Hut 8 Commences Trading on TSXV, Currently World’s Largest Publicly Traded Cryptocurrency Miner

VANCOUVER, British Columbia–(BUSINESS WIRE)–Hut 8 Mining Corp. (TSX.V:HUT) (“Hut 8” or the “Company”)
announced today that its common shares have begun trading on the TSX
Venture Exchange (“TSXV”) under the symbol “HUT”.

Hut 8 is currently the world’s largest publicly traded cryptocurrency
mining company based on funded and under-construction computing capacity.

Commenting on the listing, Sean Clark, Interim Chief Executive Officer
of Hut 8, noted, “Today’s listing on the TSXV is a milestone for
Canadian investors, who can now access one of the world’s largest
publicly traded crypto-mines without purchasing the underlying
cryptocurrency. In crypto-mining, scale is what determines success in
the short term, but is also what allows mines to weather any volatility
over the long term. Our exclusive partnership with Bitfury, one of the
world’s leading full-service Blockchain companies, facilitates the kind
of scale that will allow us to deliver ongoing value to investors.”

“Listing on the TSX Venture Exchange is a milestone for the growth of
Blockchain and cryptocurrency companies,” said Valery Vavilov, Chief
Executive Officer of The Bitfury Group and a member of the board of
directors of Hut 8. “We look forward to continuing our work with Hut 8
as we advance this technology and its value in North America.”

As of the date hereof, Hut 8 operates a total of approximately 100,000
machines, representing 18.7 MW of capacity and 127.5 petahashes per
second (“PH/s”) of computing power. Based on current purchase
indications, construction plans and the success of our recent private
placement financings (which raised in excess of $100 million), Hut 8
expects to operate a total of approximately 320,000 machines within six
months, representing 62.7 MW of capacity and 427.5 PH/s of computing
power. As of March 5, 2018, Hut 8 has mined a total of 645 Bitcoins.

Hut 8 has also reserved both ASIC and GPU chips from Bitfury to fulfill
up to an additional 157 MW of capacity in 2018. Hut 8’s facilities
currently operate on power secured at an average price of 3.5 cents
(USD) per kWh.

The board of directors of Hut 8 will be led by Bill Tai, a veteran
venture capitalist and leading world figure in Blockchain, along with
Jeffrey Mason, Gerri Sinclair, Dennis Mills, Michael Novogratz and
Valery Vavilov.

About Hut 8

Hut 8 is a cryptocurrency mining and Blockchain infrastructure company
established through an exclusive partnership with The Bitfury Group, the
world’s leading full-service Blockchain technology company. Through its
partnership with The Bitfury Group, Hut 8 has access to a proprietary
mix of hardware, software, and operational know-how to construct,
optimize, and manage datacenters in low-cost and attractive
jurisdictions. Hut 8 is led by a team of industry experts and intends to
provide investors with exposure to Blockchain processing infrastructure
and technology along with underlying cryptocurrency rewards and
transaction fees.

About The Bitfury Group

The Bitfury Group is the world’s leading full-service Blockchain
technology company and one of the largest private infrastructure
providers in the Blockchain ecosystem. Bitfury develops and delivers
both the software and the hardware solutions necessary for businesses,
governments, organizations and individuals to securely move an asset
across the Blockchain. Bitfury recently launched Exonum, a custom
framework that helps individuals, businesses and governments securely
and easily bring their ideas and solutions to life.

Change of Auditor

Pursuant to its continuous disclosure obligations, the Company wishes to
note that the current auditors of Hut 8, being MNP LLP of 111 Richmond
Street West, Suite 300, Toronto, Ontario, M5H 2G4, will replace D&H
Group LLP of 1333 West Broadway, 10th Floor, Vancouver, British Columbia
V6H 4C1, the former auditors of Oriana Resources Corporation.

Forward-Looking Information

Certain statements contained in this news release constitute
“forward-looking information” as such term is used in applicable
Canadian securities laws. Forward-looking information is based on plans,
expectations and estimates of management at the date the information is
provided and is subject to certain factors and assumptions, including
that the Company’s financial condition and development plans do not
change as a result of unforeseen events. Forward-looking information is
subject to a variety of risks and uncertainties and other factors that
could cause plans, estimates and actual results to vary materially from
those projected in such forward-looking information. Factors that could
cause the forward-looking information in this news release to change or
to be inaccurate include, but are not limited to, the risk that any of
the assumptions referred to prove not to be valid or reliable, that
occurrences such as those referred to above are realized and result in
delays, or cessation in planned work, that the Company’s financial
condition and development plans change, and delays in regulatory
approval, as well as the other risks and uncertainties applicable to
crypto-mining companies and to the Company as set forth in the Company’s
Filing Statement dated March 1, 2018 in respect of the Qualifying
Transaction filed under the Company’s profile at www.sedar.com.
The Company undertakes no obligation to update these forward-looking
statements, other than as required by applicable law.

This press release is not an offer of the securities for sale in the
United States. The securities have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in
the United States absent registration or an exemption from registration.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any state in which such offer, solicitation or sale would
be unlawful.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this press
release.

Contacts

Hut 8 Media Contact
Natalie Davidson
Brix Media Co.
[email protected]
or
Bitfury
Media Contact
Rachel Pipan
Bitfury
[email protected]