Hut 8 provides update on North Bay Facility

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This information launch constitutes a “designated information launch” for functions of the
Firm’s prospectus complement dated August 17, 2022 to its brief kind base shelf prospectus dated August 5, 2022.

TORONTO, Jan. 26, 2023 /PRNewswire/ – Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (“Hut 8” or the “Firm“) proclaims that it has filed a Assertion of Declare within the Superior Courtroom of Justice of Ontario (the “Courtroom“) in opposition to Validus Energy Corp. and its subsidiary, Bay Energy Corp. (collectively, “Validus“), a third-party provider of vitality to the Firm’s mining facility in North Bay, Ontario.

As beforehand disclosed, Hut 8 and Validus have been in an ongoing dispute as a result of Validus’ failure to satisfy its contractual obligations within the energy buy settlement (“PPA“) it entered into with the Firm. Hut 8 is searching for numerous reduction together with enforcement of sure provisions of the PPA and financial damages incurred because of the dispute.

Because the matter is now earlier than the Courtroom, Hut 8 doesn’t intend to make further feedback on this topic except in any other case decided to be applicable.

About Hut 8

Hut 8 is one among North America’s largest innovation-focused digital asset miners, led by a group of business-building technologists, bullish on bitcoin, blockchain, Internet 3.0, and bridging the nascent and conventional excessive efficiency computing worlds. With two digital asset mining websites positioned in Southern Alberta and a 3rd web site in North Bay, Ontario, all positioned in Canada, Hut 8 has one of many highest capability charges within the business and one of many highest inventories of unencumbered, self-mined Bitcoin of any digital asset miner or publicly-traded firm globally. With 36,000 sq. ft of geo-diverse knowledge centre area and cloud capability related to electrical grids powered by important renewables and emission-free sources, Hut 8 is revolutionizing standard property to create the primary hybrid knowledge centre mannequin that serves each the standard excessive efficiency compute (Internet 2.0) and nascent digital asset computing sectors, blockchain gaming, and Internet 3.0. Hut 8 was the primary Canadian digital asset miner to listing on the Nasdaq World Choose Market. Via innovation, creativeness, and keenness, Hut 8 helps to outline the digital asset revolution to create worth and optimistic impacts for its shareholders and generations to return.

Cautionary Be aware Relating to Ahead–Trying Info

This press launch consists of “forward-looking data” and “forward-looking statements” inside the which means of Canadian securities legal guidelines and United States securities legal guidelines, respectively (collectively, “forward-looking data”). All data, aside from statements of historic details, included on this press launch that handle actions, occasions or developments that the Firm expects or anticipates will or could happen sooner or later, together with things like future enterprise technique, aggressive strengths, objectives, enlargement and development of the Firm’s companies, operations, plans and different such issues is forward-looking data. Ahead-looking data is usually recognized by the phrases “could”, “would”, “might”, “ought to”, “will”, “intend”, “plan”, “anticipate”, “enable”, “imagine”, “estimate”, “count on”, “predict”, “can”, “may”, “potential”, “predict”, “is designed to”, “possible” or related expressions. As well as, any statements on this press launch that confer with expectations, projections or different characterizations of future occasions or circumstances include forward-looking data and embody, amongst others, statements with respect to the North Bay facility and the anticipated consequence of any proceedings associated to Validus.

Statements containing forward-looking data should not historic details, however as an alternative signify administration’s expectations, estimates and projections concerning future occasions based mostly on sure materials elements and assumptions on the time the assertion was made. Whereas thought of cheap by Hut 8 as of the date of this press launch, such statements are topic to identified and unknown dangers, uncertainties, assumptions and different elements that will trigger the precise outcomes, stage of exercise, efficiency or achievements to be materially totally different from these expressed or implied by such forward-looking data, together with however not restricted to, safety and cybersecurity threats and hacks, malicious actors or botnet acquiring management of processing energy on the Bitcoin community, additional improvement and acceptance of the Bitcoinnetwork, modifications to Bitcoin mining issue, loss or destruction of personal keys, will increase in charges for recording transactions within the Blockchain, faulty transactions, reliance on a restricted variety of key workers, reliance on third celebration mining pool service suppliers, regulatory modifications, classification and tax modifications, momentum pricing danger, fraud and failure associated to digital asset exchanges, issue in acquiring banking companies and financing, issue in acquiring insurance coverage, permits and licenses, web and energy disruptions, geopolitical occasions, uncertainty within the improvement of cryptographic and algorithmic protocols, uncertainty in regards to the acceptance or widespread use of digital property, failure to anticipate know-how improvements, the COVID19 pandemic, local weather change, forex danger, lending danger and restoration of potential losses, litigation danger, enterprise integration danger, modifications in market demand, modifications in community and infrastructure, system interruption, modifications in leasing preparations, failure to attain meant advantages of energy buy agreements, potential for interrupted supply, or suspension of the supply, of vitality to the Firm’s mining websites, and different dangers associated to the digital asset and knowledge centre enterprise. For a whole listing of the elements that might have an effect on the Firm, please see the “Threat Components” part of the Firm’s Annual Info Kind dated March 17, 2022, in addition to its most up-to-date Base Shelf Prospectus dated August 5, 2022 and Prospectus Complement dated August 17, 2022, and Hut 8’s different steady disclosure paperwork which can be found on the Firm’s profile on the System for Digital Doc Evaluation and Retrieval at and on the EDGAR part of the U.S. Securities and Alternate Fee’s web site at

These elements should not meant to signify an entire listing of the elements that might have an effect on Hut 8; nevertheless, these elements must be thought of rigorously. There may be no assurance that such estimates and assumptions will show to be right. Ought to a number of of those dangers or uncertainties materialize, or ought to assumptions underlying the forward-looking statements show incorrect, precise outcomes could range materially from these described on this press launch as meant, deliberate, anticipated, believed, sought, proposed, estimated, forecasted, anticipated, projected or focused and such forward-looking statements included on this press launch shouldn’t be unduly relied upon. The influence of anybody assumption, danger, uncertainty, or different issue on a specific forward-looking assertion can’t be decided with certainty as a result of they’re interdependent and Hut 8’s future choices and actions will depend upon administration’s evaluation of all data on the related time. The forward-looking statements contained on this press launch are made as of the date of this press launch, and Hut 8 expressly disclaims any obligation to replace or alter statements containing any forward-looking data, or the elements or assumptions underlying them, whether or not because of new data, future occasions or in any other case, besides as required by legislation.

SOURCE Hut 8 Mining Corp


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