Hut 8 Operations Update for November 2023

Inaugural update of Hut 8 Corp. reflects breadth and depth of operations
At 9,129 BTC, Hut 8 continues to have one of the largest self-mined Bitcoin reserves of any publicly traded company

MIAMI - Dec. 11, 2023 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT), ("Hut 8” or the “Company”) one of North America’s largest, most innovative digital asset mining pioneers and high performance computing infrastructure providers is proud to share its first operational update with more detailed reporting metrics following the completion of the business combination pursuant to which Hut 8 Mining Corp. and U.S. Data Mining Group, Inc. dba US Bitcoin Corp (“USBTC”) combined in an all-stock merger of equals to form the Company.

Hut 8’s expanded digital asset mining geographical footprint now includes the following sites:

Notes:
(1) Hut 8’s Managed Services subsidiaries lead all aspects of site operations, including accounting, curtailment, and customer relations at the Charlie and Delta sites, which are owned by a multi-billion dollar AUM sustainable infrastructure investment firm. The Managed Services subsidiaries also lead all aspects of site operations at the Echo site.
(2) The Company has a 50% membership interest in the Echo site. The remaining 50% membership interest is held by a Fortune 200 renewable energy producer.

“Our first operations report since completing our merger at the end of November not only showcases the diversification of our power and business portfolios across our North American-wide operations, but it also quantifies the significant scale that our business combination has created,” said Jaime Leverton, CEO of Hut 8. "As we move forward as a new, strengthened team, we are prioritizing improving the efficiency of our self-mining operations, particularly in Canada, while simultaneously pursuing near-term growth initiatives that we believe will more favourably position Hut 8 leading into the New Year.”

Notes:
(1) Includes all Self-Mining, Managed Services, and Hosting infrastructure, including 100% of the energy capacity at the Echo site.
(2) Includes all miners that are racked in Self-Mining, Managed Services, and Hosting infrastructure with power and networking, including all miners at the Echo site.
(3) Includes all Self-Mining, Managed Services, and Hosting hashrate, including 100% of the hashrate at the Echo site.
(4) Self-Mining operations for Hut 8 Corp. and USBTC include all operations at the Echo site.
(5) Deployed miners are defined as miners that are physically racked, with power and networking.
(6) Indicates the target hashrate of all deployed miners.
(7) As of month-end.
(8) The Managed Services figures reflected in this table include the Self-Mining and Hosting metrics from the sites where Hut 8’s Managed Services business is an additional service layer in the operation of the site (at Charlie, Delta, and Echo). As a result, the sum of the Self-Mining, Managed Services, and Hosting numbers will not add up to the “Total energy capacity under management”, “Total deployed miners under management”, and “Total hashrate under management” figures that are also reflected in the table.

Highlights:

• On November 30, Hut 8 Mining Corp. and USBTC announced the completion of their previously announced business combination pursuant to which the companies combined in an all-stock merger of equals (the “Transaction”) to form Hut 8 Corp, a U.S.-domiciled entity, which began trading under the stock symbol HUT on the Nasdaq and Toronto Stock Exchange on December 4.
• The operations team began piloting the Company’s purpose-built software at Hut 8’s Foxtrot facility in Medicine Hat and Golf site in Drumheller in late November, providing us with more granular reporting on the health and efficiency of our fleet and infrastructure.
• In mid-November, Hut 8 launched its high performance computing Cloud Portal, which gives new and existing HPC clients direct access to Hut 8 GPUs and seamless control to provision workloads in just minutes through an intuitive web interface.

About Hut 8
Through innovation, imagination, and passion, Hut 8 Corp.’s seasoned executive team is bullish on creating value at the intersection of infrastructure and energy through Bitcoin mining and hosting, groundbreaking managed services, energy arbitrage, operating traditional data centers, and capitalizing on emerging technologies like AI and machine learning. Headquartered in Miami, Florida, Hut 8 Corp.’s infrastructure portfolio includes eleven sites: five high performance computing data centers across British Columbia and Ontario that offer cloud, co-location, AI, machine learning, and VFX rendering computing solutions, and six Bitcoin mining, hosting, and managed services sites located in Alberta, New York, Nebraska, and Texas. Long-distinguished for its unique treasury strategy, Hut 8 Corp. has one of the highest inventories of self-mined Bitcoin of any publicly-traded company globally. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Mining.