An anonymous director reports

HUT 8 PROVIDES UPDATE ON NORTH BAY FACILITY

Hut 8 Mining Corp. has received the statement of defence and counterclaim of Validus Power Corp. and its subsidiary, Bay Power Corp.

The counterclaim relates to the company's continuing dispute with Validus in respect of Validus's failure to meet its contractual obligations under the power purchase agreement it entered into with the company as well as the associated lease between the company and Validus at the company's mining facility in North Bay, Ont. In addition to denying the majority of allegations in the company's statement of claim, Validus has brought counterclaims against the company and is seeking monetary damages. The company intends to pursue the claims set out in its statement of claim as previously announced. The company considers the counterclaim to be without sufficient merit and will vigorously defend all of the claims in the counterclaim.

As the matter is now before the court, Hut 8 does not intend to make additional comments on this subject, unless otherwise determined to be appropriate.

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 unencumbered, self-mined bitcoin of any digital asset 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 Market. 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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