Author: sue@hut8mining.com

The company is purchasing all 960 Whatsminer M31S+ machines from hosting client TAAL effective May 1

TORONTO, April 19, 2022 — Hut 8 Mining Corp. (Nasdaq | TSX: HUT) (“Hut 8″ or “the Company”), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, today announced that it has entered into an agreement with TAAL to conclude its hosting relationship and purchase 960 MicroBT Whatsminer M31S+ effective May 1, 2022. The ASIC miners are currently installed and running at the company’s mining facility in Medicine Hat on behalf of TAAL.
The machines are expected to provide an immediate incremental hashrate of 81 PH/s, bringing Hut 8’s total hashrate to 2.62 EH/s.
“The incremental capacity will deliver an immediate hashrate benefit as ASIC miners are already on-site, installed and hashing,” said Jaime Leverton, Chief Executive Officer of Hut 8. “Over the past 18 months, we have pursued a strategy that is unique among our peer group: in addition to digital asset mining, we support clients with high performance computing, cloud hosting, and collocation services at our five Canadian data centres so they can succeed in the burgeoning Blockchain and Web 3.0 industries.”
Once the acquisition is complete, Hut 8’s operations at all mining sites will be 100% allocated to self-mining.

About the Company:
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 bridging the nascent and traditional high performance computing worlds. With two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario, all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined Bitcoin of any crypto miner or publicly-traded company globally. With 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select composite index and the first blockchain company to be added to the S&P/TSX Composite Index in 2021. Hut 8’s team of business building technologists are believers in decentralized systems, stewards of powerful industry-leading solutions, and drivers of innovation in digital asset mining and high-performance computing, with a focus on ESG alignment. 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 Regarding Forward–Looking Information
This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s businesses, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes, among others, statements regarding the anticipated expansion of the current installed hashrate, the expected incremental production of Bitcoin resulting from the purchase, and the Company’s ability to continue to build on its strategy as both a digital asset miner and data centre provider supporting clients with high performance computing, cloud hosting, and collocation services at the five Canadian data centres.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, including geo-political risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the “Risk Factors” section of the Company’s Annual Information Form dated March 17, 2022, which is available on www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. 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 alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

Related Links: www.hut8mining.com
SOURCE: Hut 8 Mining Corp
Media Contact: Hut 8, dea.masottipayne@northstrategic.com

6,460 self-mined Bitcoin in reserve following 345 generated last month

TORONTO, April 5, 2022 — Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (“Hut 8” or “the Company”), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, advanced its Bitcoin holdings in the period ending March 31, 2022.

Production highlights for March 2022:

• 345 Bitcoin were mined, resulting in an average production rate of 11.1 Bitcoin per day
• Our Ethereum mining – for which we receive payment in Bitcoin – generated approximately 13% of our total production, at an average cost of less than C$2,600 per Bitcoin
• 100% of the self-mined Bitcoin for the month of March were deposited into custody, consistent with Hut 8’s HODL strategy
• Total Bitcoin balance held in reserve is 6,460 as of March 31, 2022
• Installed operating capacity currently sits at 2.54 EH/s

Additional updates for March 2022:

• We installed 560 new MicroBT M30S and M31S+ miners
• The proceeds from our ATM offering announced in February 2022 are being used to grow our mining business, fund our industry-leading HODL strategy, and expand our high performance compute business, all while allowing us to make strategic equipment purchases during favourable market conditions

“Our teams working in Medicine Hat and Drumheller, Alberta have continued to ensure our upgraded machines are delivering strong results for us,” said Jason Zaluski, Head of Technology, Hut 8. “Our orders from MicroBT are arriving as scheduled, we are experiencing consistent growth in our MicroBT Authorized Repair Centre, and we continue to actively recruit team members as we continue to grow.”

