Hut 8 Mining Production and Operations Update for July 2022

330 Bitcoin mined, bringing reserves to 7,736

TORONTO, Aug. 5, 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 and high performance computing infrastructure provider, increased its Bitcoin holdings by 330 in the period ending July 31. Hut 8 now has 7,736 Bitcoin in its holdings.

Production highlights for July 2022:

• 330 Bitcoin were generated, resulting in an average production rate of 10.61 Bitcoin per day
• Our Ethereum mining – for which we receive payment in Bitcoin – generated approximately 10.7% of our total production
• Keeping with our longstanding HODL strategy, 100% of the self-mined Bitcoin in July were deposited into custody
• Total Bitcoin balance held in reserve is 7,736 as of July 31, 2022
• Installed operating capacity was 2.92 EH/s at the end of the month
• Hut 8 produced 113.01 BTC/EH in July

Additional updates:

• Monthly shipments of MicroBT miners continue to arrive as scheduled and are being installed in real time
• A severe thunderstorm on July 18 interrupted the power supply to the Medicine Hat mine and surrounding area – site infrastructure and equipment were not damaged – and power was restored on July 23
• Hut 8's high-performance computing business, which is not correlated to Bitcoin or Bitcoin mining, continues to grow: we recently signed Foundry as a cloud services client

"We continued to deliver results, growing our stack to 7,736 Bitcoin – one of the largest holdings globally – by mining efficiently," said Jaime Leverton, CEO. "At the same time, we continue to focus on growing the uncorrelated recurring revenue within our high performance computing business and are thrilled to welcome Foundry aboard as a cloud services customer in our Mississauga data centre."

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 Market. 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.