Mr. Asher Genoot reports

HUT 8 OPERATIONS UPDATE FOR DECEMBER 2024

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

"Site infrastructure upgrades continue to advance on schedule, positioning us well to launch our initial fleet upgrade in Q1 2025," said Asher Genoot, chief executive officer of Hut 8. "With miner production under way, we anticipate shipments to begin in January -- a key step in driving our average fleet efficiency down to an expected 19.9 joules per terahash. To optimize miner performance, we continue to take tranches of our current fleet offline to complete infrastructure enhancements at our sites.

"As we look to the future, we continue to focus on high-impact projects in both AI and bitcoin mining. This includes a pipeline of several large-scale AI data centre developments at various stages of exploration and development, as well as our 205-megawatt Vega site, where we expect to implement our rack-based Tier I data centre architecture to power ASIC compute with direct-to-chip liquid cooling at densities of up to 200 kilowatts per rack. This project creates 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 assuming we exercise our purchase option for hosted machines at the site."

Highlights

• Construction at Vega advancing on track for energization in Q2 2025;
• Upgrading infrastructure at existing sites to prepare for delivery of new miners;
• Completed transition of operations at Ionic Digital's sites in Texas;
• Progressed AI data centre development opportunities across development pipeline.

Upcoming conferences and events

• 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;
• Feb. 24 to Feb. 25, 2025: Capacity Media Metro Connect USA, Fort Lauderdale;
• Feb. 25 to Feb. 27, 2025: Infocast ERCOT Market Summit, Austin.

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's portfolio comprises 15 sites: five bitcoin mining, hosting and managed services sites in Alberta, New York and Texas; five cloud and colocation data centres in British Columbia and Ontario; four power generation assets in Ontario; and one non-operational site in Alberta.

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