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.

• 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

• We installed 560 new MicroBT M30S and M31S+ miners
• Construction at Hut 8’s third mining facility located in North Bay, Ontario is nearing completion and we are on track to begin operations in May
• 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.”