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 bridging the nascent and traditional high performance computing worlds. With two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario, all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined Bitcoin of any crypto miner or publicly-traded company globally. With 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select composite index and the first blockchain company to be added to the S&P/TSX Composite Index in 2021. Hut 8’s team of business building technologists are believers in decentralized systems, stewards of powerful industry-leading solutions, and drivers of innovation in digital asset mining and high-performance computing, with a focus on ESG alignment. 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 Regarding Forward–Looking Information

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s businesses, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions and includes, among others, statements regarding management’s expectations, expertise, projections, estimates or characterizations of future events or circumstances, Bitcoin network dynamics, the Company’s ability to produce additional Bitcoin, the Company’s ability to increase overall efficiency and hashrate, the Company’s ability to deploy additional miners on schedule, costs associated with mining digital assets, the Company’s ability to maintain existing rates of productivity and ensure the good working order of its equipment (including miners), the Company’s ability to actively staff up, the Company’s continued consistent growth of its repair centre, the Company’s ability to allocate the proceeds of its ATM offering as intended, the Company’s continued progression of its North Bay site and the Company’s ability to continue to upgrade its Alberta sites.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including the delay in anticipated timing for completion of the construction and development activities at the Company’s mining site in North Bay, Ontario, impacts of the COVID 19 pandemic including impacts of the global supply chain delays on the Company’s activities, the Company’s ability to make interest payments on any drawn portions of loan with Trinity Capital, the impact of general economic conditions on the Company, industry conditions, currency fluctuations (including BTC), taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, political and geopolitical instability and the Company’s ability to access sufficient capital from internal and external sources.  The foregoing and other risks are described in greater detail in the “Risk Factors” section of the Company’s Annual Information Form dated March 17, 2022, which is available on www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully, and you should not place undue reliance on any forward-looking information. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking information 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 alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or circumstances, or otherwise, except as required by law.  New factors emerge from time to time, and it is not possible for Hut 8 to predict all of these factors or to assess in advance the impact of each such factor on Hut 8’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

Contacts

Hut 8 Investor Relations

Sue Ennis

sue@hut8mining.com

Hut 8 Media Relations

Dea Masotti Payne, North Strategic

dea.masottipayne@northstrategic.com

All-time high of 6,115 self-mined Bitcoin in reserve following 289 generated last month

TORONTO, March 3, 2022 /CNW/ – Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (“Hut 8” or “the Company”), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, achieved record Bitcoin holdings in the period ending February 28, 2022.

Production highlights for February 2022:

• 289 Bitcoin were mined, resulting in an average production rate of 10.3 Bitcoin per day
• Our Ethereum mining – for which we receive payment in Bitcoin – generated approximately 14% of our total production, at an average cost of less than C$2,600 per Bitcoin
• 100% of the self-mined Bitcoin for the month of February were deposited into custody, consistent with Hut 8’s HODL strategy
• Total Bitcoin balance held in reserve is 6,115 as of February 28, 2022
• Installed operating capacity currently sits at 2.5 EH/s, a 5% increase from January 31, 2022

Operation updates for February 2022:

• We installed 2,715 MicroBT M30S and M31S+ miners
• Construction at Hut 8’s third mining facility located in North Bay, Ontario continues to advance: the building structure is complete and racks are now being assembled

“Our teams in Drumheller and Medicine Hat have continued to diligently upgrade our Alberta sites over the month of February,” said Jason Zaluski, Head of Technology, Hut 8. “Our 2022 M30S and M31S+ orders from MicroBT are arriving as scheduled, we are experiencing consistent growth in our MicroBT Authorized Repair Centre, and we are actively recruiting staff for our warranty centre and all our sites.”

