Company Overview

May 2022
 Disclaimer
This presentation is intended to provide an overview of the business of Hut 8 Mining Corp. (“Hut 8” or the “Company”).
This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or subscribe for securities of the Company or any of its subsidiaries in any
jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or
investment decision whatsoever. This presentation includes market share, industry and other statistical information that the Company has obtained from independent industry publications, government publications, market
research reports and other published independent sources. Such publications and reports generally state that the information contained therein has been obtained from sources believed to be reliable. The Company has
not independently verified any of the data or other statistical information contained in these reports and publications nor has it ascertained or validated the underlying economic or other assumptions relied upon by these
sources. The Company has no intention and undertakes no obligation to update or revise any such information or data, whether as a result of new information, future events or otherwise, except as, and to the extent
required by applicable securities laws.
Certain statements in this presentation may constitute “forward-looking” statements. When used in or in relation to this presentation, such statements use words including, but not limited to, “may”, “will”, “expect”, “believe”,
“plan”, “intend”, “anticipate”, "future" and other similar terminology (including negative variations thereof) and include, without limitation, statements or information with respect to: the Company’s future growth, results of
operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), planned expansion and business prospects and opportunities. These forward-looking
statements reflect the current expectations of Hut 8’s management regarding future events, operating performance or other achievements, or potential matters relating to any of the foregoing, of the Company, but involve
known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking statements. Such statements reflect management’s current views and are based on certain assumptions; the reader must take note that there is
no certainty that the Company will achieve or undertake any specific activity in respect thereto. They are, by necessity, only estimates of future results, performance, achievements or developments, and the actual results,
performance, achievements or developments may differ materially from these statements due to a number of known and unknown factors, uncertainties and risks, including the risks specified in the section entitled "Risk
Factors" of the Company's most recently filed Annual Information Form and its other continuous disclosure filings available under its corporate profile on www.sedar.com and on EDGAR on the SEC website at
www.sec.gov. Investors are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking information herein is qualified by these cautionary statements, and although any forward-
looking information contained herein is based on what management believes are reasonable assumptions, there can be no assurance that actual results or outcomes will be consistent with these forward-looking
statements. Any forward-looking statements are made as of the date of this presentation, and, except as may be required by applicable law, the Company does not assume any obligation to update or revise them to reflect
new information, events, circumstances or otherwise. The information contained in this presentation, including information related to bitcoin and the cryptocurrency industry generally, is derived from publicly available
information and does not purport to contain all of the information that an investor may desire to have in evaluating whether or not to make an investment in Hut 8. The information has not been independently verified, which
may prove to be imprecise, and is subject to material updating, revision and further amendment. While management is not aware of any misstatements regarding any industry data presented herein, no representation or
warranty, express or implied, is made or given by or on behalf of Hut 8 as to the accuracy, completeness or fairness of the information or opinions contained in this presentation and no responsibility or liability is accepted
by any person for such information or opinions. No opinion, whether express or implied, is made as to any correlation between the current and historical price of bitcoin and the future financial performance of the
Company, nor should any such opinion be inferred.
 Disclaimer (cont.)
This presentation may have been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission. You are responsible
for protecting against viruses and other destructive items. Your receipt of this electronic transmission is at your own risk and it is your responsibility to take precautions to ensure that it is free from viruses and other items of a
destructive nature. As a consequence of the above, neither the Company nor any director, officer, employee or agent of any of them or any affiliate of any such person accepts any liability or responsibility whatsoever in
respect of any difference between the presentation distributed to you in electronic format and the hard copy version that may be made available to you.
The presentation makes reference to certain measures that are not recognized under IFRS and do not have a standardized meaning prescribed by IFRS. They are therefore unlikely to be comparable to similar measures
presented by other companies. The Company uses non-IFRS measures including "EBITDA," “EBITDA margin,” "Adjusted EBITDA," “Adjusted EBITDA margin,” “Mining Profit,” and "Cost per Bitcoin” as additional information
to complement IFRS measures by providing further understanding of the Company’s results of operations from Management’s perspective.
Throughout this presentation, the following terms are used, which do not have a standardized meaning under IFRS.
“Mining profit” represents gross profit (revenue less cost of revenue), excluding depreciation and revenue and site operating costs directly attributable to hosting services. Mining profit shows profitability of the Company’s core
digital asset mining operation, without the impact of non-cash depreciation expense.
“Adjusted EBITDA” represents EBITDA (net income or loss excluding net finance income or expense, income tax or recovery, depreciation, and amortization) adjusted to exclude non-cash share-based compensation, fair
value gain or loss on revaluation of digital assets, non-recurring impairment charges or reversals of impairment, and costs associated with one-time or non-recurring transactions. Adjusted EBITDA is used to assess
profitability without the impact of non-cash accounting policies, capital structure, taxation, and one-time or non-recurring transactions. This performance measure provides a consistent comparable metric for profitability of the
Company across time periods.
“Adjusted EBITDA Margin” represents Adjusted EBITDA as a percentage of revenue. EBITDA is used to show ongoing profitability without the impact of non-cash accounting policies, capital structure, and taxation.
EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization) represents net income or loss excluding net finance income or expense, income tax or recovery, depreciation, and amortization.
“Cost per Bitcoin” represents cost of revenue excluding depreciation, divided by the number of Bitcoin mined in the period. This metric is commonly referenced in the Bitcoin mining industry and is important to gain an
understanding of the profitability in reference to the price of Bitcoin.
Who are we?: Business building technologists, and believers in decentralized
systems, transforming computing to power the future of the Web.

