Crypto Miner Hut 8 Generates 161 Bitcoin in December 2022

Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) ("Hut 8") one of North America's largest, innovation-focused digital asset mining pioneers and high performance computing infrastructure provider, increased its Bitcoin holdings by 161 in the period ending December 31, bringing its total self-mined holdings to 9,086 Bitcoin.

Production highlights for December 2022:

• 161 Bitcoin were generated, resulting in an average production rate of approximately 5.2 Bitcoin per day

  Unusually high energy prices led Hut 8 to curtail production and sell power back to the provider

• Keeping with the company's longstanding HODL strategy, 100% of the self-mined Bitcoin in December were deposited into custody

• Total Bitcoin balance held in reserve as of December 31 is 9,086 – a 65% increase over the balance at the end of 2021

• Installed ASIC hashrate capacity at Hut 8's Alberta facilities was 2.5 EH/s at the end of the month

• Hut 8 produced 64.4 BTC/EH in December

Operational highlights:

• While operations in North Bay remain suspended, as previously announced, Hut 8 is continuing to explore alternatives to mitigate the impact of the dispute with the third-party energy supplier to the site, including through organic and inorganic growth opportunities

• ​The company welcomed new CFO Shenif Visram to the Hut 8 leadership team in mid-December

"I am proud of the team's collective and continued grit and perseverance through headwinds that built up in late Q4 2022," said Jaime Leverton, CEO. "In spite of challenging market forces, we continued growing the largest unencumbered, self-mined Bitcoin stack of any publicly traded company, welcomed our new CFO Shenif Visram, and our balance sheet first approach has us well positioned in 2023."