Hut 8 Mining Announces Purchase of 12,000 New MicroBT Miners for Delivery Starting January 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 provide the following corporate update with respect to its latest strategic purchase.

Hut 8 has executed on a $58.7 million USD purchase of 12,000 new MicroBT M30S, M30S+ and M30S++ miners from Inchigle Technology Hong Kong Limited, representing a cost of approximately $50/Terahash, with aggregate incremental production of 1.17 EH/s. The miners are expected to be delivered starting in January 2022, at a delivery rate of approximately 1,000 machines per month, with full deployment anticipated by December 2022.

The anticipated production capacity increase of this purchase upon full deployment, alongside previously announced investments, brings Hut 8's total contracted capacity to approximately 3.57 EH/s, in addition to 1600 Gigahash of cutting-edge NVIDIA GPU miners. The new fleet of miners, along with the previously announced 1.0 EH/s order from MicroBT, will be strategically deployed at the Company's existing two sites in Alberta, as well as the third site under development with Validus Power.

"We are thrilled to announce our latest strategic purchase of new MicroBT equipment," remarked Jaime Leverton, Chief Executive Officer of Hut 8. "The strength of our relationship with MicroBT enabled us to quickly execute on this compelling investment opportunity. While timing relative to Bitcoin achieving an all-time high is coincidence, this investment serves to reinforce our commitment to efficiently mine and Hodl Bitcoin."