Mr. Asher Genoot reports

HUT 8 EXECUTES DEFINITIVE AGREEMENTS FOR SITE IN WEST TEXAS WITH 205 MW OF IMMEDIATELY AVAILABLE POWER CAPACITY

Hut 8 Corp. has entered into a power purchase agreement (PPA) and other definitive agreements for a site in West Texas with exclusive access to 205 megawatts of immediately available power capacity and land. This marks the first transaction to convert from Hut 8's previously announced development pipeline of 1,100 megawatts of energy capacity under exclusivity.

"This is the first time a large data centre load has been approved under the complex regulatory framework in this particular market," said Asher Genoot, chief executive officer of Hut 8. "It is a testament to the expertise, diligence and creativity of our corporate development organization, who negotiated a bespoke structure to address the nuanced commercial, legal and regulatory challenges of each stakeholder in the project."

The PPA and site (which is adjacent to a wind farm and connected to the ERCOT (Electric Reliability Council of Texas) grid) give Hut 8 access to some of the lowest locational wholesale power pricing in North America. The site has an existing, operational substation, and engineering, procurement and construction efforts for a new data centre are under way. The site is well positioned to support a variety of high-density compute applications, including bitcoin mining and AI (artificial intelligence). Hut 8 is finalizing a commercialization plan for the site with the aim of maximizing its value.

"This transaction exemplifies Hut 8's differentiated approach to securing new energy capacity through mutually accretive partnerships," said Mr. Genoot. "We continue to identify opportunities to work hand in hand with energy partners to develop bespoke structures that generate outsized value for every party involved. We believe this partnership-driven approach sets us apart as we continue to build development partnerships across the energy value chain."

Upon closing, subject to the satisfaction of customary conditions, this transaction is expected to expand Hut 8's energy infrastructure platform to approximately 1.3 gigawatts of capacity owned and managed across self-mining, hosting, managed services, high performance computing and power generation.

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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