Mr. Asher Genoot reports

HUT 8 OPERATIONS UPDATE FOR AUGUST 2024

Hut 8 Corp. has released its operations update for August, 2024.

"During August, we maintained our focus on low-cost operations and unit economics," said Asher Genoot, chief executive officer of Hut 8. "Maximizing returns from our current fleet remains a priority while we continue to plan a thoughtfully structured fleet upgrade to next-generation ASICs [application-specific integrated circuits]. Reactor, our curtailment software, enabled us to mine when profitable and keep energy costs low during what is typically the hottest month of the year.

"We also advanced commercialization efforts for our 205-megawatt site in the Texas panhandle as well as large-scale opportunities in our development pipeline that are suitable for bitcoin mining and AI [artificial intelligence]. We look forward to sharing further updates on each of these growth vectors as they materialize."

Highlights:

• Advanced commercialization discussions for the Texas panhandle site in parallel with continuing engineering and procurement efforts, targeting energization in the first half of 2025;
• Energized Building 1 at Cedarvale during August and remain on track to bring the remaining three buildings on line by December.

Coming conferences and events:

• Sept. 9 to Sept. 11, 2024: H.C. Wainwright 26th Annual Global Investment Conference;
• Sept. 25 to Sept. 26, 2024: TMT M&A Forum USA 2024;
• Sept. 25 to Sept. 26, 2024: infra/Structure 2024;
• Sept. 26, 2024: ArcStone-Kingswood Growth Summit 2024.

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 20 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; four power generation assets in Ontario; and one newly announced site in the Texas panhandle.

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