Mr. Asher Genoot reports

HUT 8 OPERATIONS UPDATE FOR JUNE 2024

Hut 8 Corp. today released its operations update for June, 2024.

"Our corporate development team made significant progress this month advancing the expansion opportunities in our previously announced pipeline of more than 1,100 megawatts of energy capacity under exclusivity," said Asher Genoot, chief executive officer of Hut 8. "We believe our recently announced investment from Coatue has further strengthened our positioning with potential site development counterparties, and we are excited to share more as projects develop and convert.

"We continue to optimize our existing assets, including our self-mining sites and five high performance computing data centres, for bitcoin mining or AI workloads," said Mr. Genoot, CEO of Hut 8. "At Salt Creek, for example, our team launched and completed initiatives to fortify the upstream electrical infrastructure supporting the facility. We expect our optimization initiatives to drive greater site longevity and productivity as we scale our data centre portfolio. In parallel, we are actively engaged in discussions regarding upgrades to our miner fleet.

"Commercialization efforts for our new AI vertical are also progressing nicely, including the assembly of our first GPU cluster and fit-out of our data centre suite. More than half of our 1,000 Nvidia H100 GPUs have been configured and are now undergoing testing at the manufacturer's facility. We are on track to go live in H2 and begin generating revenue at a forecasted annual rate of approximately $20-million."

Highlights:

• Announced $150-million investment from Coatue to support buildout of next -generation AI (artificial intelligence) infrastructure platform;
• Launched and completed optimization initiatives at Salt Creek, supporting month-over-month improvement in deployed miners, deployed hashrate and bitcoin produced;
• Configured 512 Nvidia H100 GPUs and began data centre suite fit-out for new AI vertical, with commercialization efforts progressing on track for go-live in H2.

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 has a portfolio comprising 19 sites: 10 bitcoin mining, hosting and managed services sites in Alberta, New York and Texas, five high-performance computing data centres in British Columbia and Ontario, and four power generation assets in Ontario.

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