Hut 8 Mining Corp (HUT) Provides Production Update

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.

Mining Production Highlights for September 2021:

• 264 Bitcoin were mined, resulting in an average production rate of 9.11 Bitcoin per day.
• 100% of the self-mined Bitcoin for the month of September were deposited into custody, consistent with Hut 8's Hodl strategy.
• Total Bitcoin balance held in reserve is 4724 as of September 30, 2021.

Mining Equipment Deployment Update for September 2021:

• Received and installed 600 servers consisting of 2400 NVIDIA cryptocurrency mining processors ("CMPs") graphics processing unit ("GPUs"), resulting in a daily earning of 7.10 ETH, equivalent to 0.5 BTC/day totaling $25,000 CAD in income per day.
• Deployment of NVIDIA CMPGPUs has progressed over the past 30 days, and approximately 25% of our total server fleet is deployed and earning.
• To date, Hut 8 has earned $265,000 CAD from the CMP deployment.

"We are thrilled with our current amount of Bitcoin held in reserve as well as being ahead of schedule on our commitment to the market to have over 5,000 self-mined Bitcoin by end of Q4.", said Jaime Leverton, CEO of Hut 8 Mining.

"Our current capacity of deployed CMP GPU miners will continue to earn $25,000 CAD per day, ramping up to the full capacity earnings over this period, which is expected to be at $110,000 CAD per day, based upon current mining economics," said Jason Zaluski, Chief Technology Officer, Hut 8 Mining. "Hut 8's full CMP deployment has been hampered by the supply chain constraints and manufacturing shortages many industries are experiencing globally," said Jason Zaluski, Chief Technology Officer, Hut 8 Mining. "We continue to work with our technology partners and we anticipate this issue to be resolved early in Q4."

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