Hut 8 Mining Production and Operations Update for June 2022

328 Bitcoin mined, leaving reserves at 7,406 . come

Hut 8 continues to hold Bitcoin HODL

North Bay site operates on 20 MW power

TORONTO† July 6, 2022 /CNW/ – Cabin 8 Mining Corp. (Nasdaq: cabin) (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, increased its Bitcoin holdings with 328 in the period ending June 30th† With 7,406 unencumbered Bitcoin in reserve, Hut 8 remains committed to its HODL strategy.

Hut 8 Logo (CNW Group/Hut 8 Mining Corp)

Production highlights for June 2022:

328 Bitcoins were mined resulting in an average production rate of 10.9 Bitcoin per day
100% of self-mined Bitcoin in June was put into custody, in line with our long-standing HODL strategy
The total Bitcoin balance in reserve is 7,406 from June 30, 2022
The installed operating capacity was 2.78 EH/s at the end of the month

Additional updates†

Production at our new North Bay site scaled up during the month, with approximately 5,800 miners operating on 20 MW of power by June 30th
Extra scaling continues on North Bay in the coming weeks
Our high-performance computing business, which is uncorrelated to Bitcoin or Bitcoin mining, continues to generate steady monthly recurring revenue and remains on track to grow to 18% by the end of 2022

“The team had a successful month in North Bay and will continue to scale in the coming weeks,” said Jamie Leverton, DIRECTOR. “We are confident that our HODL strategy, combined with the uncorrelated recurring revenues from our high-performance computing business, will enable us to successfully navigate today’s market.”

About Cabin 8

Cabin 8 is one of them North Americas largest innovation-driven digital miners, led by a team of business-building technologists, optimistic about bitcoin, blockchain, Web 3.0 and bridging the gap between the nascent and traditional high-performance computing worlds. With two digital asset mining sites in Southern Alberta and a third site in North Bay, Ontarioall located in CanadaHut 8 has one of the highest capacity percentages in the industry and one of the highest stocks of self-mined Bitcoin of any cryptominer or publicly traded company worldwide. With 36,000 square feet of geo-diverse data center space and cloud capacity connected to electricity grids powered by significant renewables and zero-emission sources, Hut 8 is revolutionizing conventional assets to create the first hybrid data center model that serves both traditional high-performance computing. (Web 2.0) and emerging sectors for computing digital assets, blockchain gaming and Web 3.0. Hut 8 was the first Canadian digital miner to be listed on the Nasdaq Global Select Composite Index and the first blockchain company to be added to the S&P/TSX Composite Index in 2021. Through innovation, imagination and passion, Hut 8 is helping the digital asset revolution create value and positive impacts for its shareholders and future generations.

Warning Regarding Forward-Looking Information

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of the Canadian securities laws and United States securities laws (collectively “forward-looking information”). Any information, other than statements of historical fact, contained in this press release that relates to activities, events or developments that the company expects or expects to occur in the future, including such things as future business strategy, competitiveness, goals, expansion and growth of the Company’s business, operations, plans and other such matters is forward-looking information. Forward-looking information is often referred to by the words “may”, “would”, “would”, “would”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “may”, “could”, “potential”, “predict”, “is designed to”, “probably” or similar expressions. In addition, any statements in this press release that refer to expectations, projections or other characteristics of future events or conditions contain forward-looking information and include statements about: Bitcoin and Ethereum network dynamics; the company’s ability to advance its long-standing HODL strategy; the company’s ability to produce additional Bitcoin and maintain existing productivity in all locations; the company’s ability to deploy and scale additional miners North Bay Place; the successful impact of the company North Bay site has on production results; the company’s projected recurring revenue and the growth rate of its high-performance computing business; and the company’s ability to successfully navigate today’s market.

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections about future events based on certain material factors and assumptions at the time the statement was made. While Hut 8 believes to be reasonable as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that could cause actual results, level of activity, performance or performance to differ materially from those expressed. or implied by such forward-looking information, including but not limited to security and cybersecurity threats and hacks, malicious actors or botnets gaining control over the processing power on the Bitcoin or Ethereum network, further development and adoption of Bitcoin and Ethereum networks, changes in Bitcoin or Ethereum mining problems, loss or destruction of private keys, increases in fees for registering transactions in the Blockchain, erroneous transactions, dependence on a limited number of key employees, dependence on external service provider s for mining pools, regulatory changes, classification and tax changes, momentum price risk, fraud and failure related to cryptocurrency exchange problems, difficulties in obtaining banking services and financing, difficulties in obtaining insurance, permits and licenses, internet and power outages geopolitical events, uncertainty in the development of cryptographic and algorithmic protocols, uncertainty about the adoption or widespread use of cryptocurrency, failure to anticipate technological innovations, the COVID19 pandemic, climate change, currency risk, credit risk and recovery of potential losses, process risk, business integration risk , changes in market demand, changes in network and infrastructure, system outage, changes in lease agreements and other risks related to the cryptocurrency and data center business. For a complete list of the factors that may affect the company, please see the “Risk Factors” section of the company’s annual information form dated March 17, 2022and Hut 8’s other ongoing disclosure documents available at: www.sedar.com†

These factors are not intended to represent a complete list of the factors that may affect Hut 8; however, these factors must be carefully considered. There can be no assurance that such estimates and assumptions will prove correct. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove to be incorrect, actual results could differ materially from those described in this press release, as intended, planned , anticipated, assumed, sought, suggested, estimated, predicted, anticipated, projected or directed and no such forward-looking statements contained in this press release should be relied upon undue reliance. The impact of any assumption, risk, uncertainty or other factor on any particular forward-looking statement cannot be determined with certainty because they are interdependent and Hut 8’s future decisions and actions will depend on management’s assessment of all information on the relevant moment. The forward-looking statements in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or change any statement containing forward-looking information, or the factors or assumptions underlying them, as a result of new information, future events or otherwise, except as required by law.