Hut 8 production and mining operations update for April 2023

Remediation in progress at Drumheller, Alberta place

At 9,265 BTC, Hut 8 continues to hold the largest amount of self-mined bitcoins in reserve of any publicly traded company

132 bitcoins extracted in April

TORONTO, May 9, 2023 /CNW/ – Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (“Hut 8” or the “Company”) one of of North America pioneers of largest and most innovation-focused digital asset mining and provider of high-performance computing infrastructure, mined 132 bitcoins in the ending period April 30, 2023.

Logo Hut 8 Mining Corp. (CNW Group / Hut 8 Mining Corp)

Logo Hut 8 Mining Corp. (CNW Group / Hut 8 Mining Corp)

Production highlights for April 2023:

  • 132 bitcoins were generated, resulting in an average production rate of about 4.4 bitcoins per day.

  • Unrestricted total balance bitcoins held in reserve as of April 30th is 9,265.

  • ASIC hashrate capability installed at our Alberta installations was 2.6 EH/s at the end of the month.

  • Hut 8 produced 50.77 BTC/EH in April.

  • NO bitcoins were sold during the month.

Operational highlights:

  • Reclamation at our Drumheller, Alberta site progressed throughout the month:

  • Spikes in energy rates have created additional headwinds Drumheller.

  • Our team is actively looking for options to operationalize the majority of the approximately 7,000 miners that have been removed from our North Bay place.

“We are very aware of the impact that problems a Drumheller they are having on the broader business – they are complex and challenging, but we have made significant progress and have a roadmap to remedy it,” he said Jaime LevertonCEO of Hut 8. “We are laser focused on closing the proposed transaction with the United States bitcoins Corp., which will expand our overall generation to 7.02 EH/s and provide access to additional energy markets.”

About the hut 8

Hut 8 is one of the largest innovation-focused digital asset miners in North America, led by a team of business building technologists, optimistic about bitcoins, blockchain, Web 3.0 and bridging the nascent and traditional high-performance computing worlds. With two operational digital asset mining sites located in southern Alberta, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of free and self-mined assets bitcoins of any digital asset miner or publicly traded company globally. With more than 36,000 square feet of geo-diverse data center space and grid-connected cloud capacity powered by significant renewable and carbon-free resources, Hut 8 is revolutionizing conventional resources to create the first hybrid data center model that serves both the traditional high-performance Compute (Web 2.0) and nascent fields 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 is helping define the digital asset revolution to create value and positive impacts for its shareholders and generations to come.

Cautionary note relating to forward-looking information

This press release includes “forward-looking information” and “forward-looking statements” pursuant to the securities laws of Canada and the securities laws of the United States, respectively (collectively, “forward-looking information”). All information, other than statements of historical fact, included in this news release that relates to business, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, strengths the Company’s competitiveness, objectives, expansion and growth, operations, plans and other matters are forward-looking information. Forward-looking information is often identified by the words “may”, “would like”, “may”, “should”, “will”, “intends”, “plans”, “anticipates”, “allows”, “believes”, “estimates”. “, “expect”, “anticipate”, “may”, “may”, “potential”, “anticipate”, “is designed to”, “likely” or similar expressions. In addition, all statements in this press release that relate to expectations, projections or other characterizations of future events or circumstances contain forward-looking information and include, among others, statements regarding: bitcoins network dynamics; the Company’s ability to continue its long-standing HODL strategy; the Company’s ability to produce additional bitcoins and maintain existing productivity rates at all sites; the Company’s ability to employ additional miners; the company’s ability to continue to mine digital assets efficiently; the sale of the company bitcoins production and the proposed use of the proceeds of such sale; the Company’s plans regarding the energization of miners who have been removed since North Bay ease; the Company’s expected recurring revenue and growth rate from its high-performance computing business; the recovery of the Company’s operational criticalities Drumheller structure and its timing; the Company’s expectations with respect to the closing of the transaction with US bitcoins Corp.; and the company’s ability to successfully navigate the current market.

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While deemed 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 could cause actual results, level of activity, performance or results to differ materially from those expressed or implied by such forward-looking information, including, but not limited to, cyber security and safety threats and hacking, malicious actors or botnets that gain control of the processing power on the bitcoins network, further development and acceptance of the bitcoins network, changes to bitcoins difficulty mining, loss or destruction of private keys, increased fees for logging transactions in the Blockchain, erroneous transactions, reliance on a small number of key employees, reliance on third-party mining pool service providers, regulatory changes, classification and tax changes, price risk momentum, fraud and bankruptcy related to digital asset exchanges, difficulties in obtaining bank services and financing, difficulties in obtaining insurance, permits and licenses, internet and power outages, geopolitical events, uncertainty in the development of cryptographic and algorithmic protocols, uncertainty about the acceptance or widespread use of digital assets, inability to anticipate technological innovations, COVID19 pandemic, climate change, currency risk, lending risk and recovery of potential losses, litigation risk, risk of business integration, changes in market demand, changes in network and infrastructure, system outage, changes to leasing arrangements, failure to achieve expected benefits from power purchase agreements, potential disruption or suspension of power delivery to sites the Company’s mining and other risks relating to digital assets and data center operations. For a complete list of factors which could affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 17, 2022and other Hut 8 continuing disclosure documents available on the Company profile in the System for Electronic Document Analysis and Retrieval at and in the EDGAR section of the US Securities and Exchange Commission website 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 correct. If one or more of these risks or uncertainties materialize, or if assumptions underlying the forward-looking statements prove incorrect, actual results could vary materially from those described in this news release as anticipated, planned, anticipated, believed, sought, proposed, , estimated, anticipated, anticipated, projected or targeted and such forward-looking statements included in this press release should not be unduly relied upon. The impact of any assumptions, risks, uncertainties or other factors on a particular forward-looking statement cannot be determined with certainty because they are interdependent and Hut 8’s future decisions and actions will depend on management’s evaluation of all information at the relevant time. 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 statements containing forward-looking information, or any underlying factors or assumptions, whether as a result of new information, future events or otherwise, except as required by law.



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