner or publicly traded company globally. With 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high-performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select composite index and the first blockchain company to be added to the S&P/TSX Composite Index in 2021. 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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