Hut 8 Mining Corp. Announces Board Changes

Toronto, Ontario--(Newsfile Corp. - July 22, 2019) - Hut 8 Mining Corp. (TSXV: HUT) (OTCQX: HUTMF) ("Hut 8" or "the Company"), one of the world's largest public cryptocurrency mining companies by operating capacity and market capitalization, today announced that Jeremy Sewell, Chief Financial Officer of the Bitfury Group, has been elected to Hut' 8's board of directors to replace Valery Vavilov, CEO and founder of the Bitfury Group.

"We are grateful to Valery for his contributions to Hut 8 since our inception in 2017," said Andrew Kiguel, Chief Executive Officer of Hut 8. "We welcome Jeremy to our Board of Directors as Bitfury's representative and believe that Hut 8 will benefit from his financial expertise and knowledge of bitcoin mining."

"I am pleased to join the Hut 8 board of directors, and I look forward to working with the Board and management to continue to grow and develop the world's largest public bitcoin miner," Sewell said.

Hut 8's board regularly evaluates its composition to ensure it includes members with the appropriate skills, experience and perspective necessary to drive growth for all Hut 8 's shareholders.

Hut 8's current capital structure consists of 90,382,189 common shares outstanding, 2,882,222 warrants and 965,000 options. In total, Hut 8 owns and operates two sites in Alberta, Canada utilizing 85 BlockBox AC data centers with current operating capacity of 95.2 MW and 805 PH/s.

Pursuant to the press release dated March 15, 2019, has issued 30,790 common shares at a deemed price of $2.38 per common shares to Induna Energy Inc. in consideration of the services provided in June 2019.

About Jeremy Sewell

Jeremy has 30 years of extensive international financial, commercial and operating experience. Prior to his role as Chief Financial Officer of Bitfury Group, he was CFO of the Silicon Valley fintech company eCurrency, where he led the equity investment from eBay Founder Pierre Omidyar's VC and Bridgewater Associates and Farallon Capital hedge fund founders Ray Dalio and Tom Steyer.

Prior to his work with eCurrency, Jeremy lead multiple teams as COO & CFO of mobile group GSMA, helping build it from start-up to a global organization across 20 countries. He led teams across finance, business development, legal, HR, IT and program management. He was responsible for setting up GSMA's commercial arm in the US and several successfully closed acquisition and joint venture deals.

Jeremy qualified as a Chartered Accountant in the UK spending 10 years in practice with a focus on audit and consulting projects across multiple countries in Europe and Asia. Jeremy worked extensively across Russia in the early 1990's raising international debt with state owned companies, the EBRD and other commercial and development banks.

About The Bitfury Group

The Bitfury Group is the world's leading full-service blockchain technology company. Bitfury develops and delivers cutting-edge software and hardware solutions necessary for businesses, governments, organizations and individuals to securely move assets across the blockchain.

About Hut 8 Mining Corp.

Hut 8 is a bitcoin mining company with industrial scale operations in Canada. Hut 8 has an exclusive North American partnership with the Bitfury Group Limited, inclusive of Bitfury Holding BV, one of the world's leading full-service hardware and software blockchain technology companies. In total, Hut 8 owns and operates two sites in Alberta, Canada utilizing 85 BlockBox AC data centers with current operating capacity of 95.2 MW and 805 PH/s.

Hut 8 creates value for investors through low production costs and appreciation of its bitcoin inventory. The company provides investors with direct exposure to bitcoin, without the technical complexity or constraints of purchasing the underlying cryptocurrency. Investors avoid the need to create online wallets, wire money offshore, and safely store their bitcoin.

The Company's common shares are listed under the symbol "HUT" on the TSX Venture Exchange and as "HUTMF" on the OTCQX Exchange.

Key investment highlights and FAQ's: https://www.hut8mining.com/investors.

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Hut 8 Corporate Contact:

Andrew Kiguel
Chief Executive Officer
Tel: (647) 256-1992
Email: [email protected]

Jimmy Vaiopoulos
Chief Financial Officer
Tel: (647) 256-1992
Email: [email protected]

Forward-looking Statements:

Certain information in this press release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology, such as "plans", "targets", "expects" or "does not expect", "is expected", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates and projections regarding future events.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the "Risk Factors" section of the Filing Statement dated March 1, 2018 relating to the Qualifying Transaction of Oriana Resources Corporation and Hut 8, which is available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

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 release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46420