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Partnership announcement

Hut 8 Taps Luxor Mining for Hashrate Execution

Hut 8 Mining Corp. (TSX: HUT), one of North America's oldest, largest, and most innovative bitcoin mining pioneers, and Luxor Technology Corporation ("Luxor") a Seattle-based hashrate manager, jointly announced that Hut 8 is now working with Luxor on hashrate best-price execution. Hut 8 has allocated a portion of its SHA-256 hashrate to Luxor to advance its recently announced expansion into Ethereum mining.

Luxor has been building out its hashrate execution technology since 2017, helping thousands of miners globally. The proprietary technology developed by Luxor has the potential to maximize returns for miners. Luxor's Switch software product is a profit-switching algorithm that maximizes earnings by switching between blockchains and venues to maximize hashrate rewards. Luxor launched the product for the Equihash algorithm in mid-2020 and is launching it for the SHA-256 and ETH algorithms in 2021.

"I'm excited to work with Luxor because they are innovators in the mining services industry; they continue to develop data-driven products (Hashrate Index, Switch, Catalyst), are recognized for their deep understanding and insight of the industry, and Luxor is North American-based with a skilled and growing team. A pleasure to work with," said Jaime Leverton, CEO of Hut 8.

With the recent purchase of Nvidia CMPs, Hut 8 has the ability to mine new currencies including Ethereum. Transaction fees for Ethereum have skyrocketed over the past year, and represent a large revenue opportunity for miners. There is also an additional form of revenue for Etheruem miners through Miner Extractable Value (MEV). MEV has ballooned to over $42M of value over the past 30 days, presenting Hut 8 opportunities to further increase mining returns. Using Luxor's proprietary technology, Hut 8 plans to earn revenue from the Ethereum block reward, transaction fees, and MEV. In addition, Hut 8 will have the option to receive Bitcoin and/or Ethereum payouts directly from Luxor, allowing Hut 8 to stack sats while earning outsized returns through novel CMP mining.

"We have been extremely impressed with Hut 8's operations, and their forward-thinking on compute power as an asset class. Their diversification to take advantage of the lucrative Ethereum fee market while running one of the best Bitcoin mining operations out there places them in a good position to lead the industry moving forward. We believe this partnership is a strong validation of Luxor's novel hashrate products." said Ethan Vera, CFO of Luxor.

Hut 8 continues to support developments in the North American mining industry by partnering with Luxor, bringing more hashrate onshore. Encouraging and driving hashrate to spread out globally is a net-positive for Bitcoin, adding to the security of the overall network.

About Luxor:

Luxor is a fast-growing technology company that is shaping the future of hashrate as a commodity, building new-gen digital pipelines for compute power. Luxor is backed by notable investors such as Argo Blockchain, Bitnomial, Celsius Network, Routemaster, and more.

About Hut 8:

Hut 8 is one of the oldest, largest, and most innovative bitcoin miners in the world. Hut 8 has one of the highest installed capacity rates in the industry and is #1 globally in held, self-mined Bitcoin of any crypto miner or publicly traded company. Recently ranked 11th (of 10,000) on the 2021 OTCQX® Best 50, and the first miner to be listed on the TSX, the Hut 8 leadership team is continually looking for ways to accelerate innovation in high-performance computing, and the blockchain ecosystem. We are stewards of powerful, industry-leading solutions, and drivers of Innovation In Digital Asset mining and High-Performance Computing — we apply this mindset to our revenue diversification, ESG, and carbon footprint reduction strategy. Hut 8 has a diversified mobile production platform, located in Alberta Canada, and secured with low-cost power contracts. Hut 8 has been commanding its mining operations and successfully navigating Bitcoin market cycles since 2018. Stick with the company that has a plan for how to #grow Shareholder value regardless of #BTC market direction. #HodltheHut

SOURCE: Hut 8 Mining Corp

More announcements from Luxor

Funding announcement

Luxor Technology Closes $5.0M Round Led by NYDIG, With Participation From US Mining Firms