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 bridging the nascent and traditional high performance computing worlds. With two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario, all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined Bitcoin of any crypto miner or publicly-traded company globally. With 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select composite index and the first blockchain company to be added to the S&P/TSX Composite Index in 2021. Hut 8’s team of business building technologists are believers in decentralized systems, stewards of powerful industry-leading solutions, and drivers of innovation in digital asset mining and high-performance computing, with a focus on ESG alignment. 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 Regarding Forward–Looking Information

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s businesses, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions and includes, among others, statements regarding management’s expectations, expertise, projections, estimates or characterizations or future events or circumstances, Bitcoin network dynamics, the Company’s ability to produce additional Bitcoin, the Company’s ability to increase overall efficiency and hashrate, the Company’s ability to deploy additional miners on schedule, costs associated with mining digital assets, and the Company’s ability to maintain existing rates of productivity, the Company’s ability to actively staff up, the Company’s continued consistent growth of its repair centre, the Company’s continued progression of its North Bay site and ability to continue to upgrade its Alberta sites.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including that the anticipated timing for completion of the construction and development activities at the Company’s third mining site in North Bay, Ontario will be further delayed as a result of global supply chain impacts, the Company’s ability to make interest payments on any drawn portions of loan with Trinity Capital, the impact of general economic conditions on the Company, industry conditions, currency fluctuations, taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, political and geopolitical instability and the Company’s ability to access sufficient capital from internal and external sources.  The foregoing and other risks are described in greater detail in the “Risk Factors” section of the Company’s Annual Information Form dated March 25, 2021, which is available on www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully, and you should not place undue reliance on any forward-looking information. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking information 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 alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or circumstances, or otherwise, except as required by law.  New factors emerge from time to time, and it is not possible for Hut 8 to predict all of these factors or to assess in advance the impact of each such factor on Hut 8’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

SOURCE Hut 8 Mining Corp

For further information: Hut 8 Investor Relations, Sue Ennis, sue@hut8mining.com; Hut 8 Media Relations, Dea Masotti Payne, North Strategic, dea.masottipayne@northstrategic.com

TORONTO, March 9, 2022 — Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (“Hut 8” or “the Company”), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, is pleased to announce its intention to release results for the quarter ended December 31, 2021 and to host a conference call and webinar on March 17, 2022.

Who:   Analysts, media, and investors are invited to attend.

What: Hut 8 executives will review the company’s fourth quarter financial results and comment on recent corporate developments, including the recent acquisition of TeraGo’s data centre business.

When: Results will be shared via media release and on the Company’s website at hut8mining.com by 9:30 a.m. ET on March 17, 2022. The conference call and webinar will begin at 10 a.m. ET.

Where: Those joining via telephone should dial in 5 minutes early.

• Within North America: 1-800-774-6070, access code 6185409#
• Outside North America: 1-630-691-2753, access code 6185409#
• A webinar will be available here

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 bridging the nascent and traditional high performance computing worlds. With two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario, all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined Bitcoin of any crypto miner or publicly-traded company globally. With 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select composite index and the first blockchain company to be added to the S&P/TSX Composite Index in 2021. Hut 8’s team of business building technologists are believers in decentralized systems, stewards of powerful industry-leading solutions, and drivers of innovation in digital asset mining and high-performance computing, with a focus on ESG alignment. 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.

Contacts

Hut 8 Investor Relations
Sue Ennis
sue@hut8mining.com

Hut 8 Media Relations
Dea Masotti Payne, North Strategic
dea.masottipayne@northstrategic.com

Hut 8 to become a premium sponsor of EV.IO, a multiplayer game by Addicting Games, and Luminosity
Gaming, the top esports organization on Twitch

Enthusiast Gaming poised to take advantage of Hut 8’s data centre infrastructure

LOS ANGELES/TORONTO, March 2, 2022 — Enthusiast Gaming Holdings Inc. (NASDAQ: EGLX; TSX: EGLX),
(“Enthusiast Gaming”), an integrated gaming entertainment company, today announced a multi-year partnership with
Hut 8 Mining Corp. (NASDAQ: HUT; TSX: HUT) (“Hut 8”), one of North America’s largest innovation-focused digital
asset mining pioneers, supporting open and decentralized systems since 2018. The partnership marks the first time
Hut 8 has come together with a gaming and esports organization, and Enthusiast Gaming’s first partnership with a
digital asset miner.

