Financial Data and Key Metrics Changes - Hut 8 mined 1,116 bitcoin in Q1 2020, generating revenue of CAD 12.7 million, a 5% increase from the same period last year [6] - Expenses for Q1 2020 were CAD 692,000, down from CAD 747,000 in Q1 2019, indicating a focus on cost optimization [6] - The company recognized a revaluation loss of CAD 1.3 million due to a decrease in bitcoin price from CAD 7,194 on December 31, 2019, to CAD 6,439 on March 31, 2020 [7] - Adjusted EBITDA for Q1 2020 was negative CAD 558,000, compared to positive CAD 1.3 million in the same period last year [8] Business Line Data and Key Metrics Changes - The company has been actively testing new equipment on-site, aiming for an upgrade to enhance performance and compatibility with existing infrastructure [4] - Hut 8's strategy remains focused on being a low-cost miner by optimizing operations and maintaining a significant amount of bitcoin on the balance sheet [17] Market Data and Key Metrics Changes - The bitcoin price experienced a significant drop of 37% on March 12, 2020, which affected revenue margins and adjusted EBITDA [5][8] - Following Q1 2020, the bitcoin price has recovered significantly, allowing Hut 8 to operate at maximum capacity to capitalize on the price increase [9] Company Strategy and Development Direction - The company plans to continue holding as much bitcoin as possible to provide exposure to investors through its mining operations [17] - Hut 8 is working towards upgrading its equipment and has options for financing that may include a mix of self-financing, debt, and equity [15] Management's Comments on Operating Environment and Future Outlook - Management noted that the operational adjustments are being made to maximize profitability in response to market conditions, particularly post-halving [12] - The company is closely monitoring network difficulty rates and natural gas pricing, which positively affects operational capacity [13] Other Important Information - The company has successfully refinanced its debt, reducing the interest rate by 2% [4] - There is an ongoing search for a new CEO, with the board nearing the end of the process [20] Q&A Session Summary Question: Plans post-halving and thresholds for shutting down mining - Management is closely monitoring bitcoin prices and network difficulty rates to adjust operations for profitability [12][14] Question: Financing plans for new equipment - The strategy involves a mix of self-financing, debt, and equity injections for equipment upgrades [15] Question: Changes in strategy regarding bitcoin holdings - The strategy to maximize bitcoin holdings remains unchanged [17] Question: Minimum burn rate if mining operations are shut down - The company can negotiate minimal costs, with site costs being quite variable [18] Question: Update on CEO search and board member changes - The board is close to finalizing the CEO search and actively looking to fill a board member position [20][30] Question: Equipment purchase options and availability - There are still options available for new equipment, including models from MicroBT [31] Question: Electricity costs and efficiency - Electricity costs are primarily derived from natural gas, and efficiency is expected to increase significantly with new equipment [52][53]

Hut 8 Mining Corp. (HUTMF) Q4 2019 Results Earnings Conference Call April 6, 2020 10:00 AM ET Company Participants Andrew Kiguel - Chief Executive Officer Jimmy Vaiopoulos - Chief Financial Officer Conference Call Participants Deepak Kaushal - GMP Securities Matt Yamamoto - CoinDesk Operator Welcome to the Year-End 2019 Financial Results Earnings Call. My name is John, and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. Please note the conference is being re ...

Hut 8 Mining Corp. (HUTMF) Q2 2019 Earnings Conference Call August 19, 2019 10:00 AM ET Company Participants Andrew Kiguel - Chief Executive Officer Jim Vaiopoulos - Chief Financial Officer Conference Call Participants Deepak Kaushal - GMP Securities Dan Weiskopf - Private Investor Operator Welcome to the Hut 8 Mining Second Quarter Filing Conference call. My name is John and I will be your operator for todayÂ's call. At this time, all participants are in a listen-only mode. Later we will conduct a question ...

Hut 8 Mining Corp. (HUTMF) Q1 2019 Earnings Conference Call May 29, 2019 10:00 AM ET Company Participants Andrew Kiguel - CEO Jimmy Vaiopoulos - CFO Conference Call Participants Operator Welcome to the Hut 8 Mining First Quarter Teleconference call. My name is Sylvia and IÂ'll be your operator for today's call. At this time, all participants are in a listen-only mode. Later we will conduct a question-andanswer session. [Operator Instructions] Please note that this conference is being recorded. I will now tu ...