Luxor Technology Corporation ("Luxor") announced today the closing of a $5.0 million Series A led by institutional Bitcoin technology and financial services firm NYDIG. In addition to leading the equity round, NYDIG will collaborate with Luxor on a number of mining-related ventures and hashrate-based products. Also participating in the equity round are mining companies Blockware Solutions, Celsius Network, DPO, Navier, and Supplybit. In addition, Bitnomial, Hodl Capital, and Routemaster participated alongside many strategic angel investors. "We at Luxor are incredibly honored and excited to work alongside NYDIG to provide much-needed products and services to miners. Luxor is uniquely positioned to capitalize on industry tailwinds that see hashrate continuing to migrate to North America. With NYDIG’s exceptional track record, reputation and talent we will be able to revolutionize the way hashrate is harnessed, valued, traded and hedged. My co-founders Eddie Wang, Ethan Vera, and Guzman Pintos, along with the rest of the Luxor Team, are eager to continue building," said Nick Hansen, CEO and co-founder of Luxor. Luxor and NYDIG offer complementary products to the rapidly evolving mining industry. Both firms are providing best-in-class services to miners looking to improve their operations and investors getting exposure to mining. By combining forces on the product side, Luxor and NYDIG can further improve the mining solution and help grow the North American mining industry. "We’re pleased to lead this Series A funding round and are thrilled to partner with Luxor to develop first-of-their-kind products and competencies for North American miners," said Robert Gutmann, co-founder and CEO of NYDIG. "We’re confident in Nick’s vision and his team’s ability to drive and expedite the hashrate migration to North America, and the development of instruments that can strengthen the Bitcoin ecosystem." Proprietary technology developed by Luxor has the potential to supercharge returns for miners. Luxor’s Switch software product is a profit-switching algorithm that maximizes earnings by switching between blockchains and venues to maximize hashrate rewards. About Luxor Luxor is a fast-growing technology company that is shaping the future of hashrate as a commodity, building new-gen digital pipelines for compute power. Learn more at Luxor.tech and on their Twitter. About NYDIG NYDIG provides Bitcoin investment and technology solutions to insurers, banks, corporations, institutions, and HNW individuals. The firm and its products meet the industry’s highest regulatory, audit, and governance standards. Learn more at nydig.com, or connect on LinkedIn and Twitter.

Partnership announcement

Canada Computational Unlimited Inc. Partners with Luxor Technology Corporation on Hashrate Management

JOLIETTE, QC, June 7, 2021 /PRNewswire/ - Canada Computational Unlimited Inc. doing business as CCU.ai ("CCU.ai"), a bitcoin mining center located in the Province of Québec, Canada is pleased to announce that it has entered into an agreement with Luxor Technology Corporation ("Luxor") to work together on hashrate liquidation. In this partnership, Luxor will utilize proprietary mining pool and switching algorithms to maximize the value of CCU.ai's mining operations. "Luxor has rapidly proven their top-of-the line software approach for the blockchain industry and for mining bitcoins particularly. Using the Luxor pool for the past weeks has shown tremendous results and stability, we can't wait to scale more with them while at the same time securing the crypto-currency world with our renewable energy and efficient operation," said Romain Nouzareth, CCU.ai CEO and Co-Founder. Since its inception, CCU.ai has pursued a vision of environmental stewardship and increased performance throughout the cryptocurrency mining process. The availability of energy from renewable sources in the province of Québec has made this endeavor feasible and a great base for future growth. To further growth CCU.ai has recently announced it entered into an agreement with Capricorn (TSXV: CAK.H). "The CCU.ai team has built a phenomenal mining business, powered through renewable energy. We are excited to further support the move towards carbon-neutral sources of energy and this partnership attests to Luxor's ability to maximize the value of hashrate and provide a catered solution to institutional miners." stated Ethan Vera, Luxor COO. About CCU.ai CCU.ai was incorporated pursuant to the Business Corporations Act (Québec) on November 16, 2017. Since its creation, CCU.ai operates a high-density computation center built for high-grade cryptocurrency mining, AI data processing and fintech infrastructure located in the city of Joliette in the Province of Québec. In 2018, CCU.ai contracted with Hydro-Joliette to purchase up to 20 MW of hydro-electrical power to be used for crypto mining. 2.5 MW are currently used by CCU.ai to produce 32 PH/s of Bitcoin mining power (hashrate) and 6 GH/s of Ethereum mining power. CCU.ai has mined 421 Bitcoin since its creation. CCU.ai has built the capacity to use an additional 5 MW of power and is ready to host new mining rigs for cryptocurrency. The capacity to use the remaining 12.5 MW is set to be built in the coming months. About Luxor Technology Corporation Luxor is a fast-growing technology company that is shaping the future of hashrate as a commodity, building the next-generation digital pipelines for computer power. Luxor is backed by notable investors such as Argo Blockchain, Bitnomial, Celsius Network, Routemaster Capital, and more. Luxor also runs Hashrate Index, the leading crypto-mining data website. SOURCE Canada Computational Unlimited Inc.

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