As ambitious leaders at the intersection of gaming and digital asset mining, Enthusiast Gaming and Hut 8 will
collaborate on new experiences and content within mobile and blockchain gaming, Web 3.0, NFTs, and cryptocurrency.
Gaming, specifically blockchain gaming, is forecast to grow at a compound annual growth rate of 14.5% through 2026,
now that gamers are capable of and interested in owning their own digital assets.

To kick off the partnership, Enthusiast Gaming will release a significant update to its first-person shooter game EV.IO,
featuring Hut 8 as a presenting sponsor. Hut 8 will also become a sponsor of Luminosity Gaming, the top esports
organization on Twitch with a social following of more than 145 million globally.

The ongoing partnership will see Hut 8 content integrated across Enthusiast Gaming’s flywheel of communities, games,
and experiences. Hut 8 is also positioned to provide critical infrastructure support by hosting Enthusiast Gaming in its
data centres, which are connected to electrical grids powered by significant renewables and emissions-free resources.

“As we consider new opportunities in Web 3.0, the Metaverse, NFTs and cryptocurrency, we’re proud to join a
partnership that will really deliver for our creators, communities and fans, and to kick things off with Hut 8 by bringing
our flywheel of opportunities to them, through our latest launch from Addicting Games, and as a partner on Luminosity
Gaming,” said Adrian Montgomery, CEO of Enthusiast Gaming. “With one of the highest inventories of self-mined
Bitcoin of any publicly-traded company globally, Hut 8 has established itself as an innovative leader by bridging digital
asset mining with the traditional data centre industry, and is now serving both traditional high-performance applications
and applications in the gaming and blockchain space.”

“As a digital currency miner with data centre infrastructure, we’re ideally positioned to join forces with one of North
America’s largest and fastest growing gaming entertainment companies and generate the unique benefits of this
strategic partnership,” said Jaime Leverton, CEO of Hut 8. “We’re excited to host Enthusiast Gaming in our data
centres and collaborate on new experiences and content that will connect us to their audience of 300 million Gen Z and
Millennial viewers, the majority of whom are crypto-savvy.”

Samples of Hut 8/EV.IO visuals can be found here.

About Enthusiast Gaming

Enthusiast Gaming is an integrated gaming entertainment company, building the largest media platform for video game
and esports fans to connect and engage worldwide. Combining the elements of its four core pillars; Media, Talent,
Esports and Experiences, Enthusiast Gaming provides a unique opportunity and integrated approach to reach and
connect with its coveted GenZ and Millennial audience. Through its proprietary mix of digital media and entertainment
assets, Enthusiast Gaming has built a vast network of like-minded communities to deliver the ultimate fan experience.

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 bridging the nascent and traditional high performance
computing worlds. With two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario,
all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of
self-mined Bitcoin of any crypto miner or publicly-traded company globally. With 36,000 square feet of geo-diverse data
centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free
resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the
traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and
Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select composite index and the
first blockchain company to be added to the S&P/TSX Composite Index in 2021. Hut 8’s team of business building
technologists are believers in decentralized systems, stewards of powerful industry-leading solutions, and drivers of
innovation in digital asset mining and high-performance computing, with a focus on ESG alignment. 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.

