Update for Hut 8 production and mining operations for July 2022

330 Bitcoins mined, bringing reserves to 7,736

TORONTO, August 5, 2022 / CNW / – Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT), (“Hut 8” or “Company”) one of the that of North America The greatest pioneers of innovation-focused digital asset mining and provider of high-performance IT infrastructure, increased its holdings in Bitcoin by 330 in the period ending July 31. Hut 8 now has 7,736 Bitcoins in its holdings.

Logo of Hut 8 Mining Corp. (CNW Group / Hut 8 Mining Corp)

Logo of Hut 8 Mining Corp. (CNW Group / Hut 8 Mining Corp)

Production Highlights for July 2022:

  • 330 Bitcoins were generated, with an average production rate of 10.61 Bitcoins per day

  • Our Ethereum mining, for which we receive payment in Bitcoin, generated approximately 10.7% of our total production

  • In line with our long-standing HODL strategy, 100% of the self-mined Bitcoin in July was placed in custody

  • The total balance of Bitcoin held in reserve is 7,736 as of July 31, 2022

  • The installed operating capacity was 2.92 EH / s at the end of the month

  • Hut 8 produced 113.01 BTC / EH in July

Further updates:

  • Monthly shipments of MicroBT miners continue to arrive as scheduled and are installed in real time

  • A strong storm in progress July 18 the power to the Medicine hat the mine and the surrounding area – the site’s infrastructure and equipment was not damaged – and power was restored 23 July

  • Hut 8’s high-performance computing business, which is unrelated to Bitcoin or Bitcoin mining, continues to grow – we recently signed Foundry as a cloud services client

“We continued to deliver results, increasing our stack to 7,736 Bitcoin, one of the largest holdings globally, mining efficiently,” said Jaime Leverton, CEO. “At the same time, we continue to focus on unrelated recurring revenue growth within our high-performance computing business and are excited to welcome Foundry aboard as a cloud services customer to our Mississauga data center. ”

About hut 8

Hut 8 is one of North America’s largest innovation-focused digital asset miners, led by a team of business building technologists, bullish on bitcoin, blockchain, Web 3.0, and a bridge between the nascent and traditional worlds of high performance computing. With two digital asset mining sites located in southern Alberta and a third site in North Bay, Ontario, all based in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest self-mining Bitcoin inventories of any crypto miner or publicly traded company globally. With 36,000 square feet of geodiverse data center space and cloud capacity connected to power grids powered by major renewables and emission-free resources, Hut 8 is revolutionizing conventional resources to create the first hybrid data center model that serves both traditional computing. performance (Web 2.0) and the nascent sectors of digital asset computing, blockchain gaming and Web 3.0. Hut 8 was the first Canadian digital asset miner to be listed on the Nasdaq Global Select Market. Through innovation, imagination and passion, Hut 8 is helping to define the digital asset revolution to create value and positive impacts for its shareholders and generations to come.

Cautionary Note on Forward-Looking Information

This press release includes “forward-looking information” and “forward-looking statements” under the Canadian securities laws and the United States securities laws respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release regarding activities, events or developments that the Company expects or anticipates will or could occur in the future, including elements such as future business strategy, competitive strengths , the objectives, expansion and growth of the Company’s business, operations, plans and other similar matters are forward-looking information. Forward-looking information is often identified by the words “can”, “I would”, “I could”, “should”, “will fly”, “I mean”, “plan”, “anticipate”, “allow”, “believe”, “estimate “,” expect “,” predict “,” may “,” could “,” potential “,” predict “,” is designed for “,” probable “or similar expressions. In addition, all statements contained in this press release that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information and include, among others, statements regarding: the dynamics of the Bitcoin and Ethereum network; the Company’s ability to pursue its long-standing HODL strategy; the Company’s ability to produce additional Bitcoins and maintain existing productivity rates across all sites; the Company’s ability to deploy additional miners; the Company’s ability to continue to mine digital assets efficiently; the Company’s expected recurring revenue and growth rate from its high performance computing business; and the Company’s ability to successfully navigate the current market.

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time of the statement. Although deemed reasonable by Hut 8 as of the date of this press release, such statements are subject to risks, uncertainties, assumptions and other known and unknown factors which could cause actual results, level of business, performance or results to differ materially. from those expressed or implied by such forward-looking information, including but not limited to cyber security and security threats and hacks, malicious actors or botnets gaining control of processing power on the Bitcoin or Ethereum network, further development and acceptance of Bitcoin and Ethereum networks, changes to Bitcoin or Ethereum mining difficulties, loss or destruction of private keys, increased fees for recording transactions in the Blockchain, erroneous transactions, reliance on a limited number of key employees, reliance on third party mining pool service providers i, regulatory changes, classification and tax changes, momentum price risk, fraud and bankruptcy related to cryptocurrency exchange anges, difficulties in obtaining banking services and financing, difficulties in obtaining insurance, permits and licenses, internet outages and electricity, geopolitical events, uncertainty in the development of cryptographic and algorithmic protocols, uncertainty about the acceptance or widespread use of cryptocurrency, failure to anticipate technological innovations, the COVID19 pandemic, climate change, currency risk, loan risk and recovery of potential losses, litigation risk, business integration risk, changes in market demand, changes in the network and infrastructure, system disruption, changes in leasing contracts and other business-related risks of cryptocurrencies and data centers. For a full list of factors that could affect the Company, see the “Risk Factors” section of the Company’s Annual Information Form dated March 17, 2022 and the other Hut 8 continuous disclosure documents available on the Company’s profile on the System for analysis and retrieval of electronic documents at www.sedar.com and in the EDGAR section of the US Securities and Exchange Commission website at www.sec.gov.

These factors are not intended to represent a complete list of factors that could affect Hut 8; however, these factors should be carefully considered. There is no guarantee that these estimates and assumptions will prove to be correct. If one or more of these risks or uncertainties materialize, or if the assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as expected, planned, anticipated, believed, researched, proposed. , estimated, anticipated, expected, projected or targeted and such forward-looking statements included in this press release should not be unduly relied upon. The impact of any assumptions, risks, uncertainties or other factors on a particular forward-looking statement cannot be determined with certainty because they are interdependent and Hut 8’s future decisions and actions will depend on management’s assessment of all information at the time. relevant. The forward-looking statements contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or amend any statements containing forward-looking information, or underlying factors or assumptions, whether as a result of new information, events future or otherwise, except as required by law.

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SOURCE Capanna 8 Mining Corp

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