Hut 8 Mining Production and Operations Update for June 2022

328 Bitcoin mined, bringing reserves to 7,406

Hut 8 continues to HODL Bitcoin

North Bay site operating on 20 MW of power

TORONTO, July 6, 2022 /PRNewswire/ -- Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) ("Hut 8" or "the Company"), one of North America's largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, increased its Bitcoin holdings by 328 in the period ending June 30. With 7,406 unencumbered Bitcoin in reserve, Hut 8 remains committed to its HODL strategy.

Production highlights for June 2022:

• 328 Bitcoin were mined, resulting in an average production rate of 10.9 Bitcoin per day
• 100% of the self-mined Bitcoin in June were deposited into custody, consistent with our longstanding HODL strategy
• Total Bitcoin balance held in reserve is 7,406 as of June 30, 2022
• Installed operating capacity was 2.78 EH/s at the end of the month

Additional updates:

• Production at our new North Bay site scaled up throughout the month, with approximately 5,800 miners operating on 20 MW of power by June 30
• Additional scaling will continue at North Bay in the coming weeks
• Our high performance computing business, which is not correlated to Bitcoin or Bitcoin mining, continues to bring in steady monthly recurring revenue and remains on track to grow up to 18% by the end of 2022

"The team had a successful month in North Bay and will continue to scale up over the next few weeks," said Jamie Leverton, CEO. "We are confident that our HODL strategy, coupled with the uncorrelated recurring revenue from our high performance computing business, will allow us to continue to successfully navigate the current market."

About Hut 8

Hut 8 is one of North America's largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on bitcoin, blockchain, Web 3.0 and bridging the nascent and traditional high performance computing worlds. With two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario, all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined Bitcoin of any crypto miner or publicly-traded company globally. With 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select composite index and the first blockchain company to be added to the S&P/TSX Composite Index in 2021. Through innovation, imagination, and passion, Hut 8 is helping to define the digital asset revolution to create value and positive impacts for its shareholders and generations to come.