FILED BY HUT 8 MINING CORP.
COMMISSION FILE NO. 001-40487
PURSUANT TO RULE 425 UNDER THE SECURITIES ACT OF
1933, AS AMENDED
SUBJECT COMPANY: U.S. DATA MINING GROUP, INC.
AND HUT 8 CORP.
Hut 8 Mining Production and Operations Update
for September 2023
At 9,366 BTC, Hut 8 continues to have one
of the largest self-mined Bitcoin reserves of any publicly traded company
111 Bitcoin mined in September
TORONTO, October 10, 2023 /CNW/ –
Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT), (“Hut 8” or the “Company”) one of North
America’s largest, innovation-focused digital asset mining pioneers and high performance computing infrastructure provider, mined
111 Bitcoin in September 2023.
Production highlights for September 2023:
| · | 111 Bitcoin were generated, resulting in an average
production rate of approximately 3.7 Bitcoin per day |
| · | No Bitcoin were sold during the month |
| · | Total balance of Bitcoin in reserve was 9,366
on September 30 – 7,269 of which were unencumbered |
| · | Installed ASIC hashrate capacity at our Alberta
facilities was 2.6 EH/s at the end of the month |
| · | Hut 8 produced 42.7 BTC/EH in September |
Additional highlights:
| · | At a special meeting held on September 12,
shareholders of the Company overwhelmingly approved the proposed business combination (the “Transaction”) with U.S. Data Mining
Group, Inc. dba US Bitcoin Corp (“USBTC”), to be effected by way of a court approved plan of arrangement (the
“Arrangement”) under the Business Corporations Act (British Columbia), an important step toward completing
the Transaction |
| · | On September 15, the Supreme Court of British
Columbia issued a final order approving the Arrangement, a key requirement to completing the Transaction with USBTC |
“Progress toward completing our transaction
with USBTC continues, and we’re grateful to our shareholders who demonstrated their overwhelming support by voting in favour of
the merger,” said Jaime Leverton, CEO of Hut 8. “The vote, along with the Supreme Court of British Columbia’s approval
of our plan of arrangement, continue to advance us toward a new Hut 8, which will have highly diversified fiat revenue streams in high
performance computing, hosting, and managed infrastructure operations, all of which are intended to capture upside and solve for the challenges
that single-threaded miners will face going into the next halving.”
About Hut 8
Through innovation, imagination, and passion,
Hut 8’s seasoned executive team is bullish on building and operating computing infrastructure that powers Bitcoin mining, traditional
data centres, and emerging technologies like AI and machine learning. Hut 8’s infrastructure portfolio includes seven sites: five
high performance computing data centres across British Columbia and Ontario that offer cloud, co-location, managed services, A.I., machine
learning, and VFX rendering computing solutions, and two Bitcoin mining sites located in Southern Alberta. Long-distinguished for its
unique treasury strategy, Hut 8 has one of the highest inventories of self-mined Bitcoin of any publicly-traded company globally. Follow
us on X (formerly known as Twitter) at @Hut8Mining.
Cautionary Note Regarding Forward–Looking Information
This press release includes “forward-looking
information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities
laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts,
included in this press release that address activities, events or developments that the Company expects or anticipates will or may occur
in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s
businesses, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by
the words “may”, “would”, “could”, “should”, “will”, “intend”,
“plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”,
“predict”, “can”, “might”, “potential”, “predict”, “is designed to”,
“likely” or similar expressions. In addition, any statements in this press release that refer to expectations, projections
or other characterizations of future events or circumstances contain forward-looking information and include, among others, statements
with respect to the expected outcomes of the Transaction, the ability of Hut 8 and USBTC to complete the Transaction on the terms described
herein, or at all, including, receipt of required regulatory approvals, USBTC stockholder approvals, stock exchange approvals and satisfaction
of other closing conditions.
Statements containing forward-looking information
are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based
on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of
this press release, such statements 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, security and cybersecurity threats and hacks, malicious actors or botnet obtaining
control of processing power on the Bitcoin network, further development and acceptance of the Bitcoin network, changes to Bitcoin mining
difficulty, loss or destruction of private keys, increases in fees for recording transactions in the Blockchain, erroneous transactions,
reliance on a limited number of key employees, reliance on third party mining pool service providers, regulatory changes, classification
and tax changes, momentum pricing risk, fraud and failure related to digital asset exchanges, difficulty in obtaining banking services
and financing, difficulty in obtaining insurance, permits and licenses, internet and power disruptions, geopolitical events, uncertainty
in the development of cryptographic and algorithmic protocols, uncertainty about the acceptance or widespread use of digital assets, failure
to anticipate technology innovations, the COVID19 pandemic, climate change, currency risk, lending risk and recovery of potential losses,
litigation risk, business integration risk, changes in market demand, changes in network and infrastructure, system interruption, changes
in leasing arrangements, failure to achieve intended benefits of power purchase agreements, potential for interrupted delivery, or suspension
of the delivery, of energy to the Company’s mining sites, and other risks related to the digital asset and data centre business.
For a complete list of the factors that could affect the Company, please see the “Risk Factors” section of the Company’s
Annual Information Form dated March 9, 2023, and Hut 8’s other continuous disclosure documents which are available on
the Company’s profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and on the EDGAR section of
the U.S. Securities and Exchange Commission’s website at www.sec.gov.
Additional Information about the Transaction and Where to Find It
In connection with the Transaction of Hut 8 and
USBTC, that, if completed, would result in Hut 8 Corp. (“New Hut”) becoming a new public company, New Hut has filed a registration
statement on Form S-4 (the “Form S-4”) with the U.S. Securities and Exchange Commission (the “SEC”).
USBTC and Hut 8 urge investors, shareholders, and other interested persons to read the Form S-4, including any amendments thereto,
the Hut meeting circular, as well as other documents to be filed with the SEC and documents to be filed with Canadian securities regulatory
authorities in connection with the Transaction, as these materials will contain important information about USBTC, Hut 8, New Hut and
the Transaction. New Hut also has, and will, file other documents regarding the Transaction with the SEC. This press release is not a
substitute for the Form S-4 or any other documents that may be sent to Hut’s shareholders or USBTC’s stockholders in
connection with the Transaction. Investors and security holders will be able to obtain free copies of the Form S-4 and all other
relevant documents filed or that will be filed with the SEC by New Hut through the website maintained by the SEC at www.sec.gov or
by contacting the investor relations department of Hut 8 at info@hut8.io and of USBTC at info@usbitcoin.com.
No Offer or Solicitation
This press release is not intended to and shall
not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall
there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus
meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”) or in a transaction
exempt from the registration requirements of the Securities Act.
Hut 8 Investor Relations
Sue Ennis
sue@hut8.io
Hut 8 Media Relations
Erin Dermer
erin.dermer@hut8.io
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