Mr. Asher Genoot reports

HUT 8 OPERATIONS UPDATE FOR NOVEMBER 2024

Hut 8 Corp. today released its operations update for November, 2024.

"We achieved net increases in deployed self-mining hashrate and efficiency in November by bringing inefficient miners offline in preparation for our initial fleet upgrade and completing the development of our R&D facility at Salt Creek," said Asher Genoot, chief executive officer of Hut 8. "These measures partially offset the impact of rising network difficulty on bitcoin production, and we expect further performance gains in Q1 2025 as our initial fleet upgrade is expected to drive an improvement in average fleet efficiency to 19.9 joules per terahash.

"We remain intently focused on growing our proprietary operations and have advanced the buildout of our Vega site on schedule for energization in Q2 2025. Accounting for our fleet upgrade and assuming we fully exercise our purchase option for the miners we expect to host at the Vega site, we have a path to approximately 24 exahash per second of self-mining hashrate with an average fleet efficiency of 15.7 joules per terahash as early as Q2 2025. In parallel, we continue to progress AI data centre development opportunities across our development pipeline."

Highlights:

• Construction at Vega advancing on track for energization in Q2 2025;
• Completed development of R&D (research and development) facility at Salt Creek to support the company's continuing focus on innovation in data centre design and technology;
• Progressed AI (artificial intelligence) data centre development opportunities across development pipeline.

Upcoming conferences and events:

• Dec. 11 to Dec. 12, 2024: Informa Tech: The AI Summit New York, New York;
• Dec. 12, 2024: Northland Capital Markets Growth Conference, virtual;
• Jan. 9 to Jan. 17, 2025: 27th Annual Needham Growth Conference, New York;
• Jan. 19 to Jan. 22, 2025: Pacific Telecommunications Council PTC'25, Honolulu.

About Hut 8 Corp.

Hut 8 is an energy infrastructure operator and bitcoin miner with self-mining, hosting, managed services and traditional data centre operations across North America. Headquartered in Miami, Fla., Hut 8 has a portfolio comprising 20 sites: 10 bitcoin mining, hosting and managed services sites in Alberta, New York and Texas, five high-performance computing data centres in British Columbia and Ontario, four power-generation assets in Ontario, and one non-operational site in Alberta.

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