TORONTO, ON, September 24, 2019 – Hut 8 Mining Corp. (“Hut 8” or “the Company”) (TSXV: HUT) (OTCQX: HUTMF), one of the world’s largest public cryptocurrency mining companies by operating capacity and market capitalization, announces that its been conditionally approved to be listed on the Toronto Stock Exchange (“TSX”) via TSX Sandbox. Hut 8 is proud to be the first company to be listed via TSX Sandbox and the first blockchain or cryptocurrency company to be listed on the TSX.

“Our move to the TSX, the senior public market of the TMX Group, is another significant step in our evolution to provide improved liquidity and enhanced public disclosure to investors,” said Andrew Kiguel, Chief Executive Officer of Hut 8. ”We are grateful to the TSX for conditionally approving Hut 8 to be the first company through the TSX Sandbox.”

TSX Sandbox is an initiative intended to facilitate listing applications that may not satisfy all requirements and guidelines of TSX, but due to facts or situations unique to a particular issuer otherwise warrant a listing on TSX.

While in the TSX Sandbox program, Hut 8’s common shares will trade in the same manner as other TSX listed companies. Hut 8 will exit the TSX Sandbox program upon the receipt of a prospectus (including a non-offering prospectus), and no significant compliance issues for a 12-month period. If there is a significant compliance issue that occurs, the 12-month period resets. Also related to this TSX listing, Hut 8 will appoint a new Corporate Secretary. Hut 8 will provide further disclosure regarding the timing for the finalization of the uplisting to the TSX.

In addition, Hut 8 is required to disclose the following two risk factors that were also disclosed in the most recent Annual Information Form:

The value of the Hut 8 Shares relates directly to the value of the Bitcoins held directly or indirectly by the Company, and fluctuations in the price of Bitcoins could materially and adversely affect an investment in the Hut 8 Shares. The Company has a limited history of operations and is in the early stage of development.

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 94 BlockBox AC data centers with current operating capacity of 109.4 MW and 963 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: info@hut8mining.com

Jimmy Vaiopoulos

Chief Financial Officer

Tel: (647) 256-1992

Email: info@hut8mining.com

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.