Contacts
Enthusiast Gaming Investor Relations:
Eric Bernofsky, Chief Corporate Officer
investor@enthusiastgaming.com

Enthusiast Gaming Media Relations:
Derek Holota, Provident Communications
derek@providentcomms.com
343-422-5606

Hut 8 Investor Relations
Sue Ennis
sue@hut8mining.com

Hut 8 Media Relations:
Dea Masotti Payne, North Strategic
dea.masottipayne@northstrategic.com

This news release contains certain statements that may constitute forward-looking information under applicable
securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results,
developments, performance or achievements that Enthusiast Gaming anticipates or expects may or will occur in the
future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking
information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words
and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”,
“would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forwardlooking statements in this news release include, but are not limited to, expectations, expertise, projections, estimates
or characterizations of future events or circumstances by the management of Enthusiast Gaming and Hut 8, the planned
partnership activities including brand activations, the ability generate the unique benefits of this partnership, the ability
to collaborate on new experiences and content within mobile and blockchain gaming, Web 3.0, NFTs, and
cryptocurrency, enhancements to and the functionality of game titles published by Enthusiast Gaming, and the provision
of Hut 8’s data centre infrastructure, Hut 8’s ability to connect to Enthusiast Gaming’s audience of 300 million Gen Z
and Millennial viewers, Hut 8’s ability to continue to innovate and lead in digital asset mining and traditional data centre
industry, and Hut 8’s ability to continue to serve both traditional high-performance applications as well as applications
in the gaming and blockchain space.

Forward-looking statements are based on assumptions and analyses made by the Company in light of its experience
and its perception of historical trends, current conditions and expected future developments, including, but not limited
to, expectations and assumptions concerning: interest and foreign exchange rates; capital efficiencies, cost saving and
synergies; growth and growth rates; the success in the esports and gaming media industry; the Company’s growth
plan, and judgment applied in the application of the Company’s accounting policies and in the preparation of financial
statements in accordance with applicable financial reporting standards. While Enthusiast Gaming considers these
assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are
cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements
necessarily involve known and unknown risks, including, without limitation, risks associated with general economic
conditions; adverse industry events; and future legislative, tax and regulatory developments. Readers are cautioned
that the foregoing list is not exhaustive. For more information on the risks, uncertainties and assumptions that could
cause anticipated opportunities and actual results to differ materially, please refer to the public filings of Enthusiast
Gaming which are available on SEDAR at www.sedar.com. Readers are further cautioned not to place undue reliance
on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they
are placed will occur. Such information, although considered reasonable by management at the time of preparation,
may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements
contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of
the date hereof, and thus are subject to change thereafter. Enthusiast Gaming disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new information, future events or otherwise,
except as required by applicable law.

TORONTO, February 3, 2022 — Hut 8 Mining Corp. (Nasdaq | TSX: HUT) (“Hut 8″ or “the Company”), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, is pleased to provide the following corporate update.

Mining Production Highlights for January 2022:

• 308 Bitcoin were mined, resulting in an average production rate of 9.93 Bitcoin per day;
  • Approximately 16% of Bitcoin production was from the Company’s fleet of GPU (Graphics Processing Unit) miners, being used to mine Ethereum, while receiving payouts in Bitcoin.The efficient nature of these GPUs, with minimal power requirements, resulted in an average cost of less than C$2,600 per Bitcoin;
• 100% of the self-mined Bitcoin for the month of January were deposited into custody, consistent with Hut 8’s Hodl strategy;
• Total Bitcoin balance held in reserve is 5,826 as of January 31, 2022;
• Installed operating capacity currently sits at 2.36 EH/s, a 17% increase from December 31, 2021.

Operations Updates for January 2022:

• During January 2022, the Company installed 6,317 MicroBT M30S and M31S+ miners, while retiring the older fleet of Bitfury Clarkes.
• Hut 8 has also advanced with respect to construction and development of the Company’s third data centre located in North Bay, Ontario. The building structure is complete, floors are being poured imminently and racking is expected to commence later in February 2022.

“Our team is working hard deploying additional miners between our two Alberta-based sites, increasing overall efficiency and hashrate using existing capacity ” said Jason Zaluski, Head of Technology for Hut 8. “Our goal is to always utilize the most efficient miners we have, and we have been receiving and fully deploying our MicroBT units as they arrive, which speaks to the commitment and capability of our team on the ground, here in Alberta.”

