Hut 8 Reports Second Quarter 2020 Financial Results

Toronto, Ontario–(Newsfile Corp. – August 13, 2020) – Hut 8 Mining Corp. (TSX: 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 announces its financial results for the second quarter ending June 30, 2020 (“Q2-2020”). Hut 8 reports all amounts in Canadian Dollars unless otherwise stated.

Q2-2020 Highlights

• Quarterly revenue of $9.2 million from mining 795 bitcoin
• Mining profit margin of 6%
• Revaluation gain of bitcoin holdings of $10.1 million for the quarter
• Positive net income of $2.8 million and negative Adjusted EBITDA of $86k
• Completed an oversubscribed prospectus offering of $8.3 million in gross proceeds for the purchase of 275PH/s of the latest generation bitcoin mining equipment

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