Hut 8 Mining Production and Operations Update for November 2022

238 Bitcoin extract, bringing the reserves to 8,925

TORONTO, December 5, 2022 /PRNewswire/ – Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT), (“Hut 8” or the “Company”) one of North America leading innovation-driven digital asset mining pioneers and high-performance computing infrastructure provider, have increased our Bitcoin 238 farms in the period ending November 30, bringing our total self-operated farms to 8,925 Bitcoin.

Production Highlights for November 2022:

• 238 Bitcoin were generated, resulting in an average production rate of approximately 7.9 Bitcoin per day

• In line with our longstanding HODL strategy, 100% self-operating Bitcoin in November were taken into custody

• Total Bitcoin balance in reserve at November 30 is 8,925

• Installed ASIC hashrate capacity increased to 3.27 EH/s, of which 2.44 EH/s was available for operations following the suspension of mining activities in North Bay mining facility (as advertised on November 28, 2022); both measures exclude some legacy miners who are expected to be fully replaced by the end of the year

• 2,000 new MicroBT Whatsminer 30S++/+ have been installed in our medicine hat mining facility

“The installation of 2,000 new miners in medicine hat increased efficiency and improved our ability to hashrate,” said Jaime Leverton, CEO. “At the same time, through our balance sheet first approach, we are able to continue to HODL everything we mine, developing what continues to be the largest unencumbered self-mine Bitcoin stack of any publicly traded company.”

About Hut 8

Hut 8 is one of North America the largest innovation-driven digital asset miners, led by a team of start-up technologists, optimistic about bitcoins, blockchain, Web 3.0 and bridging nascent and traditional high-performance computing worlds. With two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontarioall located in CanadaHut 8 has one of the highest capacity rates in the industry and one of the highest unencumbered self-operating inventories Bitcoin of any digital asset miner or listed company in the world. With 36,000 square feet of geo-diverse data center space and cloud capacity connected to power grids powered by significant renewable and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first model of data center hybrid that serves both traditional high-performance computing (Web 2.0) and the nascent sectors of digital asset computing, 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 helps define the digital asset revolution to create value and positive impacts for its shareholders and generations to come.

The story continues

Caution Regarding Forward-Looking Information

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States respectively securities laws (collectively, “Forward-Looking Information”). All information, other than statements of historical fact, included in this press release that addresses activities, events or developments that the Company expects or anticipates will or may occur in the future, including such matters as future business strategy, competitive forces, objectives, business expansion and growth, operations, plans of the Company and other similar matters constitute forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “enable”, ” believes”, “estimates”, “expects”, “predicts”, “may”, “could”, “potential”, “predicts”, “is designed to”, “probable” or similar expressions. In addition, any statement in this press release that refers to expectations, projections or other characterizations of future events or circumstances contains forward-looking information and includes, among other things, statements regarding: Bitcoin network dynamics; the Company’s ability to advance its long-standing HODL strategy; the Company’s ability to produce Bitcoin and maintain existing productivity rates at all sites; the Company’s ability to deploy additional miners; the Company’s ability to continue to operate digital assets effectively; the Company’s expected recurring revenues and the growth rate of its high-performance computing business; and the Company’s ability to successfully navigate the current market.

Statements containing forward-looking information are not historical facts, but rather represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. Although believed to be reasonable by Hut 8 as of the date of this press release, these statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results, the level of business, performance or achievements are materially different from those expressed or implied by such forward-looking information, including, but not limited to, security and cybersecurity threats and hacks, malicious actors or botnets gaining control of processing power on the Bitcoin network, further development and acceptance of the Bitcoin network, changes to Bitcoin difficulty in mining, loss or destruction of private keys, increased fees for recording transactions in the Blockchain, erroneous transactions, use of a limited number of key employees, use of third-party mining pool service providers, regulatory changes , classification and tax changes, momentum pricing risk, digital asset trading fraud and failure, difficulty obtaining banking and financing, difficulty obtaining insurance, permits and licenses, disruptions in Internet and electricity, geopolitical events, uncertainty in the development of cryptographic and algorithmic protocols, uncertainty about the widespread acceptance or use of digital assets, inability to anticipate technological innovations, the COVID19 pandemic, climate change, currency risk, lending risk and potential loss recovery risks, litigation risk, business integration risk, changes in market demand, network and infrastructure changes, system disruption, failure to obtain expected benefits of power purchase agreements ; the possibility of interrupted delivery or suspension of delivery of energy to the Company’s mine sites; changes in lease agreements and other risks associated with digital asset and data center activity. For a complete list of factors that could affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 17, 2022and Hut 8’s other continuous disclosure documents which are available on the Company’s profile on the Electronic Document Analysis and Retrieval System at www.sedar.com and in the EDGAR section of the Hut 8 website. the United States Securities and Exchange Commission at www.sec.gov.

These factors are not intended to represent a complete list of factors that could affect Hut 8; however, these factors should be carefully considered. There can be no assurance that such estimates and assumptions will prove to be correct. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may differ materially from those described in this press release as anticipated, planned, anticipated, believed, sought, proposed, estimated, planned, expected, projected or targeted and the forward-looking statements included in this press release should not be relied upon unduly. The impact of any assumption, risk, uncertainty or other factor on any particular forward-looking statement cannot be determined with certainty because they are interdependent and Hut 8’s future decisions and actions will depend on the management’s assessment of all information at the relevant time. The forward-looking statements contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or change any statement containing forward-looking information, or the underlying factors or assumptions, whether as a result of new information, future events or otherwise, except as required by law.

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SOURCE Hut 8 Mining Corp