✓ Market Pioneer: Pioneering digital asset mining since 2018, aggressively

scaling mining operations to drive shareholder value.
✓ Industry Leader: First digital asset miner to bridge digital asset mining and
enterprise data center industry.
✓ First Mover Advantage: Highly diversified technology platform with
strong positions across infrastructure, connectivity and storage end
markets.
ü Significant Holdings: One of the largest holdings of Bitcoin globally.
ü Experienced Team: A management team with proven track record of success
in technology, energy markets, market development, regulation and distressed
data infrastructure turn around.
✓ Best in Class: 1st Blockchain company to be added to the S&P/TSX
Composite.
 A unique portfolio of owned blockchain & Web 3
infrastructure assets

Gaming

Hut 8's goal is to Metaverse

become one of the
most essential and F/X

outstanding
data infrastructure
Web3 Services
companies in the
world, powering the
Mining Blockchain
backbone of Bitcoin, storage
Blockchain and Web
3.
Infrastructure ownership benefits

Agile Increased
Revenue composable
Cost control ROI on
Diversification compute Assets
Chief Executive Officer

Jaime Leverton
• 20 years working • Telfer School of Management
in Technology (IBM, Award for Private Sector
Bell, BlackBerry, National Leadership in Advanced
Bank, Cogeco Peer Technology
1, eStruxture
• Infrastructure Masons: Champion
• MBA with a of the Global Digital Infrastructure
concentration in Marketing Industry
Informatics
• Expertise: M&A, distressed asset t
• Career primarily focused urnaround, transformation of $1B+
on Strategic market cap enterprises
Transformation & High
Growth Initiatives
• Women in IT Channel Hall
of Fame
HUT 8's Digital Asset Mining
Business By the numbers : (1)

6,769
Mining site 1: Medicine Hat, Alberta
Mining site 2: Drumheller, Alberta
Mining site 3: North Bay, Ontario Total self-mined
Bitcoin held

✓ 2.58 E/H in production.

✓ Diversified Fleet of Mining Equipment.
✓ GPU (Graphics Processing Unit) miners, being used
Click to add text 3.55 E/H 2,000
Projected Mid Q2 2022 Bitcoin yielding income
to mine Ethereum, while receiving payouts in Bitcoin.
✓ April 2022; 15% of Bitcoin production from the
Company's fleet of GPU; resulted in an average cost
of less than C$3,200 per Bitcoin.
6.0 E/H
✓ 3rd Mining Site in North Bay 0.027 Cad/KWH (+/- Projected Year End 2022
10%); Extra 100MW Capacity in addition to 109MW
currently in production in Alberta locations.

