Mr. Asher Genoot reports

HUT 8 OPERATIONS UPDATE FOR JANUARY 2024

Hut 8 Corp. has provided its operations report for January, 2024.

"In January, we continued to realize efficiencies from both ramping up use of our previously installed purpose-built software in Canada and success from deploying firmware at our Echo site to help optimize our hashrate, which is enabling us to dynamically overclock machines when its economically advantageous for us to enhance production," said Asher Genoot, President of Hut 8. "In January, we saw unusually severe weather events in both Texas and Alberta, and we powered down temporarily to help support the grid. In addition, we signed a four year agreement with Ionic Digital that includes a possible fifth year extension and look forward to ultimately adding more than 12 EH/s of capacity and 300 MW of infrastructure to our managed services business beginning in February."

Highlights:

• On February 2, Hut 8 announced that it will be concluding managed services at Kearney, Nebraska and Granbury, Texas on April 30, 2024 and will be paid a $13,568,000 termination fee in the 30 days following the termination.
• The team performed preventative maintenance on key infrastructure that required some of Hut 8's machines to be temporarily offline during the month.
• Pre-construction work is underway at the 63 MW site acquired by Hut 8 in Culberson County, Texas.
• Hut 8's digital asset mining geographical footprint includes the following sites as of February 1, 2024:

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.

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