HUT 8 MINING CORP. ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS

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Company raised $70.0 million to fund investment in mining hardware

First quarter 2018 revenue of $10,988,949

Strong gross profit margin of 80%, or $8,823,650

Corporate Update

Once operational, Hut 8 will own 57 BlockBoxes, representing a 335% increase from current mining capacity, securing our position as one of the largest publicly traded Bitcoin miners in the world, with a total of 66.7 MW of power capacity and 448 PH/s.

Selected Financial Highlights from Q1 2018

Revenues of $10,988,949

Gross profit of $8,823,650

Raised $70.0 million of equity capital to fund investments and growth

Cash balance of $23.7 million and working capital of $19.3 million

Mined 828 Bitcoin in Q1 2018, bringing total mined since commencing operations on December 21, 2017 to over 1,300

Q1 2018 Financial Results

Q1 2018 represented Hut 8’s first full quarter in operations. With a gross profit margin of 80% (excluding depreciation), the Company’s mining cost-per-bitcoin was $2,615 (US$2,028), which compares favorably to the selling price of Bitcoin at the end of Q1 2018, being $8,991.67 (US$6,973.53).

Hut 8 Media Contact:

Natalie Davidson

Hut 8 Corporate Contact:

Andrew Kiguel

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