Hut 8 mine production and operations update for October 2023

With 9,113 bitcoins, Hot 8 still has one of the largest reserves of self-mined bitcoins among public companies.

112 Bitcoin was mined in October

TORONTO, Nov. 06, 2023 (GLOBE NEWSWIRE) — Hut 8 Mining Corp. (Nasdaq:HUT) (TSX:HUT), (“Hut 8 or the Company”), one of the largest pioneers of digital asset mining focused on innovation in North America and a provider of high-performance computing infrastructure, 112 Bitcoin in October 2023 extracted.

Production highlights for October 2023:

  • 112 Bitcoins were produced, resulting in an average production rate of approximately 3.6 Bitcoins per day
  • 365 Bitcoins, 66 Bitcoins produced in July, all August and September production, and 85 Bitcoins produced in October were sold during the month for a total of $14.6 million CAD (average revenue per Bitcoin is approximately $39,980 CAD) .
  • The total amount of bitcoins stored as of October 31 was 9,113, of which 7,016 were uncapped.
  • The ASIC hash capacity installed at our Alberta facility was 2.6 EH/s at the end of the month.
  • Hut 8 produced 43.1 BTC/EH in October

Corporate Update:

On November 3, Hut 8 announced that it had received approval from the Superior Court of Ontario (Business Listing) (Court) for its Stalking Horse Bid to acquire four natural gas power plants in Ontario, totaling approximately 310 power plants. . MW and a Bitcoin mine in the North Bay. Stalking Horse’s offer is part of a previously announced support agreement with Macquarie Equipment Finance Ltd (Macquarie) and has been approved by the Court in connection with the Sale and Investment Solicitation Process (“SISP”). If Stalking Horse’s bid is ultimately declared the successful bid in the SISP, as approved by the court, and completed in accordance with its terms, a new Ontario subsidiary of the company (BidCo) will own certain assets of Validus Power. . Corp. (Validus) and the assets and operations of certain Validus subsidiaries. Macquarie will receive a minority stake in BidCo of approximately 20% and a subsidiary of Hut 8 will own the majority of the remaining approximately 80%.

Jamie Leverton, CEO of Hot 8, said: “While our mining results were flat during the month, we made significant progress towards building a diverse and diversified infrastructure operation that we believe will be a first in our industry.” Stalking horse proposal for approximately 310 MW of natural gas power plant assets in Ontario, including our former North Bay site, and our work to close our proposed business combination with US Bitcoin Corporation, we are progressing to create a new Hot 8 We believe we will have an integrated vertical mining operation with discretionary monetization, diverse fiat revenue streams in computing, hosting and high-performance managed services and a significant footprint in North America, which positions us well. to have an upward situation by going to the next half. .

About Hot 8

Through innovation, imagination, and passion, Hut 8s experienced executive team is optimistic about building and operating the computing infrastructure that powers Bitcoin mining, traditional data centers, and emerging technologies such as artificial intelligence and machine learning. Hot 8’s infrastructure portfolio includes seven sites: five high-performance computing data centers across British Columbia and Ontario that offer cloud, co-location, managed services, artificial intelligence, machine learning and VFX rendering computing solutions, and two real-time Bitcoin mining sites. in southern Alberta. . Hot 8, long distinguished for its unique treasury strategy, has one of the highest self-mined bitcoin reserves of any public company globally. Follow us on X (formerly Twitter) at @Hut8Mining.

A cautionary note regarding forward-looking information

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of the Canadian securities laws and the United States securities laws, respectively (collectively, the “Forward-Looking Information”). All information, other than statements of historical fact, is included in this press release that relates to activities, events or developments that the Company expects or anticipates will occur in the future, including such matters as future business strategy, competitive strengths, The Company’s goals, business expansion and growth, operations, plans and other matters are forward-looking information. Forward-looking information is often identified by the words “may,” “will,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “allow,” “believe.” “estimate”, “expect”, “anticipate”, “could”, “may”, “potential”, “anticipate”, “project”, “likely” or similar expressions. In addition, any statements in this press release that refer to expectations, forecasts or other descriptions of future events or conditions contain forward-looking information and include statements regarding the expected results of the proposed business combination between Hot 8 and US Data Mining Group. , Inc. (dba US Bitcoin Corp.) (Transaction). Timing and completion (if any) of the stallion proposal. Statements with respect to SISP; and other risks related to digital asset, artificial intelligence and data center business.

Statements do not contain forward-looking information of historical facts, but represent management’s expectations, estimates and projections regarding future events based on factors and assumptions of particular importance at the time the statement is made. While such statements are believed to be reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results, levels of activity, performance or achievements to differ. have fundamental differences. Matters expressed by such forward-looking information include, but are not limited to, security and cyber threats and hacks, malicious agents or botnets gaining control of processing power on the Bitcoin network, further development and adoption of the Bitcoin network, changes in Bitcoin . Difficulty of mining, loss or destruction of private keys, increased fees for recording transactions on the blockchain, erroneous transactions, reliance on a limited number of key personnel, reliance on third-party mining pool service providers, regulatory changes, class changes regulation and taxation, movement of pricing risk, fraud and failure related to digital asset exchanges, difficulty in obtaining banking services and financing, difficulty in obtaining insurance, permits and licenses, internet and power disruptions, geopolitical events, uncertainty in the development of protocols cryptographic and algorithmic, uncertainty about widespread adoption or use of digital assets, unpredictability of technological innovations, the COVID19 pandemic, climate change, currency risk, lending risk and potential loss recovery, litigation risk, business integrity risk, changes in demand market, changes in the grid and infrastructure, system outages, changes in lease arrangements, failure to achieve the intended benefits of power purchase agreements, possible supply interruptions, or suspension of energy deliveries to the company’s mining sites, and other risks related to digital assets, artificial intelligence and business data center. For a complete list of factors that could affect the Company, please refer to the “Risk Factors” section of the Company’s Annual Information Form dated March 9, 2023 and Hut 8’s other continuous disclosure documents available in the Company’s System Profile. For electronic document analysis and retrieval at www.sedarplus.ca and in the EDGAR section of the US Securities and Exchange Commission website at www.sec.gov.

Your investor relations 8

Sue Ennis

sue@hut8.io

Hot media relations 8

Erin Dermer

erin.dermer@hut8.io

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