About the Company:

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 bridging the nascent and traditional high performance computing worlds. With two digital asset mining sites located in energy rich Alberta and a third site in North Bay, Ontario Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally. The Company’s acquisiiton of the cloud and colocation data center business from TeraGo Inc, establishes Hut 8 as a leading high-performance computing platform, providing unique positioning for the Company within the digital asset ecosystem. The data center business spans from Toronto to Vancouver with over 36,000 square feet of geo-diverse data center space powered by predominantly emmission-free energy sources. With this acquisition, Hut 8 is bridging traditional and nascent forms of high-performance compute, taking an unconventional approach to revolutionizing conventional assets, creating the first hybrid data center model that serves both the traditional high performance compute (web 2.0) and nascent digital asset computing sectors and web 3.0. Hut 8 has established a Tier 0 to Tier 3 computing platform and allocated digital asset mining and open-source distributed ledger technology to conventionally underutilized areas in a conventional high performance compute data center. The platform consists of approximately 400 commercial customers, across a variety of industry verticals including gaming, visual effects and government agencies, and a platform for the development of applications and services to underserved markets and customers in the growing digital asset, blockchain, gaming and web 3.0 industries. We envision a future of robust infrastructure offering to provide economies of scale, and economies of scope in the high-performance computing and the growing application development in web 3.0 and the digital asset ecosystem. Hut 8’s team of business building technologists are believers in decentralized systems, stewards of powerful industry-leading solutions, and drivers of innovation in digital asset mining and high-performance computing, with a focus on ESG alignment. 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 Regarding Forward–Looking Information

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s businesses, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions and includes, among others, statements regarding Bitcoin network dynamics, the Company’s ability to produce additional Bitcoin, the Company’s ability to increase overall efficiency and hashrate, the Company’s ability to deploy additional miners, costs associated with mining digital assets, and the Company’s ability to maintain existing rates of productivity.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including that the anticipated timing for completion of the construction and development activities at the Company’s third mining site in North Bay, Ontario will be further delayed as a result of global supply chain impacts, the Company’s ability to make interest payments on any drawn portions of loan with Trinity Capital, the impact of general economic conditions on the Company, industry conditions, currency fluctuations, taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, political and geopolitical instability and the Company’s ability to access sufficient capital from internal and external sources.  The foregoing and other risks are described in greater detail in the “Risk Factors” section of the Company’s Annual Information Form dated March 25, 2021, which is available on www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully, and you should not place undue reliance on any forward-looking information. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking information 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 alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or circumstances, or otherwise, except as required by law.  New factors emerge from time to time, and it is not possible for Hut 8 to predict all of these factors or to assess in advance the impact of each such factor on Hut 8’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

Related Links: www.hut8mining.com

SOURCE Hut 8 Mining Corp

For further information: Media Contact: Hut 8, dea.masottipayne@northstrategic.com

Aligned to its holistic ESG objectives, the leading miner increases representation of women on its executive management team from 40% to 50%

TORONTO, Feb. 2, 2022 — Hut 8 Mining Corp. (Nasdaq | TSX: HUT) (“Hut 8″ or “the Company”), one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, is pleased to announce the appointment of Erin Dermer to the new role of Vice President Communications, Marketing and Public Affairs, effective today. Ms. Dermer will work alongside the Company’s diverse and ambitious talent roster under the direction of CEO Jamie Leverton to ensure that the rapidly growing prominence of Hut 8 is visible across Canada and in international markets.

Ms. Dermer brings more than 20 years of experience leading national public affairs and digital marketing mandates to promote and protect some of Canada’s top companies, including a decade at Telus Communications Inc. She has served as a trusted advisor to C-suite executives in the technology, transportation, retail, and resource-mining sectors, leading corporate communications for major international mergers-and-acquisitions, product launches, strategic partnerships, regulatory issues and security incidents.

