Digihost Provides February 2023 Production Update
02 Marzo 2023 - 5:00AM
Digihost Technology Inc. (“
Digihost” or the
“
Company”) (Nasdaq: DGHI; TSXV: DGHI), an
innovative U.S. based blockchain technology and computer
infrastructure company, is pleased to provide unaudited comparative
bitcoin (“
BTC”) production results for the month
ended February 28, 2023, combined with an operations update. All
monetary references are expressed in USD unless otherwise
indicated.
Monthly Production Highlights for
February 2023
- Mined 58.18 BTC during the
shortened month of February, resulting in total holdings of 12.59
BTC at the end of February.
- The Company held cash, BTC and cash
deposits of approximately $2.4 million as of February 28,
2023.
- In order to prevent equity dilution
and to avoid taking on third party debt, the Company made the
decision to use its cash and digital asset inventory to fully fund
the February 8, 2023 strategic acquisition of its 60 MW power
plant.
- Consistent with
management’s ongoing commitment to avoid equity dilution for its
shareholders, the Company sold a portion of its BTC production
during February to fully fund its energy costs.
The Company began February with approximately
$5.6 million in cash, crypto currencies and cash deposits, provided
the vendor of the power plant with $4.6 million in cash proceeds
and ended February with total cash, BTC and cash deposits of
approximately $2.4 million.
With completion of the Phase 1 build-out at the
Company’s site in Alabama, Digihost’s operating capacity at the end
of February is close to 100 MW. Digihost now has the ability to
increase the Company’s existing computing power from approximately
0.75 EH up to a level of approximately 2.0 EH early in Q2, an
increase of close to 167%.
Nasdaq Compliance
As announced on February 2, 2023, the Company
regained compliance with the minimum bid price requirement in
Nasdaq Listing Rule 5550(a)(2) for continued listing on Nasdaq.
About Digihost
Digihost is a growth-oriented technology company
focused on the blockchain industry. The Company operates from three
sites in the U.S. and in addition to managing its own operations
provides joint venture partners with hosting arrangements at its
facilities.
For further information, please contact:
Digihost Technology
Inc.www.digihost.caMichel Amar, Chief Executive
Officer T: 1-818-280-9758Email: michel@digihost.ca
Cautionary Statement
Trading in the securities of the Company should
be considered highly speculative. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein. 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.
Forward-Looking Statements
Except for the statements of historical fact,
this news release contains “forward-looking information” and
“forward-looking statements” (collectively, “forward-looking
information”) that are based on expectations, estimates and
projections as at the date of this news release and are covered by
safe harbors under Canadian and United States securities laws.
Forward-looking information in this news release includes
information about potential further improvements to profitability
and efficiency across mining operations including, as a result of
the Company’s expansion efforts, potential for the Company’s
long-term growth, and the business goals and objectives of the
Company. Factors that could cause actual results to differ
materially from those described in such forward-looking information
include, but are not limited to: future capital needs and
uncertainty of additional financing, including the Company’s
ability to utilize the Company’s at-the-market offering program
(the “ATM Program”) and the prices at which the Company may sell
securities in the ATM Program, as well as capital market conditions
in general; share dilution resulting from the ATM Program and from
other equity issuances; risks relating to the strategy of
maintaining and increasing Bitcoin holdings and the impact of
depreciating Bitcoin prices on working capital; regulatory and
other unanticipated issues that prohibit us from declaring or
paying dividends to our shareholders that are payable in Bitcoin;
continued effects of the COVID19 pandemic may have a material
adverse effect on the Company’s performance as supply chains are
disrupted and prevent the Company from operating its assets;
development of additional facilities to expand operations in
Alabama may not be completed on the timelines anticipated by the
Company, or at all; ability to access additional power from the
local power grid; a decrease in cryptocurrency pricing, volume of
transaction activity or generally, the profitability of
cryptocurrency mining; further improvements to profitability and
efficiency may not be realized; the digital currency market; the
Company’s ability to successfully mine digital currency on the
cloud; the Company may not be able to profitably liquidate its
current digital currency inventory, or at all; a decline in digital
currency prices may have a significant negative impact on the
Company’s operations; the volatility of digital currency prices;
and other related risks as more fully set out in the Annual
Information Form of the Company and other documents disclosed under
the Company’s filings at www.sedar.com. The forward-looking
information in this news release reflects the current expectations,
assumptions and/or beliefs of the Company based on information
currently available to the Company. In connection with the
forward-looking information contained in this news release, the
Company has made assumptions about: the current profitability in
mining cryptocurrency (including pricing and volume of current
transaction activity); profitable use of the Company’s assets going
forward; the Company’s ability to profitably liquidate its digital
currency inventory as required; historical prices of digital
currencies and the ability of the Company to mine digital
currencies on the cloud will be consistent with historical prices;
the ability to maintain reliable and economical sources of power to
run its cryptocurrency mining assets; the negative impact of
regulatory changes in the energy regimes in the jurisdictions in
which the Company operates; the ability to adhere to Digihost’s
dividend policy and the timing and quantum of dividends based on,
among other things, the Company’s operating results, cash flow and
financial condition, Digihost’s current and anticipated capital
requirements, and general business conditions; and there will be no
regulation or law that will prevent the Company from operating its
business. The Company has also assumed that no significant events
occur outside of the Company's normal course of business. Although
the Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainties therein.
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