Hut 8 equips up, ready to match the momentum of Bitcoin adoption with the successful installation of its first batch of mining equipment on-schedule

To-date, 400 M30S miners have been successfully installed following the scheduled delivery of the first batch of 5400 machines ordered, adding an additional 35 PH to Hut 8's mining capacity

TORONTO, Feb. 11, 2021 - Hut 8 Mining Corp. (TSX: HUT) announced today that the first batch of machines ordered on January 22, 2021 has been delivered and successfully installed on schedule.

Hut 8's equipment financing loan from Rochester-based Foundry Digital LLC, a wholly-owned subsidiary of Digital Currency Group (DCG) was leveraged to add 475 petahash per second (PH/s) to Hut 8's bitcoin mining capacity over the course of Q1 and Q2. As of today, 400 miners have been successfully installed, adding an additional 35 PH to Hut 8's mining capacity.

Hut 8's current maximum power sits at 109 megawatts (MW) across its Medicine Hat and Drumheller mining facilities with a current maximum hash rate at 1073 PH/s making it one of the largest bitcoin miners globally with one of the highest installed capacities in North America.

"Guaranteeing our access to new, cutting-edge mining equipment while market demand greatly outweighs supply has solidified our position as one of the only miners operating at full capacity, taking full advantage of today's economics," said Jaime Leverton, CEO, Hut 8. "On behalf of the entire Hut 8 leadership team, we are thrilled to be seeing the return on our investment, on schedule, and are excited about what this installation means for Hut 8's continued success as a growing global leader."

Having a full fleet of advanced and successfully installed bitcoin mining hardware amid severe equipment supply constraints and today's bitcoin mining economics has created a distinct advantage for Hut 8 and will continue to be paramount to Hut 8's continued success.

About Hut 8: Hut 8 is one of Canada's oldest and largest bitcoin miners providing 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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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.

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.

SOURCE Hut 8 Mining Corp.