“We are thrilled to welcome Erin to Hut 8 and know that her expertise will bring great value to the Company as we continue to grow,” said Jaime Leverton, Chief Executive Officer of the Company. “When we developed this role, we knew we wanted an avid storyteller that could leverage experience in corporate communications and technology with skill and passion. We’ve found the perfect fit in Erin and we can’t wait to get started.”

Over the last two decades, Ms. Dermer had led digital marketing and influencer relations campaigns with key players in blogging, YouTube, Instagram, TikTok and other social media communities, as well as industry experts across an array of fields. As a public affairs specialist, Ms. Dermer has conceptualized and launched strategies that successfully engaged elected officials, bureaucrats and key voter segments to significantly boost brand sentiment.

“It has been exciting to see Hut 8 grow with speed and confidence as it’s pursued a unique, diversified corporate strategy over the last few years and I am delighted to join such a talented team,” said Ms. Dermer. “The burgeoning blockchain and cryptocurrency industry brings immense opportunities to connect more people to the benefits of its technology with a strong communications strategy.”

 About the Company:

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 bridging the nascent and traditional high performance computing worlds. Hut has been supporting open and decentralized systems since 2018. With two digital asset mining sites located in energy rich Alberta and a third site in North Bay, Ontario Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally. The company recently purchased the cloud and colocation data center business from TeraGo Inc, establishing Hut 8 as a leading high-performance computing platform, providing unique positioning for the Company within the digital asset ecosystem. The Data Center Business spans from Toronto to Vancouver with over 36,000 square feet of geo-diverse data center space powered by renewable energy sources. With this acquisition, Hut 8 is bridging traditional and nascent forms of high-performance compute, taking an unconventional approach to revolutionizing conventional assets, creating the first hybrid data center model that serves both the traditional high performance compute (web 2.0) and nascent digital asset computing sectors and web 3.0. Hut 8 has established a Tier 0 to Tier 4 computing platform and allocated digital asset mining and open-source distributed ledger technology to conventionally underutilized areas in a conventional high performance compute data center. The platform consists of approximately 400 commercial customers, across a variety of industry verticals including gaming, visual effects and government agencies, and a platform for the development of applications and services to underserved markets and customers in the growing digital asset, blockchain, gaming and web 3.0 industries. We envision a future of robust infrastructure offering to provide economies of scale, and economies of scope in the high-performance computing and the growing application development in web 3.0 and the digital asset ecosystem. Hut 8’s team of business building technologists are believers in decentralized systems, stewards of powerful industry-leading solutions, and drivers of innovation in digital asset mining and high-performance computing, with a focus on ESG alignment. 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 Regarding Forward–Looking Information

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s businesses, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions and includes, among others, statements regarding the Company’s ability to grow, the Company’s rapidly growing prominence across Canada and in international markets, the Company’s ability to leverage communications, and the Company’s ability retain and attract a diverse and ambitious talent roster.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including that the anticipated timing for completion of the construction and development activities at the Company’s third mining site in North Bay, Ontario will be further delayed as a result of global supply chain impacts, the Company’s ability to make interest payments on any drawn portions of loan with Trinity Capital, the impact of general economic conditions on the Company, industry conditions, currency fluctuations, taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, political and geopolitical instability and the Company’s ability to access sufficient capital from internal and external sources. The foregoing and other risks are described in greater detail in the “Risk Factors” section of the Company’s Annual Information Form dated March 25, 2021, which is available on www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully, and you should not place undue reliance on any forward-looking information. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking information 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 alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or circumstances, or otherwise, except as required by law. New factors emerge from time to time, and it is not possible for Hut 8 to predict all of these factors or to assess in advance the impact of each such factor on Hut 8’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

Related Links: www.hut8mining.com

SOURCE Hut 8 Mining Corp

For further information: Media Contact: Hut 8, dea.masottipayne@northstrategic.com