Mr. Asher Genoot reports

HUT 8 OPERATIONS UPDATE FOR OCTOBER 2024

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

"Following the announcement of our partnership with Bitmain to launch the U3S21EXPH with a 15 EH/s hosting deployment, progress continues on our 205-megawatt Vega site, which will feature the custom rack-based architecture we developed in-house for the project," said Asher Genoot, chief executive officer of Hut 8. "With groundwork progressing rapidly, we are on track to energize the site in Q2 2025. Our hosting agreement with Bitmain is expected to generate up to $135-million in annualized revenue on a fully ramped basis.

"In parallel, we are preparing our existing sites for a near-term fleet upgrade as we finalize a commercial agreement. At Salt Creek, we launched an immersion cooling pilot as we continue to advance our technological innovation efforts. More broadly, we are focused on identifying further opportunities for technical and commercial innovation as we advance discussions for large-scale AI data centre development opportunities across multiple sites in our development pipeline."

Highlights:

• Groundwork at Vega progressing on track for Q2 2025 energization with approximately 15 EH/s (exa hash per second) hosting deployment of U3S21EXPH ASIC miner;
• Began preparing existing sites for expected near-term ASIC fleet upgrade;
• Launched immersion cooling pilot at Salt Creek as part of continued technological innovation efforts;
• Advanced discussions for large-scale AI (artificial intelligence) data centre development opportunities across multiple sites in development pipeline.

Conference call to discuss third quarter 2024 results

Who:  analysts, media and investors are invited to attend

What:   Hut 8 executives will review the company's financial results for the third quarter of 2024

When:  Results will be shared via media release and on the company's website on Nov. 13, 2024. The conference call and webinar will begin at 8:30 a.m. ET.

Where:  The webcast can be viewed on-line.

Upcoming conferences and events

Nov. 13 to Nov. 14, 2024:  Cantor Fitzgerald Crypto, Digital Assets & AI Infrastructure Conference 2024

Nov. 19, 2024:  Craig-Hallum 15th Annual Alpha Select Conference

Nov. 19, 2024:  Benzinga Future of Digital Assets Conference 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 non-operational site in Alberta.

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