Hut 8 Announces Change to Senior Management

TORONTO, April 8, 2021 - Hut 8 Mining Corp. (TSX: HUT) ("Hut 8" or the "Company"), one of North America's oldest, largest and most innovative bitcoin miners, today announced that it will welcome Shane Downey, CPA, CA as the incoming Chief Financial Officer at Hut 8 Mining succeeding Jimmy Vaiopoulos who is stepping down from his position but will continue to serve the company in an advisory role starting on April 26^th, 2021.

Mr. Downey is a strategic finance leader and complements Hut 8's management team with a breadth of experience in corporate and operational finance, cross-border M&A and capital investment planning. With more than 15 years of experience in progressively senior roles, he is joining Hut 8 from York Group of Companies, where he led an active M&A strategy, combined with corporate finance efforts focused on raising both private equity and debt. Previously, Mr. Downey was CFO of Polaris Infrastructure (TSX: PIF), a Latin America focused renewable energy business. While at Polaris, Mr. Downey led all aspects of managing a U$215 million project lending syndicate, in addition to the execution of complex cross border M&A. Mr. Downey is a Chartered Professional Accountant, with a Bachelor of Science from Cornell University.

"I am excited at the prospect of joining the impressive management team at Hut 8 as the Company continues to execute on its strategy," said Shane Downey, incoming CFO. "I believe the Company is well-positioned to deliver on its objectives, including continued diversification of revenue streams."

Jaime Leverton, the Company's Chief Executive Officer stated, "We are thrilled to welcome Shane as Chief Financial Officer of Hut 8 Mining. Shane brings a tremendous breadth of experience and acumen in M&A and corporate finance and has a track record of delivering strong results as CFO of a TSX-listed reporting issuer." "We want to thank Jimmy for all of his great contributions to the Company and we are pleased that he will remain as a valuable resource to Hut 8's team moving forward."

Mr. Vaiopoulos has entered into a twelve-month agreement with Hut 8 Mining to assist with the transition to Shane Downey as Hut 8's new Chief Financial Officer and to serve as an ongoing advisor to the team on financial matters, ensuring a seamless transition from his previous role as Chief Financial Officer.

About Hut 8: Hut 8 is one of North America's oldest, largest and most innovative bitcoin miners. Hut 8 has one of the highest installed capacity rates in the industry and is #1 globally in held, self-mined Bitcoin of any crypto miner or publicly traded company. Recently ranked 11th (of 10,000) on the 2021 OTCQX® Best 50, and the first publicly traded miner on the TSX, the Hut 8 leadership team is continually looking for ways to accelerate innovation in high performance computing, and the blockchain ecosystem. We are stewards of powerful, industry-leading solutions, and drivers of innovation in digital asset mining and high performance computing. - Hut 8 applies a growth mindset to our revenue diversification, ESG and carbon footprint reduction strategy. We are a company committed to growing shareholder value regardless of #BTC market direction. #HodltheHut

Forward-Looking Information

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 Hut 8's Annual Information Form dated March 25, 2021, 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.