(1) https://hut8mining.com/2022/05/12/hut-8-reports-operating-and-financial-results-for-q1-2022/
HUT 8 is an authorized Micro BT repair shop serving
North America and Northern Europe (2)

Benefits include:

✓ Generates revenue with respect to both in and out

of warranty repair services for MicroBT clients
in North America and Northern Europe.

✓ Access to replacement machine parts at cost.

✓ Proximity to supply chain.
✓ Repairs on-site reduce the downtime associated with the
repair of miners for Hut 8 and our hosting clients
✓ Supporting machine repair reduces e-waste associated with
broken equipment.
✓ Reduces shipping distances for Hut 8 and its repair centre
clients helping to minimize associated carbon footprint.

(2)https://hut8mining.com/2021/09/14/hut-8-announces-certification-as-authorized-microbt-repair-centre-for-canada
 More scale = Greater ability to mine Bitcoin

Hut 8 has one of

the highest 6769

inventories of BTC Holdings

3,271
2,989
self-mined 2,615
Bitcoin of
any publicly
traded company
worldwide (3)
891

Q1 2018 Q1 2019 Q1 2020 Q1 2021

May 2022

(3) Based on publicly available corporate filings and press releases through February 2022, Hut 8 has more self-mined BTC than any of its publicly traded digital asset mining competitors,
including Marathon, Riot, Argo, Bitfarms and Hive.; Historical BTC market prices have been sourced from Hut 8’s quarterly earnings and MD&A filings.
HUT 8's *NEW* Data Center
Business By the numbers : (4)

Location 1: Kelowna, Vancouver BC

Location 2: Mississauga, ON
Location 3: Vaughn, ON
5
Multi-Tier Data Centers

✓ 36,000 square feet of geo-diverse data center space.

Saleable power capacity of 4.1 MW; 1.5 MW of expansion
capacity available within existing shelf space in
the Kelowna location. Click to add text
✓ Recurring revenues and stable cash flow profile to mitigate 35-40% <18%
fluctuations in digital asset mining business. Projected growth of HPC
Projected margins for 2022 business for 2022
✓ Complete selection of scalable cloud services.

✓ Platform of applications and services to serve underserved

markets and customers in growing digital asset, blockchain,
gaming and Web 3.0 industries. Sustainable Energy Sources
Hydro & Nuclear
✓ Annual trailing revenue for the data center business of
TeraGo approx. $19mm, in 2021. * PWC QOE from TeraGo’s public
filings

(4)https://hut8mining.com/2022/05/12/hut-8-reports-operating-and-financial-results-for-q1-2022
Hut 8: The Backbone of the Web 3 and Blockchain
Economy

Tier 3
Gaming, Machine Learning, A.I, Enterprise
Services
Tier 2
Enterprise Managed Services with multiple
sites - data center storage/ backup storage

Tier 1
Movie, Digital rendering and FX Services

Tier 0
Digital Asset Mining
 Web 3 & Blockchain: By the numbers (5)

$3.1 Trillion
Blockchain technology value add to
businesses in Finance; Private
healthcare and Retail by 2030

$39.7 Billion $13 Trillion

Citibank prediction of TAM for Metaverse
Blockchain gaming technology market size by Economy by 2030
2025

295 Million 1 Billion

Active Crypto users as at December 2021 Projected Crypto Users by December 2022

(5) https://fortune.com/2022/04/01/citi-metaverse-economy-13-trillion-
2030/;https://assets.ctfassets.net/hfgyig42jimx/5i8TeN1QYJDjn82pSuZB5S/85c7c9393f3ee67e456ec780f9bf11e3/Cryptodotcom_Crypto_Market_Sizing_Jan2022.pdf; https://www.prne
wswire.com/news-releases/demand-for-blockchain-market-expected-to-grow-from-us3-billion-in-2020-to-us40-billion-in-2025-301428909.html
The Future of the Web: From Internet Renters, to Internet Owners