Toronto, Ontario–(Newsfile Corp. – April 30, 2020) –  Hut 8 Mining Corp. (TSX: HUT) (OTCQX: HUTMF) (“Hut 8” or “the Company“), one of the world’s largest public cryptocurrency mining companies by operating capacity and market capitalization, today announces that as planned and previously disclosed, Andrew Kiguel has stepped down as CEO and Director of Hut 8 and Jimmy Vaiopoulos will become the Interim CEO while Hut 8’s Board of Directors continues the CEO search.

“I’m proud to have played a role in taking Hut 8 from a concept in the fall of 2017 to generating over $130 million of revenue in 24 months. Today, Hut 8 is a recognized blockchain brand across the world”, said Andrew Kiguel. “I’m grateful to my board of directors and former colleagues for supporting me in my role.”

“We would like to thank Andrew for his contribution towards Hut 8 and wish him the best on his future endeavours”, said Bill Tai, Chairman of Hut 8.

In relation to Vaiopoulos being named Interim CEO, he was granted 125,000 Restricted Share Units (“RSUs”) which shall vest in accordance with the Company’s RSU Plan and the policies of the TSX.

ABOUT HUT 8 MINING CORP.

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Hut 8 is a bitcoin mining company with industrial scale operations in Canada. In total, Hut 8 owns and operates two sites in Alberta, Canada utilizing 94 BlockBox AC data centers with current maximum operating capacity of 107 MW and 952 PH/s.

Hut 8 creates value for investors through low production costs and appreciation of its bitcoin inventory. The company provides investors with direct exposure to bitcoin, without the technical complexity or constraints of purchasing the underlying cryptocurrency. Investors avoid the need to create online wallets, wire money offshore, and safely store their bitcoin.

The Company’s common shares are listed under the symbol “HUT” on the TSX and as “HUTMF” on the OTCQX Exchange.

Key investment highlights and FAQ’s: https://www.hut8mining.com/investors.

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Hut 8 Corporate Contact:

Jimmy Vaiopoulos
Interim CEO
Tel: (647) 256-1992
Email: [email protected]

FORWARD-LOOKING STATEMENTS

Certain information in this press release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology, such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events.

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 but not limited to the factors described in greater detail in the “Risk Factors” section of the Filing Statement dated March 1, 2018 relating to the Qualifying Transaction of Oriana Resources Corporation and Hut 8, which is available at 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.

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Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.