Cottage 8 mining production and operations update for July 2022

330 bitcoins have been mined, bringing the reserve to 7,736

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

Hut 8 Mining Corp logo (CNW Group / Hut 8 Mining Corp)

Hut 8 Mining Corp logo (CNW Group / Hut 8 Mining Corp)

Production highlights of July 2022:

  • 330 bitcoins were generated, resulting in an average production rate of 10.61 bitcoins per day

  • Mining Ethereum – for which we receive payments in Bitcoin – generated approximately 10.7% of our total production.

  • In line with our long-term HODL strategy, 100% of self-mining bitcoins in July were deposited into custody.

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

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

  • Hut 8 produced 113.01 BTC/EH in July

Additional updates:

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

  • severe thunderstorm July 18 Cut off the power to Medicine Hat The mine and its surrounding area – the infrastructure and equipment at the site were not damaged – and the electricity was restored July 23

  • Hut 8’s HPC business, which is not related to bitcoin or bitcoin mining, continues to grow: We recently signed up to Foundry as a Cloud Services customer

“We have continued to deliver results, increasing our collection to 7,736 bitcoins – one of the largest holdings globally – through efficient mining,” said Jaime Leverton, CEO. “At the same time, we continue to focus on driving uncorrelated recurring revenue within our high-performance computing business, and we are thrilled to welcome Foundry on board as a cloud client to our site. Mississauga Data Center.”

About cottage 8

Hut 8 is one of North America’s largest innovation-focused digital asset miners, led by a team of business building technologists, optimistic about using Bitcoin, Blockchain, and Web 3.0, bridging bridges between the emerging and traditional high-performance computing realms. With two digital asset mining sites located in southern Alberta and a third site in North Bay, OntarioAll located in Canada, Hut 8 boasts one of the highest capacity rates in the industry and one of the highest self-mining Bitcoin stocks of any crypto miner or publicly traded company globally. With 36,000 square feet of geographically diverse data center space and grid-connected cloud capacity powered by large renewables and zero-emissions resources, Hut 8 revolutionizes traditional assets to create the first hybrid data center model that serves both traditional high-performance computing (Web 2.0) and the emerging digital asset computing sectors, 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 helps define the digital asset revolution to create value and positive impacts for its shareholders and future generations.

Cautionary note regarding forward-looking information

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of the Canadian Securities Laws and the US Securities Laws, respectively (together referred to as “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, anticipates or may occur in the future, including such things as future business strategy, competitive strengths, objectives, expansion and business growth The Company, its operations, plans and other such matters are forward-looking information. Forward-looking information is often identified with the words “may,” “will,” “could,” “should,” “will,” “intend,” “plan,” “expect,” “allow,” “believe,” “estimate.” , “expect”, “expect”, “could”, “may”, “probable”, “expect”, “designed for”, “probable” or similar expressions. In addition, any statements in this press release that refer to expectations, expectations or other descriptions of future events or conditions contain forward-looking information and include, among other things, statements relating to: the dynamics of the Bitcoin and Ethereum network; The company’s ability to develop a long-term HODL strategy; The company’s ability to generate additional Bitcoin and maintain current throughput rates at all locations; The company’s ability to deploy additional miners; The company’s ability to continue to efficiently mine digital assets; 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 that contain forward-looking information are not historical facts, but instead represent management’s expectations, estimates and expectations regarding future events based on certain material factors and assumptions at the time the statement was made. While Hut 8 is reasonable as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions, and other factors that could cause actual results, level of activity, performance, or achievements to differ materially from those expressed or implied. Through this forward-looking information, including but not limited to security and cybersecurity threats, hacking, malicious actors or bots that control processing power on the Bitcoin or Ethereum network, further development and acceptance of the Bitcoin and Ethereum networks, changes in the difficulty of mining Bitcoin or Ethereum, loss or destruction of private keys, increases in Blockchain transaction logging fees, erroneous transactions, dependence on a limited number of key employees, dependence on third-party mining pool service providers, regulatory changes, classification and tax changes, momentum pricing risks, fraud and failure Related to cryptocurrency exchange Difficulties in obtaining banking and financing services, difficulty obtaining insurance, permits and laxity Internet and power outages, geopolitical events, uncertainty in the development of cryptographic protocols and algorithms, uncertainty about the widespread acceptance or use of cryptocurrencies, failure to predict technological innovations, COVID19 pandemic, climate change, currency risks, lending risks, recovery from potential losses litigation risks, business integration risks, changes in market demand, changes in network and infrastructure, system disruptions, changes in leasing arrangements, and other risks related to cryptocurrency and data center businesses. For a complete list of factors that could affect the Company, please see the “Risk Factors” section of the Company’s Annual Information Form dated March 17, 2022 and other Hut 8 Continuing Disclosure Documents available in the Company Profile on the system for electronic document analysis and retrieval at www.sedar.com And on the EDGAR section of the SEC website at: www.sec.gov.

These factors are not intended to provide a complete list of factors that can affect Hut 8; However, these factors should be considered carefully. There can be no assurance that these estimates and assumptions will prove correct. If one or more of these risks or uncertainties materialize, or if the assumptions underlying the forward-looking statements prove to be incorrect, actual results may differ materially from those described in this press release as intended, planned, anticipated, believed, sought, proposed, estimated, anticipated or anticipated, anticipated or intended, and such forward-looking statements included in this press release should not be relied upon unduly. The impact of any assumption, risk, uncertainty or other factor on a particular forward-looking statement cannot be determined with certainty because they are interrelated and future Hut 8 decisions and actions will depend on management’s assessment of all information in a timely manner. 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 change statements that contain 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.

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