Mr. Asher Genoot reports

HUT 8 OPERATIONS UPDATE FOR FEBRUARY 2025

Hut 8 Corp. has released its operations update for February, 2025.

"We made significant progress in February across every layer of our platform, from expanding our footprint to developing digital infrastructure and upgrading our [application-specific integrated circuit] fleet," said Asher Genoot, chief executive officer of Hut 8. "In our power layer, we secured 592 acres in Louisiana for our newest River Bend campus, one of three sites comprising 430 megawatts of previously disclosed [artificial intelligence] data centre development opportunities. The site is expected to support a 300-megawatt utility-scale power asset with 200 megawatts of dedicated [information technology] load."

"In our digital infrastructure layer, our Vega development remains on schedule for Q2 energization. Miner deliveries for our [approoximately] 15 exahashes-per-second ASIC colocation agreement with Bitmain are under way, and, as we prepare for energization, we have begun building out the site's operational infrastructure, including the onboarding of site management and the development of operating processes."

"In our compute layer, new miners began arriving at Salt Creek and Medicine Hat, and we are actively deploying them for our fleet upgrade. In parallel, we began the process of relocating the most efficient of our existing ASICs from Salt Creek to Alpha to improve overall fleet performance. While these initiatives resulted in some downtime during the month, it moves us closer to our postupgrade hash rate target of [about] 10.3 EH/s and fleet efficiency target of [about] 20.5 joules per terahash."

Highlights:

• Secured 592 acres in Louisiana for River Bend campus;
• Vega development progressing on schedule for Q2 energization;
• ASIC fleet upgrade under way, with new miners arriving in tranches and being deployed.

About Hut 8 Corp.

Hut 8 is an energy infrastructure platform integrating power, digital infrastructure and compute at scale to fuel next-generation, energy-intensive use cases such as bitcoin mining and high-performance computing. Hut 8 takes a power-first, innovation-driven approach to developing, commercializing and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Hut 8's platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five 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.