Mr. Asher Genoot reports

HUT 8 OPTIMIZES SELF-MINING OPERATIONS AS MINERS COME ONLINE AT SALT CREEK

Hut 8 Corp. has energized one-third of its 63-megawatt site in Culberson county, Texas. Hut 8 is phasing energization to maximize deployed hashrate prehalving and will continue to energize the site in the coming weeks.

"With Salt Creek, we gain critical control over our miner fleet and operating costs as we head into the halving," said Asher Genoot, chief executive officer of Hut 8. "Our outlook on energy prices at the site suggests that the potential for cost savings relative to our cost of mining at Kearney and Granbury is in line with the 30-per-cent reduction initially projected."

As previously announced, Hut 8 relocated a portion of its most efficient hosted miners from Kearney and Granbury to Salt Creek in March to enable rapid energization of the new site. Hut 8 has deployed Reactor, its proprietary energy curtailment software, to automate site operations, ensure that miners hash when profitable and reduce the site's realized cost of energy.

"I am incredibly proud of our team for delivering a standard-setting performance at Salt Creek," said Mr. Genoot. "What we have achieved in 78 days, including the removal of more than 25,000 miners from Kearney and Granbury in eight days, is a testament to our market-leading capabilities, work ethic, and ability to execute. We remain on track to deliver an incredibly cost-effective buildout: Our expected all-in cost of $275,000 per megawatt or less represents a 40-per-cent savings versus recent acquisitions in the area. As demonstrated with Salt Creek, we will continue to act decisively to strengthen and grow our self-mining business."

About Hut 8 Corp.

Hut 8 is an energy infrastructure operator and bitcoin miner with self-mining, hosting, managed services and traditional data centre operations across North America. Headquartered in Miami, Fla., Hut 8's portfolio comprises 18 sites: nine bitcoin mining, hosting and managed services sites in Alberta, New York, Nebraska and Texas, five high-performance computing data centres in British Columbia and Ontario, and four power generation assets in Ontario.

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