Ms. Jaime Leverton reports

HUT 8 HIGHLIGHTS INDUSTRY LEADING ESG PERFORMANCE IN INAUGURAL REPORT

Hut 8 Mining Corp. has published its inaugural ESG (environmental, social and governance) report.

"Technology, sustainability, inclusivity and innovation are a part of Hut 8's DNA," said Hut 8 chief executive officer Jaime Leverton. "While our executive and board have long been proponents of strong environmental, social and governance standards, we have worked with the entire Hut 8 team to set measurable ESG targets, and are proud to be achieving meaningful results."

The report, which discloses against the Sustainability Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI), and was reviewed and provided a statement of assurance from Ernst & Young, demonstrates progress made since holistic ESG goals and targets were announced in December, 2021.

Environment

• On track to achieving carbon neutrality by 2025;
• Procured carbon instruments to offset 20 per cent of the company's 2021 scope 1 and 2 emissions;
• Diverted 61 per cent of waste from landfills;
• Installed 100-per-cent LED (light-emitting diode) lighting at the Medicine Hat and Drumheller mines;
• Added electric skid steers and utility terrain vehicles.

Social

• Proudly supported charities, including the United Way, YMCA and Santa Fund in North Bay;
• Volunteered more than 30 hours for the United Way;
• 50 per cent of executive management roles held by women;
• Zero recordable injuries across the business.

Governance

• 40 per cent of board seats held by women;
• Committed to conducting business with accountability, integrity, respect and teamwork.

"This is an important step in our ESG journey," said Ms.Leverton. "We will continue to embed ESG priorities into everything we do, continually adapting our approach based on new data, best practices and insights that align with our business priorities."

Taking a pro-active role in driving transparency and progress across the digital asset industry, Hut 8 became a founding member of the Bitcoin Mining Council in 2021. The council is a voluntary group of digital asset miners that promotes energy usage transparency and encourages the use of renewable energy sources. Hut 8 also joined the Crypto Climate Accord, the result of a collaborative effort inspired by the Paris Climate Agreement, the Global Blockchain Business Council, and was the first digital asset miner to join the Business Renewables Centre Canada.

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. 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.

We seek Safe Harbor.